Fintech Division of Seize Secures $300 Million in Capital through Spherical led by Hanwha Asset Administration

Seize Monetary Group (GFG), the Fintech companies division of Seize, has revealed that it has secured greater than $300 million in capital by means of its Collection A funding spherical – which was led by Hanwha Asset Administration Co. Ltd., a South Korea primarily based asset administration agency.

Different buyers that took half in Seize’s funding spherical included Arbor Ventures, Flourish Ventures, GGV Capital, and K3 Ventures.

GFG, which offers funds and numerous monetary companies resembling lending, insurance coverage and retail wealth administration, will likely be utilizing the funds raised to make extra investments in hiring new expertise, and increasing its product providing in Southeast Asia. Seize Monetary goals to supply extra accessible, handy and clear digital monetary companies.

The funding spherical has been finalized at a time when Seize Monetary revealed that its complete earnings grew by greater than 40% throughout final 12 months in comparison with 2019. GFG is now on monitor to document $60 billion in complete income by 2025 amidst essential milestones for the corporate. They embrace robust and regular client adoption of the agency’s companies, with AutoInvest, its first retail wealth administration product, virtually doubling in complete month-to-month customers (as of December 2020).

GFG’s administration famous that their insurance coverage distribution additionally maintained its regular development, because it managed to draw round 4x as many new customers. The insurance coverage companies subsidiary claims greater than 4.5 million month-to-month energetic customers through the previous three months, and has distributed greater than 70 million insurance coverage insurance policies (to this point) since introducing its merchandise again in April 2020.

The Seize-Singtel consortium has additionally been chosen by the Financial Authority of Singapore to ascertain a full digital banking platform.

Reuben Lai, Senior MD, Seize Monetary Group, acknowledged:

“We’re at an inflection level in Southeast Asia, because the pandemic has accelerated the necessity for digital monetary companies that assist us develop and shield our incomes. We’re delighted to attract upon the experience of prime buyers who know monetary companies and fintech effectively, in order that we will proceed to construct and open up entry to reasonably priced and clear monetary companies for tens of millions of underserved folks and small companies, and make inroads into monetary inclusion within the area.”

Yong Hyun Kim, CEO of Hanwha Asset Administration, remarked:

“We anticipate GFG to proceed its exponential development on the again of an revolutionary enterprise mannequin which helps the altering broader way of life of customers, in addition to its extremely synergistic relationship with Seize, the most important Southeast Asian unicorn. On the identical time, we’re notably happy to put money into an organization that’s fulfilling the socially accountable position as an enabler of monetary companies to the underbanked and unbanked inhabitants in Southeast Asia. We’re very excited to be main the Collection A spherical for GFG as a part of Hanwha’s experience and curiosity within the fintech house and our ongoing funding into the sector.”