Daily Pay (CEO Hae-Woo Lee) , a small business financial solutions company, announced on the 24th that it won the grand prize in the start-up category at the '9th Social Venture Innovation Management Competition' hosted by Seongdong-gu Office.
The Social Venture Innovation Management Competition is an annual program hosted by the Seongdong-gu Office to discover and support social ventures that contribute to solving social problems. This year marks the 9th edition of the competition, which selects companies with a clear social mission and social value, as well as strong business viability and future growth potential.
DailyPay is a fintech startup that provides liquidity solutions to address cash flow issues for small business owners. Focusing on the challenges faced by small business owners, who have been marginalized by traditional financing due to sales volatility and lack of collateral, DailyPay developed a system that assesses repayment capacity based on real-time big data analysis and enables rapid funding.
Additionally, we have developed a credit rating system tailored to small business owners based on over 100 million pieces of raw data, and are currently offering financial services that are differentiated from existing lending methods and do not impact credit scores.
In recognition of its technological prowess and achievements in realizing social value, DailyPay won the grand prize in the Startup category at this year's competition. The winning company will receive mentoring, investment connections, and opportunities to participate in additional acceleration programs.
Daily Pay CEO Lee Hae-woo said, “We wanted to present an alternative to increase financial accessibility for small business owners facing the risk of business closure,” and added, “We will use this award as an opportunity to expand services that provide practical help to more small business owners.”
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