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A screen grab of TruWeb (Courtesy of Tru Technologies) |
Seoul-based financial technology startup Tru Technologies said Wednesday it raised series A investment worth $3.1 million from Korean investors.
Joining the latest round were Hana Financial Investment, Hanwha Investment & Securities, KB Investment, Kiwoom Investment, Korea Growth Investment Corp., Shinhan Capital and Stonebridge Ventures.
The fundraising comes in line with the growth of its electronic securities lending platform, called TruWeb. The platform, launched in 2020, has offered an automated system to institutional clients to help them prevent errors and streamline their workflow in securities lending and trading.
“The investments from some of the largest financial institutions and investors in Korea mean that they are committed to the automation of error-prone securities lending transactions,” Tru Technologies Chief Executive Officer Ha Jae-woo said in a statement.
“We are starting to see changes in some of the most manual markets globally like Korea and Taiwan. The automation can‘t be delayed for any financial institutions who wish to stay compliant and further increase profitability.”
Ha added that TruWeb has completed integration with brokerage house and backer Hana Financial Investment’s proprietary system to further improve service delivery.
TruWeb is currently serving 25 institutional clients, the startup said.
By Son Ji-hyoung (
consnow@heraldcorp.com)
