Halfmore (CEO Lee Ju-hyun), a Korean-American fintech startup based in Silicon Valley, announced on the 14th that it had secured additional funding in October, bringing its total investment to 3.5 billion won (approximately $2.51 million). With this funding, Halfmore plans to focus on expanding its services in the US and enhancing its AI-based family financial management platform.
Halfmore is a platform that makes child asset management, previously reserved for the ultra-wealthy, accessible to ordinary families. It allows parents to register their children in a family employment structure, generating earned income that can then be used to open a Custodial Roth IRA, a child retirement account. It automates all legal and tax procedures using AI. Since its launch in October of last year, it has generated approximately 70 billion won in retirement assets, attracting attention as a solution to the US retirement crisis.
This investment round was led by DEEPCORE, an AI-specialized venture capital firm and subsidiary of SoftBank Group, and new investors include Ian Brady and Dan Macklin, co-founders of US consumer finance platform SoFi, Peter Francis, former chairman of JM Huber Corporation, and Sehyuk Park, co-founder of global tech company Moloco.
Deepcore's investment manager stated, "Halfmore has demonstrated strong performance in its early stages and has great potential to establish itself as a platform in the children's long-term finance sector." The SoFi co-founders also highly value Halfmore's unique business model and growth potential and plan to participate as advisors.
Currently operating in 14 US states, Halfmore plans to expand to 20 states within this year and to 51 states nationwide within two years. The company is also working on launching a dedicated education savings account, expanding investment products for children, and expanding services linked to healthcare and education payments. In the long term, the company aims to build a "household spending financial operating system" for integrated management of childcare-related expenses, and is also collaborating with numerous fintech companies.
Halfmore CEO Lee Ju-hyeon said, “This investment is a result of global investors recognizing the Korean startup team’s achievements and potential in the U.S.,” adding, “We will continue to combine AI and fintech to help all families easily resolve the financial concerns they face while raising children.”
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