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.

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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.

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Latest developments in the robo-advisory space

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