Grace Priscilla Teo · · 1 min readKakao Pay to acquire majority stake in US-based brokerage firm
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Kakao Pay, the fintech subsidiary of South Korean conglomerate Kakao Corp., is set to acquire a majority stake in US-based brokerage firm Siebert Financial Corp.
The South Korean company will first buy 19.9% of new shares in the firm for US$17 million, subject to regulatory approval. Then, it will acquire a further 31.1% of newly issued shares, taking its ownership of the firm to 51%.
The deal is expected to enable Siebert to leverage Kakao Pay’s tech capabilities to provide better user experiences for its investors. Siebert’s current management will continue helming its next phase of growth.
Currently, Kakao Pay has 40 million registered users and offers various financial services, including online and offline payments, money transfers, investing, membership, bill payments, and authentication services.
Kakao Pay posted a net profit of US$22 million in 2022, The Korea Herald previously reported.
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Note: This article was written with the help of AI. Don’t worry, humans were still involved in producing this story.
Editing by Thu Huong Le and Jaclyn Tiu
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