Fount, Hana Financial Investment, and Others Secure 40 Billion KRW Investment

[Asia Economy Reporter Minji Lee] Robo-advisor Fount has successfully raised 40 billion KRW in Series C funding.

According to Fount on the 12th, the investment included Hana Financial Investment, NICE Investment Partners, Smilegate, KT Investment, Shinhan Capital, and KDB Industrial Bank. Notably, Hana Financial Investment, a new investor, contributed the largest amount of 30 billion KRW. It is reported that Hana Financial Investment made a strategic investment to incorporate Fount’s asset management technology expertise specialized in long-term investment and pensions into its own customized asset management services. With this, the total cumulative investment amount received by Fount from investors has reached approximately 70 billion KRW.

Fount plans to use the investment funds to strengthen its IT and financial workforce recruitment, AI-based big data refinement, and machine learning technology in order to actively respond to collaboration requests from various financial companies in preparation for the upcoming MyData era.

In fact, Fount is providing AI technology-based solutions to about 20 financial institutions including Woori Bank, Samsung Life Insurance, MetLife, and Hyundai Motor Securities, and it is reported that additional collaborations with several financial institutions are forthcoming due to word of mouth.

Fount offers customized global asset allocation portfolios based on the ‘Fount Market Score,’ which is calculated by its proprietary AI algorithm combining economic and market indicators from around the world into over 52,000 scenario outcomes, tailored to individual investment preferences. It has rapidly grown through convenient and simple investment processes and specialized services such as regular and ad-hoc rebalancing. As of the first half of this year, the number of members has exceeded 260,000, growing more than 100 times compared to the end of 2018, and assets under management (AUM) have also increased 6.4 times to over 874 billion KRW.

Kim Youngbin, CEO of Fount, said, “The investment was smoothly completed as both Fount’s IT capabilities and financial expertise were recognized. With this investment recharging the energy for growth, all divisions including B2B and B2C, as well as our members, will focus on speed management through optimal decision-making that can create synergy.”

This content was produced with the assistance of AI translation services.