Smilegate Investment announced that it will form the ‘Smilegate Fintech No. 1 Investment Association (hereinafter referred to as Fintech No. 1 Fund)’ worth 30 billion won and begin discovering and investing in companies that will lead the future financial sector.
The formation of the first fintech fund can be seen as the first step in the plan to launch a financial group announced by Smilegate Group. Smilegate Group announced its vision to establish a global financial group through division early this year and to introduce a financial platform that combines new technologies such as artificial intelligence (AI).
Smilegate Investment expects that the fund raised this time will contribute to the development and fostering of new financial technologies and further improve the financial service environment. To this end, Smilegate Holdings participated as a sole investor by investing 29 billion won in the first fintech fund.
The main investment area will be centered around the securities industry, among the existing financial industries. We focus on new technologies and services that allow more people to easily and conveniently enjoy financial benefits and revolutionize customers’ transaction experiences.
The total portfolio is expected to be around 20. We plan to invest approximately 500 million to 2 billion won each in early and mid-term innovative fintech companies from Pre A to Series B stages.
Senior team leader Seo Kyeong-woo, who served as the representative fund manager of this fund, said, “To prepare for the fund, the company has been studying promising future industries, including fintech, for several years,” and added, “We have invested in excellent fintech businesses at home and abroad such as Wadiz, Fount, and Akuraku. “We will make the most of our experience and strive to successfully operate our first fintech-specific fund,” he said.
Source: Pangyo Techno Valley Official Newsroom
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