JB Financial Group to invest 40 billion won in AI firm Upstage
The investment, made through three JB affiliates, gives the group about a 2% stake in Upstage and extends a partnership signed in September 2026.
JB Financial Group will invest 40 billion won in Upstage's Series C-2 round through Jeonbuk Bank, Kwangju Bank and JB Woori Capital, securing about a 2% stake in the Korean AI company. Upstage announced the investment on October 20, 2026, according to techm.kr.
The three JB Financial affiliates were the first investors in the round, with Upstage planning to bring in further investors. JB Financial Group did not disclose the terms of the stake beyond the roughly 2% holding.
The companies plan to jointly develop AI agents for the financial sector, covering corporate lending review, internal control and IT development. They will also pursue employee training, staff exchanges and regional AI projects with local governments and universities.
JB Financial Group chairman Kim Ki-hong said the investment is meant to turn AI cooperation into real change at the group's affiliates.
The investment builds on a strategic memorandum of understanding the two sides signed in September 2026 on financial and AI technology cooperation, under which they discussed joint development of AI agents for financial operations.
Group-wide AX push
From this year, JB Financial Group has been pushing a group-wide AX initiative focused on IT development, compliance and corporate lending processes.
Quick answers
How much is JB Financial Group investing in Upstage?
JB Financial Group will invest 40 billion won through Jeonbuk Bank, Kwangju Bank and JB Woori Capital, securing about a 2% stake.
What will JB Financial Group and Upstage develop together?
The partners plan to develop AI agents for corporate lending review, internal control and IT development, and to run training and regional AI projects.