Fintech company Kakao Pay raised $1.3B ahead of its Seoul IPO in November, months after its sister company KakaoBank raised $2.3B in South Korea's second-biggest IPO. 55% of Kakao Pay is owned by Kakao Corp, which holds its namesake social media app, and 45% is held by AliPay.
- According to Statista, Kakao Pay had 35 million users in 2020, representing a 51% share of the South Korean market, ahead of Samsung Pay, AliPay, Apple Pay, and PayPal.
- KakaoPay expects the IPO to occur on Nov. 3, after a delay from its original target date of Oct. 14 due to South Korea's financial regulator requesting the company resubmit its IPO registration. The agency said KakaoPay's prospectus documents either had an incorrect format or omitted important facts.