Habit Factory Secures KRW 20.6B in Series C Funding, Achieves Breakthrough Growth
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Korea’s Habit Factory, a fintech startup leveraging MyData, has secured a substantial KRW 20.6 billion in Series C funding, bringing their total funding to KRW 34.4 billion.
New investors, including Murex Partners, Shinhan Venture Investment, Smilegate Investment, We Ventures, and Korea Growth Investment, joined this round, alongside existing investors KB Investment and Translink Investment.
Habit Factory operates the ‘Signal Planner‘ insurance comparison and recommendation app, utilizing AI-guided counseling for personalized product suggestions. The company has streamlined processes, reducing analysis and recommendation times from days to just one minute. This efficiency boost resulted in a revenue breakthrough of KRW 10 billion in 2022, surpassing KRW 7.4 billion in H1 2023. Having achieved breakeven since H2 2022, the company established a U.S. subsidiary last year and obtained approval as a specialized bank for mortgage loans in June 2023.
Leading this investment round, Murex Partners commended Habit Factory’s efficiency, stating it can be a benchmark for fintech innovation, demonstrating a sevenfold increase in efficiency compared to traditional insurance sales channels. Smilegate Investment also highlighted the company’s potential to lead the future digital insurance market, emphasizing the objectivity brought by automated insurance information.
Habit Factory’s Co-CEO, Jung Yoon-ho, expressed the platform’s continuous growth in customer satisfaction, revenue, and profitability. He pledged to build a fintech platform trusted by customers through expert hiring and service enhancement.
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