Fintech startup Doomoolmori raises 3.8 billion won in Series A funding

Doohmorrow, which manages 150 billion won in customer assets through its mobile wealth management services Boolio and Boolileo, announced on the 1st that it had raised 3.8 billion won in Series A funding from Hanwha Asset Management and Wadiz Partners.

As interest in the rapidly growing wealth management technology (Wealth Tech) market has surged, Doohmorrow has won backing from institutional investors for its growth potential. The company raised 1.5 billion won through a crowdfunding campaign on Wadiz in early 2019, becoming the first in Korea to do so, and has since grown its assets under management eightfold.

Investors in the Series A round, including Hanwha Asset Management, backed Doohmorrow in recognition of its differentiated technology for personalized solutions.

Doohmorrow CEO Youngrok Chun said, “Making high-quality wealth management services accessible to everyone is essential to building a healthier, happier society.” He noted that the company was recently recognized by the Korea Social Value Evaluation as a social enterprise under UN standards. “I founded a Wealth Tech company as one way to address wealth inequality at its roots,” he said. Chun added that “financial services need to be fundamentally redesigned for everyday investors who have long been underserved,” with “thorough personalization of high-quality investment strategies” at the heart of that effort. “Unless we fully automate decisions about what each customer should buy or sell, and when, they are effectively being left to fend for themselves,” he said.