[Exclusive] Edu-fintech rising star 'Lemontree', which received over 8 billion won in investment, is left with only 5 employees

- Attracted over 8 billion won in total investment, including 5 billion won in 2021 and 2.3 billion won in 2024, but profitability worsened

- Workforce exodus accelerated from June 2025; only 5 employees remaining as of year-end

- Entered capital impairment from 2024... Estimated to have exhausted most of the investment funds due to accumulated operating losses

It has been identified that Lemontree, considered a promising edu-fintech startup operating the children's allowance management service 'firfin', is experiencing severe management difficulties. Although it drew attention for its founder's impressive track record as a serial entrepreneur and large-scale investment attractions, accumulated operating losses and capital impairment have led to a workforce exodus bordering on a de facto 'collapse' in the second half of 2025.

◇ A spectacular start, but was it a 'bottomless pit'?

Lemontree garnered high expectations from the market from its early days as the third venture of CEO Lee Min-hee, who previously founded 'Bapul (Baropulgi)' and sold it to Naver Line. This sense of anticipation led to aggressive investment attraction.

In its early days of establishment in 2021, Lemontree attracted 5 billion won in Seed investment from prominent investment firms, including KB Investment, Capstone Partners, Base Investment, Spring Camp, and Fast Ventures. At the time, its estimated corporate value reached about 17 billion won. Subsequently, in July 2024, it received an additional injection of 2.3 billion won in a Pre-Series A round from Kakao Investment and MMS Ventures, achieving an estimated corporate value of approximately 26 billion won. In addition to the investment attractions reported in the media, the accumulated investment funds alone are estimated to exceed 8 billion won.

The company showed off its growth by promoting that it surpassed 230,000 subscribers, issued 120,000 firfin cards, and reached 35 billion won in cumulative top-up amounts within a year of launching the service. However, in contrast to its external growth, its internal stability was rapidly collapsing.

[Source: firfin website]

◇ The 'Exodus' in the second half of 2025... Employees have vanished

The most distinct sign of the management crisis is the rapid decline in workforce. Lemontree's employee count, which had been maintained at a level of 15 to 17 people from 2023 to 2024, changed drastically entering 2025.

According to Pitchdeck's data, resignations started occurring every month starting in June 2025, and as of the end of December 2025, only 5 employees were confirmed to be working. In just half a year, the organization's size was slashed to a third. This is an abnormal figure even when factoring in the typical turnover rate of startups, and it is interpreted not as a temporary workforce replacement but as a threat to the company's very existence.

Movements in the job market have also halted. The number of Lemontree's annual job postings is significantly lower than the fintech industry average, recording rock-bottom levels even in absolute numbers. The fact that new hiring is not taking place despite a mass exodus of existing personnel suggests that the will to operate the business has effectively been broken or that there is no capacity to cover labor costs.

◇ Earning 700 million won in revenue but facing a 3 billion won deficit... 8 billion won of investment funds evaporated

The root cause of the workforce exodus lies in the severe deterioration of financial soundness. Since launching the service, Lemontree recorded operating losses in the billions of won every year, rapidly exhausting its investment funds.

Looking at the performance over the past three years, the situation is even more serious. It recorded ▲revenue of 32 million won (operating loss of 1.9 billion won) in 2022, ▲revenue of 330 million won (operating loss of 3.9 billion won) in 2023, and ▲revenue of 740 million won (operating loss of 3 billion won) in 2024. Although revenue slightly increased, it is a structure hopelessly insufficient to cover operating expenses.

In particular, the company, which started with a capital of 10 million won, is understood to have used up most of its over 8 billion won in attracted investment funds due to accumulated deficits by 2024. It already entered a state of capital impairment starting in 2024.

An industry insider reported, "Lemontree targeted the niche market of children's allowance management and was backed by large capital such as Kakao and KB, but it seems to have failed to overcome the 'Death Valley' as it was unsuccessful in establishing a clear business model (BM)," adding, "With the current remaining personnel, normal service operation and advancement appear difficult."