Why Samsung Financing Is the Next Big Deal in Personal Finance
Personal finance software startup Samsung Finance is the latest venture capital round to make its way to the tech industry.
The company has raised $12 million from three major investors, including Founders Fund, the firm behind the popular Fintech platform.
The money was also secured by Series B funding from venture capital firm Y Combinator, which is part of the venture capital arm of Facebook.
The new round is led by Sequoia Capital, which has previously backed other startups including Paypal, Airbnb and Instagram.
It is also led by Peter Thiel, who was the CEO of PayPal until it went public in 2014.
The financing comes on the heels of the $30 million raised in the round in November 2017 by Sequosy Capital, led by former PayPal CEO David Marcus.
That round was also led at the time by former Microsoft CEO Satya Nadella.
In the case of Samsung Finance, the fund’s investors are Sequoias Capital, Sequoians Capital and Sequoian Capital, according to the company.
Sequoios’ co-founder and CEO, Peter Thiel told CNN Money in an interview earlier this year that the new round was the first venture capital investment of his company in 25 years.
The investment comes at a time when the personal finance space is undergoing a renaissance, with venture capital funding flooding in from all over the globe.
The surge in funding, Thiel said, has driven a lot of new companies to come online, including PayPal and Airbnb, which are helping to transform the way people spend money online.
The Samsung Finance round comes as investors are ramping up their investment in the tech sector, with the $12.4 billion raised in March by Sequoiys Venture Partners and other investment funds in 2017.
It’s also the largest round in the personal-finance space ever raised by Sequoinys, Thiel told Forbes.
Samsung Finance, however, is focusing on a more direct approach.
The company has a suite of tools that help people build personal finance applications on their Android phones and tablets, which have been built to be a complete platform that people can use on their desktop or laptop computers.
The firm said the Samsung Finance suite will be available for $20 a month.
It also has a series of tools for entrepreneurs to use with its mobile apps.
The new Samsung Finance product is the first to offer tools that are designed to help people quickly create personal finance apps on their own mobile devices, the company said.