IMIN
Social fintech platform for collaborative money-saving.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
| investor investor investor | €0.0 | round | |
| N/A | $2.9m | Series B | |
| Total Funding | 000k | ||
IMIN, operated by T-Wave Co., Ltd., is a social fintech application based in South Korea that facilitates a modern, digital version of a traditional Korean money-pooling system. The service is centered around a feature called 'Stage', where a group of users collectively pool money each month. Participants receive a lump-sum payout in a predetermined order. This model offers distinct financial advantages depending on a user's position in the payout order; those who receive their money early get quick access to funds, while those who receive it later earn higher interest-like returns.
The platform is designed to help users instill a habit of saving, particularly for those who find it difficult to do so alone. Users have the flexibility to set the conditions for their 'Stage', including the duration, amount, and interest rates. By digitizing and adding a social component to a traditional savings method, IMIN aims to make achieving financial goals more engaging and collaborative. The company reports significant transaction volumes, having surpassed KRW 400 billion in accumulated transaction value by April 2021. The official app launched in 2018.
Beyond the core money-pooling feature, the app includes a community section for users to interact, share financial information, and participate in events. It also incorporates an e-commerce platform with special product deals for members and a points system where users can earn rewards through activities like daily check-ins. These points can be used to purchase gift cards or other items within the app's shopping section. The business generates a social, credit-based network and analyzes user data to encourage responsible consumption.
Keywords: social fintech, money pooling, collaborative finance, P2P savings, group savings, fintech app, South Korea, financial technology, savings platform, lump-sum savings, rotating savings, credit association, T-Wave, app-based finance, mobile payments, e-commerce integration, community finance, financial planning, personal finance, asset management