Bitnine Invests in Fintech Company Connect through Equity Stake

[Asia Economy Reporter Hyungsoo Park] Bitnine, a graph database (DB) specialist company, announced on the 8th that it will invest in shares of the fintech company Connect.

Bitnine will participate in Connect's ongoing paid-in capital increase and invest 2 billion KRW. It will acquire a 4.8% stake in Connect. The investment is expected to strengthen fintech business capabilities and secure competitiveness in information and communication technology (ICT).

Connect is a rapidly growing fintech specialist company. Based on its self-developed payment solution, it provides various services to customers. It is introducing the latest technologies such as artificial intelligence (AI), metaverse, and Internet of Things (IoT) based on a graph database management system (GDBMS).

Connect recorded sales of 7.9 billion KRW and operating profit of 3.1 billion KRW last year. These figures increased by 369% and 236%, respectively, compared to the previous year. The operating profit margin reached 39%.

Along with the equity investment, Bitnine will also introduce a new service model based on Connect's payment solution ‘ePAYDAY’. It analyzes payment data between stores and consumers applied to the graph DB using graph algorithms to provide personalized recommendation services to consumers.

Kang Cheolsun, CEO of Bitnine, said, "Bitnine is continuously innovating as a data technology specialist company without limiting the scope or fields of graph technology application," adding, "We will continue to leap forward as an ICT technology-driven innovative service company based on the database business."

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