December & Company Boosts Fint AI Robo-Advisor with Significant New Investment
Reading Time: 2 minutesDecember & Company, a Korean company that operates the AI robo-advisor service Fint, has attracted a new round of investment led by the private equity fund management company FOREST PARTNERS. This funding has boosted December & Company’s total capital raised to KRW 17 billion since Forest Partners became a major partner last year.
This investment round is particularly significant as it comes at a time when many fintech and venture startups are struggling to secure funding. The success is a testament to the company’s efforts to democratize investing, allowing anyone to easily and conveniently invest using AI technology. Leveraging this investment, Fint plans to enhance its services and further develop its technology. The strategy also includes gaining a competitive edge in the discretionary retirement pension market, anticipated to grow in the second half of this year.
Han Seung, CEO of Forest Partners, stated, “This investment was backed by widespread investor support and consensus on Fint’s technological prowess and excellence.” He further noted, “As technology evolves and times change, the demand for robo-advisor services is expected to keep growing. Fint is well-positioned to lead the market with its consistent growth and by securing the necessary additional funds.”
Fint uses artificial intelligence to automatically invest in global stocks, bonds, ETFs, and other assets. Since launching Korea’s first AI discretionary investment service in 2019, it has established itself as a leading robo-advisor in Korea by offering an easy and convenient investment experience.
In 2023, Fint expanded its services by introducing a U.S. stock investment product and, following its acquisition by Forest Partners, has rolled out additional services such as investments in Korean stocks, parking investments, monthly dividend investments, and thematic investments. Since the change in majority shareholder, December & Company has been actively improving and transforming its business.
Song In-seong, CEO of December & Company, remarked, “This investment marks a critical opportunity for Fint to strengthen and broaden its capabilities as a financial investment service.” He added, “The AI technology developed by Fint will also be deployed in the new robo-advisor retirement pension discretionary market opening at year-end. We plan to revolutionize and advance the retirement pension sector by leveraging our accumulated investment experience and expertise.”
Meanwhile, Fint recently celebrated its 5th service anniversary and shared its accomplishments to date. Approximately 95% of customer accounts with long-term investments over three years are profitable. Since launching, the average investment per customer has grown by 163% to KRW 4.68 million, and the total balance of customer discretionary accounts as of May is nearly KRW 360 billion. According to the latest RA market size trends released by the Koscom Robo-Advisor Testbed Center as of the end of March 2024 and the Financial Investment Association’s disclosure standards, about 80% of all RA company discretionary service users who passed the robo-advisor testbed are with Fint. Fint also leads with 56% of the customer and RA discretionary market AUM, ranking first in market share.
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