[Source: Qraft Technologies]
Qraft Technologies, an artificial intelligence (AI)-enabled fintech startup based in South Korea, has raised 170 billion won ($142 million) in Series C investment from SoftBank Group in the largest funding from the Japanese capital in Korean enterprise after ecommerce giant Coupang.
According to an inside source at Qraft, the company raised the third investment entirely from the Japanese behemoth. Unlike the usual funding to startups through SoftBank Vision Fund, the investment to Qraft was made directly from the SoftBank headquarters.
The investment underscores faith the company’s AI-based solution in stock investment, the source said.
Softbank is visualizing various projects by leveraging on Qraft’s AI solutions for its investment portfolio.
Qraft plans to use the new capital to develop a SaaS (software-as-a-Service) platform, a service package that allows users unfamiliar with AI technology to design and operate AI financial products independently,
The service targeting fund managers and professional individual investors will be released in the second half of next year.
"We aim to encourage a paradigm shift in asset management by significantly lowering operating and service fees."
Qraft plans to expand its operation in New York and recruitment across the U.S. It has recently appointed Robert Nesto, the former head of Direxion ETFs, as the global senior advisor overseeing U.S. operation.
By Shin Hwa and Jenny Lee
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