Korean robo-adviser Fount has raised a $33.4m in a Series C round to support the further development of its machine learning-based platform and the hiring of new resources.

The financing round was co-led by Hana Financial Investment and Nice Investment and joined by returning investors including Smilegate Investment, and Korea Development Bank.

The round brings the firm’s total raised capital to $58.5m.

Founded by Youngbeen Kim in 2015, Fount caters to B2B clients in South Korea. Its customer base is said to include Hana Financial Investment, Samsung Life Insurance, Hundai Motor Securities and MetLife among others.

As of March 2021, Fount managed around $730m in assets. Earlier this year, the number of registered users on the Fount platform exceeded 220,000.

The company plans to invest an additional $85m for the development of technology in the next years.

Latest developments in the robo-advisory space

In July this year, Canadian robo-adviser Wealthsimple raised $610m (C$750m) in a funding round led by Meritech and Greylock who were joined by star power.

In April, Singaporean robo-adviser StashAway, which offers intelligent asset allocation with global ETFs for both retail and professional investors, expanded its presence to Hong Kong.

Earlier this year, American robo-adviser Betterment acquired Wealthsimple’s US investment advisory book of business.

Last year, UOB Asset Management partnered with Singtel to offer personalised robo-advisory investment solutions to individual investors via Singtel’s mobile wallet Dash.