2020 Startups & Scaleups
DS Solution’s Vitapay Platform accelerates settlement of marketplace receivables for online sellers through AR factoring. The platform also provides standardized sales and settlement data to facilitate account reconciliation by the sellers. Online sellers who do not need financing can simply sign up for the data service with option to upgrade down the road. Vitapay works with marketplaces and financial institutions to provide a seamless collection, settlement and reconciliation experience for the sellers.
Live in Korea since 2015, Vitapay is the country’s market leader with 4 BM patents. The digital supply chain financing platform covers 9 online marketplaces and 4 financial institutions, and the list is growing. We handle over 30,000 transactions a day and expect to turn over U$300MM in transaction volume this year, which is over 50% YoY growth. We continue to hone and improve our data services and are on track to transform Vitapay into an Open Banking platform in 2021.
On the regulatory front - on Dec. 31st 2019, Korea’s financial regulator FSC (Financial Supervisory Commission) designated DS Solutions as the Designated Agent to KB Kookmin Bank’s lending program for online marketplace sellers. On May 6th, 2020, DS Solutions launched the proprietary market data-based credit review service with KB Kookmin Bank as an extension of the Vitapay Platform. FSC highlights this achievement on its Financial Regulatory Sandbox website (https://sandbox.fintech.or.kr/business/enterprise.do?lang=en&id=137).
Southeast Asia and its growing online/SME segments are our target markets for 2021.