Ilgam Plus

Ilgam Plus, officially founded on April 3, 2017, is a business growth platform headquartered in Seoul, South Korea, led by CEO Shin Jong-hoon. The company operates under the legal name Ilgam Plus Co., Ltd. and was formerly known as IDNSOFT. It targets a fundamental issue in the gig economy: delayed wage payments and employment instability. The company initially focused on businesses in the construction and shipbuilding industries, which often have subcontracting structures, but has since expanded to serve clients in environmental services, IT, manufacturing, and other service sectors.

The core of Ilgam Plus's business is a fintech service that provides advance payment of labor costs for gig workers. This service allows businesses that have secured a contract with a client to apply for the service, and Ilgam Plus pays the workers' wages directly. This model is designed to stabilize cash flow for businesses and ensure timely payment for workers, addressing liquidity problems for both parties. Revenue is generated through fees for this advance payment service. In addition to wage advances, the company has expanded its offerings to include advance payments for goods. The entire platform is cloud-based, leveraging big data and data mining technologies.

Ilgam Plus has gained recognition in the fintech sector, being named one of Forbes Korea's 'Top 50 Fintech Companies in Korea for 2023'. The company has successfully secured funding, including a Seed round in November 2022 from investors C&Venture Partners and Digital Trust Partners, which raised $143K. This followed an earlier Pre-A investment from Digital Trust Partners. The company reported revenues of 1.3 billion KRW in the previous fiscal year, a threefold increase from the year before, and anticipates similar growth for the current year. Looking forward, Ilgam Plus plans to use the accumulated big data on workers' employment and salary histories to develop financial and lifestyle services for professional freelancers, such as loan products and rental services, in partnership with financial institutions.

Keywords: B2B fintech, gig worker payments, payroll financing, labor cost advance, cash flow solutions, freelance economy, wage payment service, business financial services, accounts receivable financing, Shin Jong-hoon, Dayworkplus, South Korea, construction payroll, IT contractor payment, manufacturing payroll, freelancer financial services, working capital, invoice financing, supply chain finance, procurement payment