Smilegate Investment announced that it will organize the ‘Smilegate Fintech Investment Association No.1’ (Fintech Fund No.1) worth 30 billion KRW and begin to discover and invest in companies that will lead the future financial sector.
The organization of this first fintech fund is the initial step in the plan to launch a financial group announced by the Smilegate Group. Earlier this year, Smilegate Group declared its vision to establish a global financial group through the separation of affiliates and introduce a financial platform that combines new technologies like artificial intelligence (AI).
Smilegate Investment expects the fund to contribute to the development and foster new financial technologies to further improve the financial service environment. Consequently, Smilegate Holdings invested 29 billion KRW in the first fintech fund and participated as the sole investor.
The main investment field will be focused on the securities sector among the existing financial industries. It will focus on new technologies and services that enable more people to easily enjoy financial benefits and innovate customers’ trading experiences.
The number of portfolios is expected to be around 20 and it is planned to invest between 500 million to 2 billion KRW each for fintech companies in the Pre-A to Series B phase.
Kyung-woo Seo, Chief Fund Manager of this fund quoted, “We have studied the promising industries including fintech for years in the company to prepare for the fund.”And also added “We will make full use of our experience in investing in outstanding local and foreign fintech businesses such as Wadiz, Fount, Akulaku.”
Source: Pangyo Techno Valley Official Newsroom