Aizen, a fintech-focused AI company based in South Korea, announced that it has raised US$4.2 million in a series B funding round led by SEMA Translink Investment, a venture capital firm that has also backed local online grocer Kurly.
Korean startup, Aizen, has secured $6.5m in Series A funding round, which was led by specialist fintech investor, Intervest, and included participation from Korea Growth Investment. The latest capital infusion takes the company's total funds raised to $9m, including $2m in research and development grants and an earlier round from Woori Bank.
Aizen, founded in 2016, uses artificial intelligence to automate decision-making processes in the banking, retail payment, and insurance sectors. It offers several AI-powered solutions primarily designed for the financial services sector. Its machine learning platform, Abacus, powers these solutions, and the company claims it can help companies launch banking services faster, boost customer retention, and diversify their revenue streams through its APIs. The platform can also help banks to reach more customers without incurring high marketing and IT costs.
The startup said that it plans to use the fresh funds to expand internationally and launch its AI-powered banking-as-a-service product throughout Southeast Asia. The product has been designed to support companies that want to offer banking services to customers but do not want to build the technology in-house.
Aizen's Credit to Map technology is one such solution that integrates several sources of data, such as e-commerce sites or e-wallets, and converts them into credit information. The startup aims to redesign digital banking with automated machine learning technology and already counts Woori Bank, Hyundai Card, and Samsung Marine and Fire Insurance among its users. Aizen was also part of Fintech Batch 1 for Plug and Play Asia Pacific.
#BatchHighlights #FinancialServices #Fintech
This article was written by Doris Yu, a Tech in Asia Writer - a finance and technology writer based in Hong Kong and edited by Charmaine de Lazo. Click here to view the original source of the article.
