Design&Practice, operator of Chazm, wins Synergy Star Award at Woori Financial's Dinolab Awards

Design&Practice, the company behind the vehicle lease and rental platform Chazm, said Thursday it received the Synergy Star Award at the first Dinolab Festival, held Wednesday at Woori Bank's headquarters in Jung-gu, Seoul.

The Synergy Star Award recognizes a single company that has generated synergies through business cooperation and investment with Woori Financial Group. Woori Financial Group Chairman Lim Jong-ryong presented the award in person. The company said the recognition reflected Chazm's service competitiveness, growth trajectory and the results of its collaboration with Woori Financial Group.

Design&Practice was selected in January for the seventh Seoul cohort of Dinolab, Woori Financial Group's startup development program. Since then, it has worked to validate its business model and explore collaboration opportunities with group affiliates.

In August, the company brought in Woori Financial Capital as a strategic investor through an extension of its Series A funding round. The investment was premised on a business partnership combining Woori Financial Capital's auto finance capabilities with Chazm's lease-and-rental comparison platform and data assets.

The festival was organized to mark the 10th anniversary of Dinolab's launch, share the achievements of participating companies and deepen cooperation between the financial group and startups. The Dinolab Awards, held as part of the event, evaluated performance across business cooperation, corporate growth and regional partnership, selecting nine companies across four categories.

Chazm is a mobility fintech platform that lets users compare and sign contracts for vehicle lease and long-term rental products from financial institutions and car rental companies on equal terms. It allows customers to compare prices and contract conditions across providers at a glance, while serving as a retail channel for those institutions and companies. The company aims to build a transparent vehicle retail environment covering everything from the moment a customer selects a vehicle through its use and eventual transition.

As of October, Chazm had approximately 880,000 subscribers and partnerships with 17 financial institutions and car rental companies. Monthly transaction volume surpassed 50 billion won ($37.2 million) in the third quarter. The company recently launched a long-term rental succession service that allows customers to transfer their rental contracts as their lifestyle needs change after signing.

"The cooperation with Woori Financial Group that began through Dinolab has grown into a strategic investment from Woori Financial Capital, giving Chazm real momentum," Design&Practice CEO Jung Sang-yeon said. "We will continue to expand our collaboration with Woori Financial Group in auto finance to build a transparent market where anyone can compare and choose lease and rental options with confidence."

Meanwhile, Design&Practice is running a range of marketing activities to broaden its customer touchpoints, including a promotional event running through Dec. 31.