[THE INVESTOR] QARA, a Korean fintech startup, said on Feb. 19 it has raised US$1 million from Nexon’s NX Venture Partners and UK-based Kinsley Ventures in its pre-series A funding round.
QARA, founded in 2014, provides its robo-advisor solution, called Market Dreamer, to a slew of local financial firms, including KB Asset Management, KB Kookmin Bank, and Hanwha Asset Management. It also plans to launch a mobile app Kosho this year for individual users. Its revenue last year exceeded US$1 million.
The firm said it will use the latest funding to speed up the ongoing development of its global business-to-consumer platform and attract more top engineers.
QARA co-founder Byun Chang-hwan and global CEO Katie Bomi Son
NXVP was launched in December last year by Kim Jung-ju, the cofounder of Nexon and the gaming firm’s holding unit NXC. It is the first investment in 2018 by NXVP.
“QARA has developed a breakthrough AI algorithm based on deep learning technology that satisfies the growing needs in the financial sector,” said James Kim, managing partner at NXVP said. “With thepartnership with NXVP, QARA will be able to strengthen product quality and create a platform where a large number of consumers can access the AI technology.”
In the meantime, London-based Kingsley Ventures said it will apply QARA’s AI algorithm to its portfolio companies in Europe, Hong Kong and the US.
QARA hasn’t disclosed the amounts injected by each investor.
By Park Ga-young (firstname.lastname@example.org)