Fintech startup Wavebridge attracts $7.8 million in Series B investment
Wavebridge, a quantum-based fintech company, has attracted a Series B investment of 10 billion won ($7.8 million). This investment was led by KB Digital Platform Fund, a strategic investment (SI) fund of KB Financial Group, KB Investment, JB Investment, NH Venture Investment and Leading Ace Capital. Aju IB Investment, an existing investor, also participated after Series A last year.
Wavebridge develops financial products by analyzing the market using mathematics, statistics and financial engineering techniques. It entered the most advanced traditional financial market as a virtual asset operator. Based on quantum technology, it establishes its position in the industry by introducing the domestic virtual asset market index and a virtual asset brokerage platform for institutions.
The FinTech startup has secured further investment within a year after its Series A round of around 7 billion won ($5.4 million) last year. Wavebridge plans to use the investment as a springboard to attract foreign investors in the first half of next year after the bridge round.
In addition to the differentiated technology of the one-stop digital asset management platform being developed by Waveridge, investors such as KB Financial highly valued its core competence in creating and operating various digital asset investment products.
Wavebridge has secured influence in the digital asset business with subsequent global expansion steps, such as opening an office in Singapore with NEOS, an asset management joint venture established in the US earlier this year.
Waveridge plans to use the new investment to develop digital asset solution products exclusively for domestic institutions and to secure licenses for business operations. In addition, it will be used to scale up businesses, such as recruiting more talent, expanding services and entering overseas markets.
Jong-wook Oh, CEO of Wavebridge, said: “Even in difficult times like these days when investment sentiment for startups has fallen, attracting Series B investment means that the market’s evaluation of Wavebridge is high. As the only fintech- the company that can be trusted when we enter the digital asset market in the future, we will take the lead in building the domestic digital asset ecosystem in cooperation with KB Financial, which participated as a strategic investor this time.”
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