Foreigner-Focused Fintech Platform Hanpass Prices IPO at Top of Range After Strong Demand
Hanpass, a leading South Korean fintech firm specializing in overseas money transfers for foreign residents, is preparing for its Kosdaq debut this month. The company aims to become a global cross-border “super app” as it accelerates its international expansion.
On Tuesday, Hanpass announced the final pricing of its initial public offering (IPO) at 19,000 won ($13) per share, reaching the top of its indicative range. This decision followed robust demand from institutional investors. During the book-building process, which took place from March 6-12, approximately 2,229 institutional investors participated, with 99 percent of them placing bids at or above the upper band. The competition ratio reached an impressive 1,172.6 to 1.
The IPO is expected to raise approximately 20.9 billion won for Hanpass, resulting in a post-listing market capitalization of around 200 billion won. Korea Investment & Securities is acting as the lead underwriter, with Daishin Securities serving as co-manager. The company is scheduled to list on the Kosdaq on March 25, with retail subscriptions open from March 16-17.
Established in 2017, Hanpass operates a cross-border remittance platform built on a prefunding model. This model allows the company to offer significantly lower fees – up to 90 percent less – compared to traditional bank transfers using the SWIFT network, while also reducing transfer times to under five minutes.
Hanpass has built a global network of over 50 money transfer operators spanning more than 200 countries. Its app supports over 18 languages and provides customer service in over 20 languages around the clock, emphasizing its focus on serving the foreign community in Korea. Approximately half of Hanpass’s 330 employees are multinational staff from over 20 countries.
Leveraging its successful remittance business, Hanpass is expanding into a comprehensive lifestyle and financial platform. Its services now include digital wallets and payments, mobility booking, intercity transport reservations, e-commerce, job matching, and visa consulting, all aimed at addressing the everyday needs of foreign residents.
Furthermore, Hanpass is venturing into data-driven financial services, offering loan comparison and insurance products specifically tailored to foreign users, as part of its strategic push into the MyData sector.
Hanpass has experienced rapid growth, with cumulative overseas remittance volume exceeding 12 trillion won. Over the past three years, remittance volume has grown at an average annual rate of 28.8 percent. The platform boasts over 1 million registered users and approximately 420,000 monthly active users, processing roughly 15,000 transactions daily.
In terms of financial performance, Hanpass reported 66.4 billion won in revenue and 8.2 billion won in operating profit in 2025 on a preliminary basis. From 2022 to 2025, revenue grew at a compound annual growth rate of 46.8 percent, while operating profit expanded at an even faster rate of 121 percent, demonstrating increasing profitability.
Hanpass is now entering a phase of overseas expansion, having established licensed entities in Japan and Australia, and pursuing licensing in the Philippines. The company intends to replicate its Korea-tested IT architecture in international markets, targeting not only Korea’s 2.78 million foreign residents but also an estimated 300 million expatriates worldwide.
Looking ahead, Hanpass is exploring stablecoin-based remittance infrastructure as a long-term growth driver to enhance capital efficiency. Its current prefunding model requires holding liquidity in advance with global partners, which ties up working capital. By adopting stablecoins, the company anticipates enabling near real-time settlement while reducing prefunding requirements.
Hanpass sees significant potential in the business-to-business (B2B) cross-border payments segment, where transaction sizes are larger. The company plans to diversify its revenue streams beyond its current focus on consumer remittances.
Favorable policy changes are also expected to support Hanpass’s growth. The Korean government is actively promoting tourism with a goal of attracting 30 million visitors. Simultaneously, regulations are being eased, including an increase in the annual cap for undocumented overseas remittances to $100,000 starting in 2026.
“Through this listing, we will further enhance our foreigner-focused financial and lifestyle platform and leap forward as a global cross-border super app,” stated CEO Kim Kyung-hoon.
The proceeds from the IPO will be allocated to investments in overseas subsidiaries in Japan and Australia, strengthening information security and infrastructure, and expanding platform services and marketing efforts.
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