Rapportlabs wins SMEs minister award at national startup culture ceremony

Rapportlabs, the operator of Queenit, a lifestyle platform for consumers in their 40s and 50s, said Thursday it won the Ministry of SMEs and Startups minister award in the e-commerce and platform category at the 23rd Korea Startup Culture Awards.

The company was recognized for building a cooperative e-commerce platform that supports small sellers through every stage from launch to growth, and for contributing to a healthy startup ecosystem.

Queenit supports small sellers who struggle with the transition to online retail and market entry, providing assistance across the entire process — from onboarding and sales to marketing and payment settlement.

Particularly notable is Queenit Pass, a dedicated onboarding program for new sellers designed to help them establish a foothold in the market. Last year, 83 percent of newly registered sellers joined Queenit Pass, and 88 percent of participants recorded actual sales within four weeks of joining. The platform also draws on AI-powered recommendation technology and data analytics to support new sellers.

Backed by this support, the number of active sellers on Queenit grew 98.4 percent last year compared with 2023. Over the same period, the number of brands generating annual sales of 100 million won ($65,000) or more more than doubled, rising 104.4 percent.

The company has also focused on strengthening payment stability. Since launch, Queenit has not recorded a single delayed settlement. Rapportlabs manages seller settlement funds in a separate account and maintains liquidity at roughly 1.7 times the outstanding settlement balance.

"We will continue working to create an environment where more small sellers can grow, and to contribute to a healthy startup ecosystem through the development of a cooperative e-commerce platform," said Choi Hee-min, CEO of Rapportlabs.