Fintech startup QARA raises US$1m from Nexon’s NXVP, UK’s Kinsley Venture
Summary
QARA, founded in 2014, provides its robo-advisor solution, called Market Dreamer, to a slew of local financial firms, including KB Asset Management, KB Kookmin Bank, and Hanwha Asset Management. The firm said it will use the latest funding to speed up the ongoing development of its global business-to-consumer platform and attract more top engineers. NXVP was launched in December last year by Kim Jung-ju, the cofounder of Nexon and the gaming firms holding unit NXC. It is the first investment in 2018 by NXVP.QARA has developed a breakthrough AI algorithm based on deep learning technology that satisfies the growing needs in the financial sector, said James Kim, managing partner at NXVP said. With thepartnership with NXVP, QARA will be able to strengthen product quality and create a platform where a large number of consumers can access the AI technology.In the meantime, London-based Kingsley Ventures said it will apply QARAs AI algorithm to its portfolio companies in Europe, Hong Kong and the US.