The word ‘support’ is often thrown around in the startup world. The new Marvelstone Tech deals show what that means logistically
Last month, Marvelstone Tech raised US$12.6 million and consolidated its fintech platform. This week, we got our first glimpse into the activities the company will pursue with its funding.
Marvelstone Tech announced it inked two separate partnerships with Korean financial companies.
It signed a Memorandum of Understanding (MOU) with Shinhan Data System (a subsidiary of Shinhan Financial Group) to ‘support the growth of global Fintech companies’. This means the company will mentor startups and review the company’s potential for commercialisation.
The reviews will occur via Shinhan’s fintech programme called Shinhan Future’s Lab in collaboration with Marvelstone Group’s (the parent company of Marvelstone Tech) fintech platform named 10K. Shinhan Future’s Lab has collaborated with 23 companies since it began.
“In terms of fintech segments, we don’t have any specifications, but more [we are considering] startups that will be able to be plugged into our platform as well as Shinhan’s in order to further add value to our businesses. We prefer startups with a global perspective and those will be ready to grow with us as we rapidly expand across the region,” said Marvelstone Group Founder and Chairman Joe Seunghyun Cho in an email to e27.
The other deal was also an MOU, but with an mPOS provider and O2O company called Korea Creadic Life (KCL). The result of the deal is KCL will share merchant sales data with Marvelstone Tech so the fintech platform can analyse credit data to issue loans to Korean SMEs.
Founded in 2008, KCL now services 470,000 merchants.
To understand how this fits into Marvelstone Tech, it is useful to get a quick overview of how the company defines itself as a ‘platform’.
As a structured financial holdings company, Marvelstone Tech plans to acquire relevant fintech companies as subsidiaries. After the acquisition, the idea of the ‘platform’ is for these companies to cross-develop new products and services.
Marvelstone Tech is based in Singapore, hopes to have an eye across Asia, but has a natural base in Korea.
“As we have been more active in Korea under the company Marvelstone Group in the past, we will begin our business in Korea and expand it to other countries across Asia,” said Cho.
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