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Kakao Pay Corp. is buying a total of 51% controlling stake in Siebert Financial Corp., an American investment advice company. The South Korean financial technology arm of the Kakao Group said on Thursday, April 27, that this deal is part of its efforts to reach the goal of business expansion overseas.
Yonhap News Agency reported that Kakao Pay stated in its recent regulatory filing that its deal with Siebert is worth $17 million, and they have already signed the contracts for it. The companies expect to complete the deal on May 4. This particular agreement will give Kakao a 19.9% stake in Siebert.
Kakao Pay will increase its stake in the US-based brokerage firm by buying an additional 31.1% next year. This will bring the South Korean fintech firm's stake to 51%.
Then again, it was noted that this purchase is still subject to shareholder and regulatory approvals. The price of this second acquisition deal was not disclosed by Kakao.
"We are excited to announce this transaction with Kakao Pay which will enhance our capabilities and accelerate our growth plans," Gloria E. Gebbia, Siebert's controlling shareholder and board member, said in a press release. "The partnership with Kakao Pay will provide us with significant financial resources to opportunistically invest in our key business lines while leveraging the expertise and technological capabilities of one of the leading financial services innovators in the Korean market to expand our reach and enhance our technology offerings."
Shin Won Keun, Kakao Pay's chief executive officer, also said, "Kakao Pay has attained a great opportunity to expand its financial business abroad by making a strategic investment in Siebert, a company with over 55 years of tradition and experience."
Finally, the Kakao Pay chief added they would continue to improve their benefit offerings and user experience as a financial platform while also seeking new chances for innovation in the global market.
