Fintech startup Rainist raises W45b in series C funding round
Summary
Seoul-based financial technology startup Rainist, known for its mobile personal financial management app Banksalad, has raised 45 billion won ($37.1 million) from 10 venture investors in its series C funding round, the startup said Aug. 28. Related: The new investors Intervest, Gorilla Private Equity, IMM Investment and Stonebridge Ventures poured in a combined 30 billion won. Intervest, the biggest investor in the latest round, cited Banksalad’s potential to expand overseas in the face of a tectonic shift in the global financial market. “If (Rainist) continues to blaze trails in sync with global financial trend and authorities’ policy direction, it will result in Rainist’s soft landing in overseas markets.” South Korea’s leading PFM app, Banksalad, offers services that encompass automatic asset compilation, credit card and loan recommendations, travel insurance products that allow users to switch between enable and disable mode, and customized life insurance contracts. To solve this problem, Rainist said it will hire staff dedicated to technology development, data science, financial business and marketing.