Your Money Transfer App Is Going Public. What Does That Mean for Your Wallet?

The app you use to send money home every month might soon belong to stock market investors.

Just days ago — on February 19, 2026 — HANPASS officially confirmed its KOSDAQ listing schedule through a revised public filing. The company will raise 18.7 billion KRW (approximately $13 million) through its IPO, with public subscriptions opening on March 16. It's not alone. SentBe is selecting underwriters for its own listing, and Travel Wallet has also begun IPO preparations.

For the companies, going public is a milestone. But if you're a foreign worker in Korea who relies on these apps to send money to your family, there's a question worth asking:

Will my transfer fees go up?

The short answer: not necessarily overnight — but the pressure to raise costs is real, and it's built into how stock markets work.

What "Going Public" Actually Means (in 30 Seconds)

When a company goes public through an IPO (Initial Public Offering), it sells shares to outside investors. Those investors become part-owners of the company.

That changes everything about how the company operates.

Before an IPO, a startup can afford to lose money. Venture capital investors are patient — they're betting on future growth. That's why new remittance apps offer free transfers, cashback rewards, and aggressive sign-up promotions. They're buying your loyalty with investor money.

After an IPO, the company must report its financial results every single quarter. Shareholders want to see revenue going up and profits growing. If the numbers disappoint, the stock price drops — and executives face serious pressure.

This isn't speculation. It's the fundamental mechanics of public markets.

Three Ways an IPO Could Affect Your Transfer Costs

1. Transfer Fees May Increase

This is the most straightforward impact. When a company needs to show growing profits, raising the per-transaction fee is the simplest lever to pull.

HANPASS currently charges competitive fees to attract users. But its IPO prospectus makes clear that "revenue expansion and profitability" are core strategic goals post-listing. That language isn't there by accident — it's a promise to future shareholders.

The change won't necessarily be dramatic or immediate. But small increases — even 500 or 1,000 KRW per transfer — add up fast when you're sending money home every month.

2. Exchange Rate Margins May Widen (The Hidden Cost)

This is the one most people miss.

A remittance company can keep its advertised transfer fee exactly the same while quietly making more money from you. How? By widening the gap between the real exchange rate and the rate they offer you.

For example, if the real USD/PHP rate is 56.50 but your app gives you 56.00, that 0.50 difference is the company's hidden margin. On a 500,000 KRW transfer, even a small margin shift can cost you 5,000–15,000 KRW — far more than the visible fee.

After an IPO, this is often the preferred way to boost revenue because most users never notice. They see the same "low fee" advertised and assume nothing has changed.

3. Promotions and Rewards Will Shrink

Remember those free-fee coupons you got when you signed up? The cashback events? The referral bonuses?

Those cost the company money. Before an IPO, spending on marketing is an investment in growth. After an IPO, it becomes a cost that hurts profit margins.

HANPASS's prospectus allocates 6.5 billion KRW of its IPO proceeds to "platform expansion and marketing." But as the company matures and shareholder pressure mounts, marketing budgets typically get trimmed — and the generous promotions go with them.

Has This Actually Happened Before?

Yes. The global remittance industry provides clear precedents.

Wise (formerly TransferWise) listed on the London Stock Exchange in July 2021 at an $11 billion valuation. The company built its reputation on transparency and low fees. After going public, Wise has maintained relatively competitive pricing — but it has also steadily expanded into higher-margin products like business accounts, debit cards, and interest-bearing features. The core transfer product now generates a smaller share of total revenue, while the company pursues growth metrics that satisfy public market investors.

Remitly went public on NASDAQ in September 2021 at a $6.9 billion valuation. After years of losses, the company achieved its first full year of GAAP profitability in 2025 — reporting $67.9 million in net income on $1.6 billion in revenue. How did it get there? Remitly's earnings calls and investor presentations consistently emphasize a metric called "take rate" — the percentage of each transfer the company keeps as revenue. In Q4 2025, Remitly's take rate stood at 2.13%. For users, a rising take rate means one thing: a larger slice of your money goes to the company, not to your family. The path from startup losses to stock market profits runs directly through your wallet.

The pattern is consistent: going public doesn't automatically make a service expensive, but it creates structural incentives for companies to prioritize revenue per user over low-cost leadership.

HANPASS by the Numbers: What the IPO Filing Reveals

Here's what we know from HANPASS's public filings:

The revenue trajectory is impressive — HANPASS has more than doubled its sales in two years. But that growth now needs to translate into consistent profits to satisfy public market investors.

Meanwhile, E9Pay, another major player with 56.3 billion KRW in 2024 revenue and Korea's first-ever small-sum remittance license, remains privately held with no announced IPO plans. SentBe has completed Series C funding at a valuation approaching 200 billion KRW and is in the process of selecting IPO underwriters. Travel Wallet has also signaled IPO preparations after raising 46.9 billion KRW in total funding.

The industry is clearly moving toward public markets — and that shift will reshape competition.

What This Means for You: The Case for Comparing Every Time

Here's the bottom line.

When remittance companies were startups fighting for your attention, they competed by being cheap. Free transfers. Big cashback. Low margins. That era is ending.

As these companies go public, their priority shifts from winning users at any cost to making money from the users they have. That doesn't make them villains — it's simply how public companies work.

But it does mean one thing for you:

The app that was cheapest last month might not be cheapest this month.

Fees change. Exchange rate margins shift. Promotions expire. And once a company is publicly traded, these changes can happen quarterly as the company adjusts its strategy to meet investor expectations.

The only way to protect yourself is to compare before every transfer.

Stop Guessing. Start Comparing.

RemitBuddy compares exchange rates and fees across 10 major remittance services in Korea — in real time. In less than 30 seconds, you can see exactly which provider gives you the most money for your transfer today.

Not last month. Not based on an old promotion. Today.

Whether you're sending money to the Philippines, Vietnam, Nepal, Indonesia, or anywhere else, the difference between providers can be 3–5% of your transfer amount. For someone sending 500,000 KRW every month, that's 180,000 to 300,000 KRW saved per year — just by checking before you send.

In a market where your favorite app's priorities are shifting from you to their shareholders, comparing isn't just smart. It's essential.

RemitBuddy is a free, independent comparison platform for international money transfers from Korea. We don't charge fees and we don't take sides — we just show you the numbers.