Ernest Fund Reports 40% Increase in Number of Companies Using Immediate Payment Service

[Asia Economy Reporter Minji Lee] HonestFund, a comprehensive simple investment service company, announced on the 22nd that the number of users of its supply chain finance (SCF) early payment service, 'Baro Jigeup Service,' has increased by 40% since April, when it lowered the service fee to the industry's lowest level.

The Baro Jigeup Service is a fintech service that allows businesses selling tangible goods on major domestic e-commerce platforms such as TMON, WEMAKEPRICE, and MUSINSA to receive payment in advance for sales already completed, enabling faster cash flow and stable business operations.

HonestFund reduced the Baro Jigeup Service fee from 0.04% per day to 0.027% in April to alleviate the financial difficulties of small business owners struggling due to COVID-19 and to promote inclusive finance and economic revitalization.

The number of SCF Baro Jigeup Service users sharply increased from April, when the fee reduction was applied, showing about a 25% increase compared to the same period last year. In May, it increased by more than 40%. The transaction volume also rose by more than 10% on average in April and May compared to the same period last year, and the total usage amount of the Baro Jigeup Service over two months increased by 18% compared to last year.

Sanghoon Seo, CEO of HonestFund, said, "The reduction of the Baro Jigeup Service fee is a support measure prepared to provide practical help to small business owners going through difficult times, beyond corporate profits," adding, "We will actively lead the provision of convenient and innovative P2P financial services based on fintech technology that ordinary neighbors around us can trust and use, as well as the practice of inclusive finance.”