April 24, 2024

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Seoul-based financial technology startup Rainist, known for its mobile personal financial management app Banksalad, has raised 45 billion won ($37.1 million) from 10 venture investors in its series C funding round, the startup said Aug. 28. 

A snap of Banksalad mobile app version on a smartphone

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The new investors Intervest, Gorilla Private Equity, IMM Investment and Stonebridge Ventures poured in a combined 30 billion won. Existing investors Atinum Investment, Company K Partners, KB Investment, Kiwoom Investment, Murex Partners and Base Investment joined the round by injecting a combined 15 billion won. The investors valued the startup at 300 billion won.

Intervest, the biggest investor in the latest round, cited Banksalad’s potential to expand overseas in the face of a tectonic shift in the global financial market.

“Banksalad offers a financial solution tailored to end-users by analyzing financial data of customers,” Intervest manager Shin Young-seong said in a statement. “If (Rainist) continues to blaze trails in sync with global financial trend and authorities’ policy direction, it will result in Rainist’s soft landing in overseas markets.”

South Korea’s leading PFM app, Banksalad, offers services that encompass automatic asset compilation, credit card and loan recommendations, travel insurance products that allow users to switch between enable and disable mode, and customized life insurance contracts.

The proceeds will be spent to hire more staff and strengthen its tech capabilities, Rainist said.

Rainist said it will focus on coming up with a full-fledged “My Data” system that will allow individuals to keep track of their own financial databases and help them make optimal financial choices. At present, many Korean consumers have difficulty accessing the financial data they need to make careful decisions, as their data is normally scattered across different financial institutions and different industries.

To solve this problem, Rainist said it will hire staff dedicated to technology development, data science, financial business and marketing.

By Son Ji-hyoung (consnow@heraldcorp.com)