TBCASoft $25 million Series B equity funding round
Davis Polk advised Naver Financial Corporation in connection with its participation in the $25 million Series B equity financing round of TBCASoft, Inc. TBCASoft’s existing investor SoftBank also participated in the Series B round.
TBCASoft is a U.S.-based company developing innovative blockchain technology specifically for telecommunication carriers and mobile payment service providers (MPSP). Its consortium-based blockchain platform enables carriers and MPSP to create innovative services for their subscribers under a more secure, robust and efficient environment.
Naver Financial is a subsidiary of South Korea’s internet giant Naver Corporation. Naver Pay, the leading domestic digital payment platform in South Korea, was spun off from Naver Corp. in 2019 and has evolved into an innovative financial platform and was renamed Naver Financial. Naver Financial has become the second-largest institutional investor in TBCASoft after the Series B round.
The Davis Polk corporate team included partner Miranda So, counsel – registered foreign lawyer Xi Shi and registered foreign lawyers Samuel Kang, Joo Park and Sangsoo (Eddie) Lee. Partner David R. Bauer and associate David A. Frey provided intellectual property advice. Partners Paul D. Marquardt and John B. Reynolds III provided CFIUS advice. Members of the Davis Polk are based in the Hong Kong, New York and Washington DC offices.