The Cheat, Ildao, KRG Group, and Petpins Selected as Investment Targets
Participants of the 'MetLife Inclusion Plus Solution Lab 3.0' Impact Investment Demo Day held on the 25th at Seoul Innovation Park in Eunpyeong-gu, Seoul, are taking a commemorative photo. (Provided by Korea Social Investment)
[Asia Economy Reporter Minwoo Lee] Korea Social Investment has decided to invest approximately 200 million KRW in companies that provide solutions for financially marginalized groups, in collaboration with the MetLife Life Insurance Social Contribution Foundation.
Korea Social Investment announced on the 29th that it had completed the 'MetLife Inclusion Plus Solution Lab 3.0' event together with the MetLife Life Insurance Social Contribution Foundation.
The 'MetLife Inclusion Plus Solution Lab' was launched to discover and nurture organizations that propose solutions for healthy financial lives for all members of society. After a public contest and evaluation in June, a total of 10 organizations were selected. Each received 10 million KRW in business support funds and up to 12 customized acceleration sessions (covering management, legal, IR, marketing, etc.).
On the 25th, as the closing event, an 'impact investment' demo day called 'Deal Share Live' was held using the metaverse format. Impact investment refers to investments aimed at both financial returns and social benefits. About 30 investors and professional evaluators participated in the event, and after evaluation, four companies?The Cheat, Ildao, KRG Group, and Petpins?were selected.
The Cheat conducts alternative credit evaluations for those with little financial transaction information (thin filers) based on peer-to-peer transaction data accumulated through its financial fraud prevention service. Ildao is a free O2O (online-to-offline) platform service for daily labor job recruitment and job seeking, aiming to increase access to job information and reduce job search costs to boost disposable income.
KRG Group is a platform addressing the issue of monthly rent deposits for youth, seeking to secure better housing environments for young people through rent guarantees. Petpins aims to enable people with disabilities to enjoy financial and convenience services equivalent to those of non-disabled individuals through the WheelchairKorea.com platform. Each of these organizations will receive 50 million KRW, totaling 200 million KRW in impact investments.
Jongik Lee, CEO of Korea Social Investment, stated, "Over the past three years, we have worked alongside MetLife and various social innovation organizations to promote healthy financial lives for financially marginalized groups and all members of society." He added, "We will continue to do our best to ensure that places with financial inclusion solutions become better known to the world, realizing and expanding social value."
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