LICHE (CEO Honggyu Kim) is set to attend COMEUP 2022, which will be held for 3 days between November 9 (Wed) and 11 (Fri) at Dongdaemun Design Plaza (DDP) in Seoul, and introduce their leading BNPL commerce platform, ‘LOMAD’.
Established in March 2020, ‘LICHE’ is company specialized in the new style of ‘BNPL’ finance. Based on the BNPL (Buy Now Pay Later) installment payment system developed independently by the experienced IT team of LICHE, they are growing as experts in IT, finance, and commerce. Over the last 2.5 years, they have launched B2C commerce under direct management, a B2B platform, and a BNPL SaaS service and had their achievements recognized to attract 1 billion KRW in investments from KB Investment in the beginning of the year.
LICHE runs a business in the field of BNPL, offering 3 services with B2C commerce with customer contacts based on BNPL payment service, a B2B platform that matches sellers and buyers (companies), and an all-in-one SaaS solution that provides a BNPL payment system.
‘LOMAD’ is high-end lifestyle BNPL commerce, that enables users to purchase high-end products costing millions of KRW over a long period to remove the burden and has a very high repurchase rate from first time users of 27% within two months of making purchases.
‘LOMAD’ cemented its place as one of Korea’s top BNPL commerce platforms within 2 years of its launch. It carries 175 high-end, designer labels, and is characterized by its high repurchase rates despite the high-priced products. As a commerce platform with online purchases of products costing millions of KRW, the number of cumulative visitors this year has passed 1.22 million. LICHE is continuously expanding their product lineup in all categories of high-end lifestyle so that more users can experience the BNPL service.
‘Hoopay’ is a B2B platform that matches sellers (companies) that want BNPL with buyers (companies). Sellers that don’t have their own mall or are looking into adopting the BNPL payment system, or sellers that have one-time or irregular contracts (interior, B2B) can easily begin BNPL transactions without the need to build additional systems. Using these strengths, they were able to reach 7 billion KRW in turnover within 6 months since starting in February 2022. The core of their expansion strategy is in franchising, and they are aiming to reach 120 billion KRW in accumulated turnover by 2024.
‘Laterforce’ is an IT and finance infrastructure solution that supports electronic contracts, regular payment, bond securitization, and risk management. As an all-in-one SaaS solution that provides all the functions for BNPL services like commerce management, financial system linking, and data analysis, it is possible to more easily adopt the BNPL payment service to commerce.
Having its 4th iteration this year, ‘COMEUP 2022’ is hosted by the Ministry of SMEs and Startups (Minister Young Lee) and is overseen by the Korea Startup Forum (Chairman Jaewook Park). Innovative startups, investors, and startup related people from Korea and over 15 countries are scheduled to attend, and starting from this year in particular, COMEUP will be rebranded into a startup-centered, private sector led event from the existing government-private collaboration that it was before and begin its journey to become one of the 5 big startup events in the world.With the slogan of ‘WE MOVE THE WORLD’, the event will be conducted both on and offline, and will have various programs like Academic Conferences (Conference), Open Innovation Strategy of Global Companies (Open Innovation), COMEUP Stars Company Introduction (IR) and Booth Exhibitions, and Business Matching (Biz Matching).