The funding will help Fount further develop its technology and increase its headcount. Here are the top-line bullets you need to know.
Fount, a robo-advisor company, has raised $33.4M in a Series C. The round drew participation from Hana Financial Investment, Korea Development Bank, and Smilegate Investment, among others.
HOW’S THE COMPANY PERFORMING?
- South Korea-based Fount’s AI-based platform, BlueWhale, uses proprietary algorithms and data to make investment decisions on the behalf of its users.
- Fount has 20 B2B customers, including Hana Financial Investment, MetLife, Samsung Life Insurance, and Hyundai Motor Securities.
- Fount’s assets under management (AUM) exceeded $730M in March 2021.
WHY DOES THE MARKET MATTER?
- The global robo advisory market is projected to grow at a CAGR of 31.8% and reach a value of $41.07B by 2027, according to Allied Market Research.
- The increasing demand for financial digitization, institution of supportive government policies, and advancement of technologies in the field are driving market growth. Notably, Q1’21 funding to wealth tech companies hit $5.6B, which exceeded 2020’s total year-end wealth tech funding ($5.2B).
- The Covid-19 pandemic has spurred contactless investment through robo advisors.