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Writer Invest Seoul Day18-05-29 09:36 View263

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Resident Company at Seoul Fintech Lab Attracts a KRW 4 Billion Investment 1 Month After Opening


 
 

Just one month after the opening of Seoul Fintech Lab (‘18.4.3.), a special institution established by Seoul Metropolitan Government to support Fintech (financial+ICT) entrepreneurship and foster relevant startups, one of the resident companies has successfully landed the very first investment attraction.

KROSS Inc. (CEO Giwoong Kwak), which moved into Seoul Fintech Lab last month after prevailing in a competitive application process that saw 3.7 applicants for each spot, succeeded in attracting an equity investment (Series A) worth KRW 4 billion from Korea Investment Partners. A Series A investment is the initial investment stage of venture capital provided to startups, and usually takes place at the 2nd 5th year of entrepreneurship, for official release of product or service after completing the initial market test.

 

KROSS Inc., which is one of the 27 occupants of Seoul Fintech Lab, currently operates ‘90 Days (90days.kr),’ a P2P Brokerage Platform which connects small and medium-sized enterprises experiencing difficulties in financing with online investors.

Korea Investment Partners (KIP) commented that the decision to invest was based on the fact that KROSS Inc.’s ‘90 Days’ shows a distinctive advantage in the P2P market, which mainly consists of existing real estate and personal credit-related firms, as the service holds a mortgage on accounts receivable (electronic bills) of SMEs. KIP also noted that they were able to make the decision to invest a relatively substantial amount in a startup with less than a year of business based on the fact that KROSS Inc. was an occupant of Seoul Fintech Lab, which meant that its potential and competencies had been verified by Seoul Metropolitan Government. KIP is an affiliated partner institution of Seoul Fintech Lab.

 

KROSS Inc. disclosed that the company will use the investment to develop a big data-based SME credit evaluation system and enhance its internal claim collection capacities.

 

Seoul Fintech Lab supports potential entrepreneurs in realizing their business ideas into actual business models, helps startups in their early stages achieve business model commercialization and market launch, and provides domestic/overseas IR and investment attraction-focused services to growing enterprises. Equipped with the ‘Fintech Test Room’ that is connected to actual financial management networks, a Korean first, Seoul Fintech Lab offers facilities through which occupants can test their business models in conditions identical to the actual financial environment.

 

“We will provide wholehearted support to Seoul Fintech Lab's resident companies so that they can successfully attract additional investments, and contribute to the growth of potential entrepreneurs and startups as they become that star companies and 'unicorn' companies that will ultimately lead Korea's Fintech industry,” commented Tae-woon Kang, the Head of Economic Planning Headquarters of Seoul Metropolitan Government.  

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