South Korea-based Qara said to bag $3m in funding

South Korea-based Qara, which has built an AI-powered robo-advisor, has reportedly raised $3m in funding, as it looks to release a new global stock trading service for individuals.

The capital was supplied by Mirae Asset x Naver, Nexon’s NXC, and Kingsley Asset Management, according to a report from Tech in Asia.

Funds from this round are earmarked to support the launch of its new trading service early next year. Capital will also be used to hire staff across its finance, IT, AI and marketing teams.

In addition to the close of the round, the company revealed it has named former JP Morgan executive Lim Jae-ho as its new chief strategy officer, the article said. Qara also has a new CEO, after Luke Chang-hwan Byun replaces Katie Bomi Soni, who will now take up a management advisor role.

Launched in 2014, Qara offers a deep learning robo-advisor that leverages AI technology to provide users with personalised investment advice. The platform analyses around 400 million data points, including major stocks, financial indexes and cryptocurrencies, to help individuals build strong investment portfolios.

With the close of the round, the company has raised a total of $5m in equity.

Investment into the WealthTech sector continues to recover from the slump in Q1 2020, FinTech Global’s data shows. During Q3 2020, the sector witnessed $2.8bn deployed across 111 funding rounds.

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