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INOVAT is a startup that provides digital value-added tax (VAT) refund services to overseas travelers.
"INOVAT focuses on simplifying the complex refund process and delivering a user-friendly experience," said Chief Business Development Officer (CBDO) Kim Mingyu.
The company's core service is a digital solution that enables travelers to easily claim VAT refunds on goods purchased in Europe and other countries through a mobile app. It is designed to enable refunds by simply uploading electronic receipts and verifying passports through the app, eliminating the need for complicated paperwork or long waits at the airport.
"INOVAT's most significant competitive advantage is its user-friendly digital experience. Previously, refunds could only be obtained after lengthy waits and complicated paperwork at airports, but INOVAT has completely transformed this process into a mobile system, dramatically reducing the time and effort required. In particular, the refund process is completed by simply verifying the passport and uploading the electronic receipt, making it straightforward to use even while traveling, which is what sets it apart."
Additionally, the low fees and quick refunds, compared to those of existing global operators, are key factors in increasing customer satisfaction. The ability to adapt to various schemes and systems, based on experience with official operations in multiple countries, is also a significant strength.
INOVAT is pursuing a global, partnership-centered B2B2C strategy. Through partnerships with major banks, financial institutions, travel platforms, and duty-free brands, INOVAT is making VAT refunds more accessible within the app. The company is also preparing inbound marketing and influencer-linked promotions across various channels in the future. In Korea, INOVAT is preparing to launch its business with a major Korean bank, W Bank.
"So far, we have attracted initial investment from a few strategic investors. In the second half of this year, we are finalizing investment attraction from Saudi Arabia, with the goal of global expansion and technological advancement."
What led to the founding of INOVAT? "The founding members became aware of the problem of inefficient refund procedures while traveling in Europe. Their observations inspired the idea of digitally innovating the refund process. The co-founders raised the initial funds through capital contributions and some seed investments."
CBDO Kim said, "The existing VAT refund system was very inconvenient and inefficient from the user's perspective. By addressing these issues digitally, we have enabled travelers to receive refunds quickly and easily, eliminating the need for lengthy waits and complicated procedures. We feel rewarded when we receive feedback saying, 'It was easy' or 'I saved lots of time,' because it means we're solving real problems."
INOVAT currently consists of eight elite members. CBDO Kim, who is in charge of the Asian market, is the only Korean on the team. "The rest of the team members are from various countries, including the UK, Russia, and Cyprus. Based on their expertise and global experience, we operate a flexible collaboration system that covers the European, Middle Eastern, and Asian markets simultaneously."
Regarding plans, CBDO Kim said, “We will expand our services beyond European countries to major countries in the Middle East and Asia. In particular, we will strengthen our cooperation with Saudi Arabia, Japan, Singapore, and other countries to expand our global coverage. We aim to set a new standard for digital tax refunds through partnerships with other companies." Kim added, "Our goal is to create an environment where anyone can easily and quickly receive tax refunds through AI-based automation and advancements in user experience (UX)."
Founded: October 2022
Main business: development and operation of digital VAT refund solutions for overseas travelers
Achievements: Officially launched commercialization in four European countries (France, Belgium, Austria, and Spain); Secured partnerships with major banks and retailers; Established a 100% mobile, non-face-to-face refund system
reporter jinho lee
jinho2323@hankyung.com
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