April 26, 2024

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[THE INVESTOR] Korean fintech startup Rainist, which operates financial products recommendation service Banksalad, on Oct. 30 said it has closed a 14 billion won (US$12.29 million) Series B funding round. 

Six venture capital firms participated in the latest funding, including Company K Partners, Dunamu & Partners, Atinum Investment, KB Investment, Murex Partners and Bass Investment. 

With the latest investment, Rainist has secured a total of 18.9 billion won, which includes 1.9 billion won seed round in 2015 and 3 billion won Series A round in 2017. 

Rainist plans to use the fresh funds for the development of its services and system, while bolstering customer marketing. It aims to become the “next-generation asset management platform” that not only manages financial assets and non-financial assets, but also peer-to-peer investments and cryptocurrencies. 

“We are honored to partner with renowned investors in the fintech and startup market,” said Kim Tae-hoon, co-founder and CEO of Rainist. “We will try our best as the leading service in the personal financial management market, and empower our customers with data.”

Established in 2012, Rainist launched the web-version of Banksalad in 2014, followed by a mobile app in 2017. The all-in-one money management service recommends credit cards and other financial products, based on an individual’s financial status and spending habits. It links to the user’s bank accounts and credit cards to track expenses, income, bills and savings, making budgeting easy. 

By Ahn Sung-mi (sahn@heraldcorp.com)