[Exclusive] Musinsa's Advance Payment Platform 'ByNow' Plans to Raise 30 Billion KRW Investment

Competitors Withdraw and Downsize Due to Timemf Incident, Surviving Companies Show High Growth Potential
Available 24/7, 100% Automated Fintech Solution

Online fashion platform 선(先) settlement company Vynow has launched its first investment round.

According to the investment banking (IB) industry on the 8th, Vynow is seeking to raise 25 to 30 billion KRW from venture capital and other investment firms.

Vynow is a company that provides advance settlement services for sellers within online clothing platforms such as Musinsa, Ably, Zigzag, and Hybe. Vynow purchases future sales receivables from sellers in advance and pays them in cash, operating as a fintech (finance + technology) service company.

In Dongdaemun wholesale markets, credit transactions are not possible, and immediate cash payment is required to receive goods. Fashion sellers on platforms need more purchasing funds as orders increase, and Vynow processes remittances to Dongdaemun wholesalers within 5 minutes.

What differentiates Vynow from competitors is its availability 24/7, 365 days a year. It possesses a 100% automated fintech solution technology. Despite relatively high fees due to real-time approval and high limit offerings, it is highly rated for seller satisfaction. This sector is also expected to see greater growth potential for surviving companies as competitors withdraw or downsize following the T-mep incident.

An IB industry official said, "Vynow is the second-largest company in the market even while focusing solely on clothing platforms," adding, "It has potential for vertical expansion into platforms beyond clothing and is expected to achieve the number one position in the industry within the first quarter of this year."

Meanwhile, according to the industry, fintech companies supporting advance settlements for e-commerce sellers showed remarkable growth last year. DS Solutions, which operates Vitapay, saw new members increase by about 25% compared to the same period last year in 2024. 'Olla' also showed notable growth. Celebrating its 5th anniversary last month, 'Olla' paid approximately 359.9 billion KRW in advance settlements last year, nearing 360 billion KRW. DailyPay recorded a total of 37,954 advance settlement applications from small and medium-sized businesses last year.