Shinhan invests ￦30 billion in Bungaejangter

Online secondhand market Bungaejangter received a 30 billion won ($25.6 million) in investment from Shinhan Financial Group on Tuesday, with plans to partner with the financial group's companies.

The investment was made via Shinhan Capital’s strategic investment fund.

The investment is the second biggest investment the company has received, following the 56-billion-won investment made by a consortium of investment companies last year.

Following the investment, Bungaejangter will partner with Shinhan Financial Group's subsidiary Shinhan Card to offer services related to secondhand good trading and develop digital content.

The companies expect the combination of Shinhan Financial Group’s financial infrastructure and Bungaejangter’s millennial and generation Z users benefit both services.

“The investment is meaningful to us because it means our business performance and innovative secondhand trading methods were recognized,” said Bungaejangter CEO Lee Jae-hoo. “With the investment, we plan to continue to lead the buying and selling of goods between individuals and show the potential of the secondhand market, offering more new customer-centric services that make secondhand trading convenient and safe.”

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]