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Halfmore Raises 1.5 Billion KRW in Pre-Seed Funding for Fintech Platform

2024-04-18 2 min read


Halfmore Raises 1.5 Billion KRW in Pre-Seed Funding for Fintech Platform

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Silicon Valley-based fintech startup Halfmore has raised approximately 1.5 billion KRW in a pre-seed funding round from Draper Associates and Krew Capital. Halfmore is a fintech platform that democratizes wealth and expenditure management, services typically reserved for America’s wealthy families, making them accessible to the average household. 

The company facilitates tax benefits for children in ordinary families through innovative savings and investment structures. It also plans to implement AI-powered management of household expenses in the future. CEO Lee Joo-hyun was inspired to start Halfmore by the tax-advantaged account management strategy used by celebrities Jay-Z and Beyoncé for their daughter, Blue Ivy.

The team at Halfmore consists of Korean co-founders who are Stanford University alumni. CEO Lee Joo-hyun earned a Master’s degree from Stanford’s Graduate School of Business after working at GE and SK and engaging in serial entrepreneurship. CTO Lee Jae-beom holds both bachelor’s and master’s degrees in Computer Science from Stanford and spent the last five years as an engineer at YouTube headquarters. CCO Lee Ga-hong completed his law degree at Seoul National University, followed by a stint in the High Court and a master’s program at Yale Law School, and is currently pursuing an MBA at Stanford Graduate School of Business.

The investment round was led by Draper Associates, a top-tier VC fund managed by Tim Draper, a prominent Silicon Valley venture capitalist known for his investments in disruptively innovative startups. Draper Associates is particularly active in connecting Korean entrepreneurs with leading American investors and facilitating their entry into global markets.

CEO Lee Joo-hyun of Halfmore commented, “Supported by the investment from Draper Associates and Krew Capital, we aim to launch a closed beta of our service this year and utilize AI to elevate our platform. We plan to extend family office-level customized wealth and expenditure management, previously only available to the ultra-wealthy, to every average American household, transforming Halfmore into a super app.”

[Korean Fintech Startup News]

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