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🇰🇷 South Korea /Economy & Trade

Fintech Firm Selected to Acquire Recle, Used-Clothing Collection Startup Backed by Smilegate Investment

From Chosun Ilbo · () Korean

Translated from Korean and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources New plan
  • A fintech company that also operates a blockchain business was selected as the final prospective buyer of used-clothing collection startup Recle.
  • The acquisition could help Recle normalize operations and give existing investors a chance to recover some of their investment.

Used-clothing collection startup Recle has found a prospective buyer while pursuing a merger and acquisition deal aimed at restoring its operations.

A fintech company that also runs a blockchain business was selected as Recle’s final prospective acquirer, according to startup and legal industry sources cited on March 8.

Recle entered rehabilitation proceedings about a year and eight months after attracting Series A investment. The acquisition offers a route toward management recovery and could give existing investors an opportunity to recoup their investments.

About this summary

Originally published by Chosun Ilbo in Korean. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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