Blockchain startup TBCASoft has announced the initial close of its series-B funding round, raising US$25 million from Naver Financial and SoftBank as it aims to tap more commercial growth.

Fast facts

  • U.S.-based TBCASoft announced its latest financing round on Wednesday, led by Naver Financial — the fintech arm of Korean internet giant Naver Corp. — which is set to invest up to US$20 million.
  • SoftBank, an existing investor, will invest another US$5 million, according to the statement.
  • TBCASoft primarily offers the HIVEX network, a cross-carrier payment blockchain network. It is designed for QR-based mobile payments connecting users and merchants.
  • The company plans to use the proceeds to ramp up the international expansion of the HIVEX network, with plans to roll out across Japan, South Korea, Taiwan and Southeast Asia.
  • TBCASoft Founder and CEO Ling Wu said in the statement that the HIVEX network “empowers global mobile users and merchants to create the largest acceptance for all mobile payment providers, starting from Asia and expanding globally.”