Wavebridge, a quant-based fintech company, has attracted a series B investment of 10 billion won ($7.8 million). This investment was led by the KB Digital Platform Fund, a strategic investment (SI) fund of KB Financial Group, KB Investment, JB Investment, NH Venture Investment, and Leading Ace Capital. Aju IB Investment, an existing investor, also participated following Series A last year.
Wavebridge develops financial products by analyzing the market using mathematics, statistics, and financial engineering techniques. It entered the most advanced traditional financial market as a virtual asset operator. Based on quant technology, it is establishing its position in the industry by introducing the domestic virtual asset market index and a virtual asset brokerage platform for institutions.
The FinTech startup has secured additional investment in about a year following the Series A of about 7 billion won ($5.4 million) last year. Wavebridge plans to use the investment as a stepping stone to attract foreign investors in the first half of next year following the bridge round.
In addition to the differentiated technology of the one-stop digital asset management platform being developed by Waveridge, investors such as KB Financial highly appreciated the core competency to create and operate various digital asset investment products.
Wavebridge has secured influence in the digital asset business with successive global expansion steps, such as opening an office in Singapore with NEOS, a joint venture asset management company established in the US earlier this year.
Waveridge plans to use the new investment to develop digital asset solution products exclusively for domestic institutions and to secure licenses for business operations. In addition, it will be used for business scale-up, such as recruiting additional talent, expanding services, and entering overseas markets.
Jong-wook Oh, CEO of Wavebridge, said, “Even in difficult times like these days when investment sentiment for startups has declined, attracting Series B investment means that the market’s evaluation of Wavebridge is high. As the only fintech company that can be trusted when entering the digital asset market in the future, we will take the lead in building the domestic digital asset ecosystem in cooperation with KB Financial, which participated as a strategic investor this time.”
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