Artiv, which started as an in-house venture at Shinhan Bank and was spun off into an independent corporation, was belatedly confirmed to have closed down after just a year and a half. Analysts say the case illustrates that, while efforts to grow in-house ventures into independent companies continue in the financial sector, monetizing early business models and gaining a market foothold are not easy.
According to the financial industry on the 12th, Artiv closed in July last year. Artiv began after winning the grand prize at Shinhan Bank's in-house venture competition "Unicus," and was spun off into an independent corporation in November 2023. At the time of the spin-off, Shinhan Bank made a 15% equity investment to help Artiv advance its business.
After the spin-off, Artiv sought a new business model combining the art market with finance. Its flagship business was "Art Pick Haso," a platform providing data-based information on art creators and their works. In January last year, it also held the "2025 Shinhan Premier Art Fair" together with Shinhan Bank.
Behind the closure lay difficulties in monetizing the business. Artiv's total assets at the end of 2024 stood at just 95 million won, and it recorded a net loss of 68 million won that same year. Shinhan Bank reflected the 150 million won it had invested in Artiv as a loss on its financial statements. A Shinhan Bank official explained, "Artiv decided to close due to the economic downturn and declining sales," adding, "The co-CEOs have returned to the bank and are performing their duties."
