Orange Square

What Orange Square does

Orange Square (오렌지스퀘어) operates South Korea's leading payment and currency platform for inbound foreign tourists, built around the WOWPASS prepaid card, a mobile super-app, and a nationwide network of unmanned currency exchange kiosks. Founded in 2013 and headquartered in Seoul, the company pivoted from B2B fintech to tourism fintech in 2016, commercializing Korea's first unmanned FX kiosk in 2018 and launching the WOWPASS card and super-app in 2022. The card supports charging in up to 16 currencies, point-of-sale payments, and T-money transit functionality; the app layers in balance management, cashback, travel and transportation booking, food delivery, and K-brand commerce. Identity is verified 100% via passport scanning at kiosks, producing a verified foreign-tourist transaction dataset that the company monetizes through B2B analytics services.

The business operates a hybrid B2C/B2B model with four revenue streams: FX spreads at kiosks, per-transaction fees on WOWPASS card payments, B2B payment-benefit partnerships with Korean retailers (Musinsa, Olive Young, Daiso, Shinsegae, E-Mart, Lotte Hotel, Marriott, and others), and emerging marketplace commissions from in-app commerce such as WOWPASS Beauty Set hotel delivery. Distribution is anchored by 429+ kiosks placed in subway stations, hotels, tourist attractions, and convenience stores, plus iOS/Android apps with 500,000+ MAU. The platform reports 2.6M+ cards issued, 3.1M+ app users, 54M+ payment transactions, and platform GMV above 600 billion KRW. WOWPASS is designated an 'Innovative Financial Service' by Korea's Financial Services Commission.

The company's growth has been event- and culture-driven: BTS concerts generated single-day top-ups above 3 billion KRW and Busan foreign-payment volume increases of 117% week-over-week, illustrating the platform's leverage to K-pop demand spikes. Cumulative funding is roughly 20 billion KRW from Korean Investment Partners, Mirae Asset Venture Investment, IMM Investment, and JYP Entertainment, with Korea Investment & Securities engaged as IPO underwriter. Leadership is founder-led by CEO Lee Jang-baek (이장백), who operated customer service personally for the company's first three years to identify traveler pain points.

Name

Orange Square

Legal name

(주) 오렌지스퀘어

Website

https://orangesquare.kr

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

Orange Square operates South Korea's leading inbound-tourist fintech platform, combining the WOWPASS prepaid card, a mobile super-app, and 429+ unmanned currency exchange kiosks serving 2.6M+ cardholders across foreign tourists, students, and K-retail partners.

Ownership category

akta.pro rank

Product category

Cross-Border Travel Fintech / Foreign Tourist Payment Platform

NAICS

Travel Agencies (561510)

SIC

Retail-Misc General Merchandise Stores (5399)

akta.pro primary industry

Smart Card & Closed-Loop Fare Media Systems (THAIAMAC)

akta.pro secondary industry

Alternative Payments & Digital Wallet Acceptance (A2A, RTP, wallets) (THALAHAH)

Keywords

• Prepaid travel cards
• Currency exchange kiosks
• Foreign tourist payments
• Mobile travel app
• Cross-border fintech

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales

Revenue model

1. Currency Exchange Transaction Fees: Revenue generated from foreign currency exchange services at unmanned kiosks, offering exchange rates cheaper than banks for 15 currencies. Users exchange money at kiosks, with the company earning spreads on exchange transactions.
2. Prepaid Card Usage and Transaction Fees: WOWPASS prepaid card generates revenue through transaction fees when used at merchants across Korea. With 260만+ cards issued and 5.4천만건+ payment transactions, each card transaction contributes revenue.
3. B2B Partnership and Data Services: Revenue from B2B partnerships including payment benefit collaborations with K-retail brands (Musinsa, Olive Young, Daiso), co-branded card programs, and big data analytics services providing commercial area analysis, industry consumption trends, and target profile spending patterns to enterprises and government agencies.
4. K-Brand Experience and Quick Commerce: Brand experience service delivering K-beauty, K-food, K-fashion products to foreign tourist accommodations. Revenue comes from brand partnerships, product sales through the app's travel store, with a payment completion rate of 85% (vs. industry average of 40-50%).

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Orange Square operates Korea's No.1 foreign-tourist payment platform built around three integrated products: a self-service unmanned currency exchange kiosk network (429+ locations), the WOWPASS all-in-one prepaid card (combining currency charging in up to 16 currencies, card payments, and T-money transit functionality), and the WOWPASS super-app providing balance management, cashback, travel booking, food delivery, and community features. The platform is augmented by K-beauty quick-delivery to tourist accommodations and B2B foreign-spending big data analytics for Korean brands and government.

Product overview

Orange Square operates Korea's No.1 payment platform for foreign travelers, combining a physical prepaid card (WowPass) with an all-in-one mobile super-app. The WowPass card integrates T-money transit functionality and enables currency exchange at unmanned kiosks. The platform has expanded into K-beauty product delivery services, brand collaboration cards, and B2B big data analytics for foreign tourist spending patterns. The company achieved 30x growth in 3 years (2022-2024), reaching 253 billion KRW in revenue, with 2.6 million cards issued and 3.1 million app users.

Differentiator

Problem solved

Functional benefit

Brands

• WOWPASS: Foreign tourist-oriented all-in-one prepaid card with payment and transportation card functions, currency exchange, and app-based services for inbound travelers to Korea.

Products and services

• WOWPASS Prepaid Card (와우패스) All-in-one prepaid card for inbound foreign tourists that can be charged at unmanned kiosks with up to 16 currencies, used for card payments anywhere in Korea, and doubles as a T-money transportation card. Designated as an 'Innovative Financial Service' by Korea's Financial Services Commission.
• WOWPASS Super-App (K-Super-App) All-in-one mobile super-app for foreign travelers visiting Korea, offering balance management, cashback, travel and transportation booking, food delivery, hot-place reviews, and community features. Available on iOS and Android with 500,000+ monthly active users and support for Japanese, English, and Chinese.
• Unmanned Currency Exchange Kiosk (무인환전 키오스크) Self-service currency exchange kiosks deployed at 429+ nationwide locations (subway stations, hotels, tourist attractions, convenience stores). Supports exchange in up to 16 currencies with passport authentication and counterfeit detection, offered at rates cheaper than banks.
• WOWPASS Beauty Set Brand Experience Service (K-뷰티 퀵배송) Service that delivers K-beauty (and broader K-brand food, fashion, and goods) sample sets directly to foreign tourists' hotels and Airbnbs, with pre-arrival application capability. Achieves an 85% payment completion rate versus an industry average of 40-50%.
• Brand Collaboration Card (브랜드 콜라보 카드)

Quantifiable outcome

• Revenue grew from 8 billion KRW in 2022 to 253 billion KRW in 2024 (30x growth in 3 years)
• +4 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability3 records

Feature5 records

Partnerships

14 partnerships are on record, tiered core and minor.

• TMoney (티머니)coreTechnology or IntegrationTransportation card provider integrated with WOWPASS card, enabling T-money transportation card functionality for foreign tourists to use public transit in Korea.
• Musinsa (무신사)coreGTM or Marketing PartnerMajor Korean fashion e-commerce platform. B2B payment benefit partnership where WOWPASS users receive exclusive discounts and payment benefits at Musinsa, a key shopping destination for foreign tourists.
• Olive Young (올리브영)coreGTM or Marketing PartnerLeading Korean beauty retailer. Payment benefit partnership and collaboration on WOWPASS Beauty Set service, with 9000 sets sold in one day during promotional campaign.
• Daiso (다이소)coreGTM or Marketing PartnerPopular Korean discount retailer. B2B payment benefit partnership, part of the K-retail network offering exclusive deals to WOWPASS foreign tourist users.
• Lotte Hotel (롯데호텔)coreChannel Partner/ Reseller/ DistributorPremium hotel chain where WOWPASS kiosks are installed for guest currency exchange services. Hotels increasingly requesting kiosk installation as demand grows.
• Marriott InternationalcoreChannel Partner/ Reseller/ DistributorGlobal hotel chain with properties in Korea where WOWPASS payment services and kiosks are available for international guests.
• Shinsegae (신세계)coreGTM or Marketing PartnerMajor Korean department store and retail group. Payment benefit partnerships and co-marketing with foreign tourist-focused services.
• E-Mart (이마트)coreGTM or Marketing PartnerLarge-format Korean retail chain. B2B payment benefit partnership and foreign tourist shopping destination integration.
• Shilla Hotel (신라호텔)minorChannel Partner/ Reseller/ DistributorLuxury hotel partner where WOWPASS services are available for international guests.
• AREX (서울역철도)coreChannel Partner/ Reseller/ DistributorAirport Railroad Express connecting Incheon Airport to Seoul. Kiosk installations at AREX stations for foreign tourists arriving in Korea.
• Seoul Metro (서율교통)coreChannel Partner/ Reseller/ DistributorSeoul subway operator with WOWPASS kiosks installed at major stations including Hongdae, Euljiro, and City Hall for foreign tourist currency exchange.
• Beplain (비플레인)coreGTM or Marketing PartnerK-beauty brand participating in WOWPASS Beauty Set service, delivering products to foreign tourist accommodations as part of brand experience program.
• Dr. LG (닥터 리쥬올)coreGTM or Marketing PartnerK-beauty brand participating in WOWPASS Beauty Set service, one of three brands in the initial launch of hotel delivery experience program.
• Onso (온슬로)coreGTM or Marketing PartnerK-beauty brand participating in WOWPASS Beauty Set service, one of three brands in the initial launch of hotel delivery experience program.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Toss (Viva Republica): Korea's leading fintech super-app offering payments, FX, and financial services. Comparable to Orange Square's WOWPASS in its all-in-one app approach and focus on Korean consumer payments, though Toss serves domestic residents while WOWPASS serves inbound foreigners.
• Wise (TransferWise): Global cross-border payments and FX platform serving travelers and migrants. Comparable to Orange Square in its multi-currency FX capabilities and travel-oriented use cases, though Wise is digital-first globally while WOWPASS combines physical kiosks and a prepaid card.
• Travelex: Global currency exchange and travel money specialist with physical kiosks worldwide. Closely comparable to Orange Square's unmanned FX kiosk business, although Travelex operates at airports globally while Orange Square focuses on Korea's domestic transit and retail network.

Broad incumbents

• Kakao Pay: Korea's dominant mobile payment platform operated by Kakao. Operates a much broader payments and financial services portfolio serving domestic users; comparable in payments infrastructure and Korean-market reach, but does not specialize in inbound foreign tourists.
• Naver Pay: Major Korean online payment service from Naver Corporation. Comparable as a Korean digital payment platform with broad merchant acceptance, though it primarily serves domestic e-commerce rather than inbound tourist use cases.
• UnionPay International: Global card network from China with extensive acceptance for Chinese tourists in Korea. Comparable as a foreign-card payment platform targeting inbound Asian travelers, though much larger scale and not focused exclusively on Korea.
• Alipay+: Ant Group's cross-border mobile payment and digital wallet aggregator. Comparable as a digital wallet acceptance solution for inbound foreign tourists in Korea, competing for the same foreign-tourist payment use case but operating globally at much larger scale.

Emerging players

• Klook: Asia-Pacific travel booking and experiences platform. Comparable in serving inbound tourists to Asia with a mobile-first experience including payments, transport, and attractions; overlaps with WOWPASS's super-app travel services but does not offer FX or prepaid card issuance.
• Revolut: Global digital banking and travel payments app with multi-currency cards. Comparable in combining FX, prepaid card, and travel services in one app, though Revolut serves residents globally rather than inbound tourists to a specific country.
• KKday: Taiwan-headquartered Asian travel experiences marketplace. Comparable as a mobile platform serving inbound Asian tourists with bookings and local services, with overlapping use cases around transport, attractions, and payment convenience.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Orange Square