KB Financial recruits startups for incubation program

KB Financial Group is looking for startups to participate in KB Starters, a program that supports selected businesses with innovative technologies to become KB’s business partners in the future.

In collaboration with the Korea Institute of Startup & Entrepreneurship Development, under the Ministry of SMEs and Startups, KB will be recruiting companies that have been in operation for more than three years but less than seven years.

Startups from both financial and non-financial sectors, including fintech, AI, big data, digital wallets, real estate, health care, automotive, telecommunications and security token offerings, can apply as long as their technologies can be used for KB’s services.

KB will select around 20 startups by the end of April, based on their business feasibility, growth potential and more after reviewing their applications and presentations.

Those with technologies focused on digital platform services and operational efficiency, such as generative AI, will be given a competitive edge, according to KB.

The selected startups will be able to collaborate with the financial group’s subsidiaries and receive management consulting from experts, as well as help in funding and hiring. They will also be provided with office space in southern Seoul and funding for expansion.

“Since 2015, we have been selecting and supporting innovative startups, providing diverse scale-up programs for each stage of their business growth. It is aimed at promoting KB’s mutual growth with the startup ecosystem,” a KB spokesperson said.

KB has selected 255 startups since 2015, investing 194.3 billion won and launching 307 collaborations.