A strategic investment round of US $2.3 million was completed by South Korean FinTech company Akros Technologies. ZVC, the investment division of Line Corporation owner Z Holdings, was in charge of raising the money.
The financing comes before the FinTech company’s series A fundraise, which is planned for the following year.
Akros Technologies, a startup established just last year, runs its own exchange-traded funds (ETFs) utilizing machine learning algorithms. A monthly payment ETF with a 7% annualized target rate was introduced in May under the name MPAY.
The company also offers what it refers to as a portfolio-management-as-a-service (PMaaS) solution, or infrastructure, to businesses that wish to develop their own investment products. The KPOP and Korean Entertainment ETF’s recent launch on the New York Stock Exchange were made possible with its assistance.
Kyle Moon and Justin Gim, two former executives of the financial startup Qraft Technologies, founded the business. They are joined by Jin Chung, who at the Oxford Robotics Institute was instrumental in using Bayesian deep learning in autonomous driving.
With the additional cash, Akros Technologies intends to expand its investment offerings and collaborate with more financial institutions to offer its PMaaS service.
The company received US $3.8 million in startup investment in March from PeopleFund, a Korean platform for peer-to-peer lending.
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