K-VISA, a Korean comprehensive foreign visa platform, secured a pre-series A investment from Merry Year Social Company (MYSC). The investment amount has not been disclosed. K-VISA plans to use the funds to address the inconveniences foreigners face with various administrative tasks and tackle the issue of illegal brokers through an IT-based solution.

Kim Young-woo, Vice President of MYSC, stated, “As Korea’s population structure evolves, particularly in regional and small to medium enterprises, the influx of foreign workers is becoming a necessity rather than an option. K-VISA supports the foreign employment market with a deep understanding of these dynamics. We have reviewed the potential for market expansion by not only offering visa services but also linking them to financial platforms, leading to this strategic investment.”

Lee Sang-wook, CEO of K-VISA, added, “Through the Busan Economic Revitalization Fund (BEF) project, we aim to resolve the visa issues faced by foreign workers in Busan. Our goal is to create K-VISA, a reverse auction platform connecting foreigners and administrative professionals, to address social problems and streamline unnecessary administrative services.”

Last year, K-VISA was selected for the 2023 Busan Economic Revitalization Fund (BEF) project, organized by the Busan CCEI and nine public institutions. This project aims to promote ESG growth among regional startups and revitalize the local economy. Through various programs, including one-on-one mentoring with impact investors, impact report production, and commercialization support funds, K-VISA has refined its business model.