20 October 2017
Register now

Ant Financial to make $200 million investment in South Korea's Kakao Pay

21 February 2017  |  5069 views  |  0 Digital Abstarct

Ant Financial's bid to create a globe-straddling payments behemoth continues with a $200 million investment in Kakao Pay, a soon-to-be launched mobile finance subsidiary from South Korean m-commerce platform Kakao.

Kakao’s board decided in January to form a separate entity for its Kakao Pay financial service brand, tentatively named Kakao Pay Corp. Young-Joon Ryu, who currently leads Kakao’s fintech division, will head the new company, which has accumulated more than 14 million members, and evolved from payment transactions to offer bill payment, remittance and membership management.

As part of the investment, Ant Financial will port its 34,000-strong Alipay merchant base to the Kakao Pay platform, and present Kakao Pay as a payment option for e-commerce sites run by parent brand Alibaba.

The investment is the latest in a rash of deals by Ant Financial, coming off the back of a $4.5 billion fund raising round last April as it sets its sight on a goal to serve two billion customers within the next ten years. With an IPO in the offing, the company has agreed to acquire US money transmission outfit MoneyGram, and made substantial investments in India's Paytm, Thai financial technology firm Ascend Money and Globe Telecom Inc's fintech firm Mynt.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Ant Financial takes equity stake in Phillippine mobile money firm

Ant Financial takes equity stake in Phillippine mobile money firm

20 February 2017  |  5380 views  |  1 comments | 6 tweets | 6 linkedin
China's Ant Financial goes global in bid for two billion users in 10 years

China's Ant Financial goes global in bid for two billion users in 10 years

20 January 2017  |  10580 views  |  0 comments | 23 tweets | 15 linkedin
Ant Financial enters SE Asia with investment in mobile money firm Ascend

Ant Financial enters SE Asia with investment in mobile money firm Ascend

01 November 2016  |  5260 views  |  0 comments | 5 tweets | 3 linkedin
CBA provides Alipay with bridgehead to Australia

CBA provides Alipay with bridgehead to Australia

31 October 2016  |  5117 views  |  0 comments | 6 tweets | 7 linkedin
Ant Financial snaps up EyeVerify

Ant Financial snaps up EyeVerify

14 September 2016  |  5591 views  |  0 comments | 11 tweets | 7 linkedin
Alibaba makes VR payments play

Alibaba makes VR payments play

10 August 2016  |  10230 views  |  0 comments | 21 tweets | 25 linkedin
Samsung Pay strikes Chinese deal with Alipay

Samsung Pay strikes Chinese deal with Alipay

20 May 2016  |  11055 views  |  0 comments | 9 tweets | 13 linkedin
Alibaba affiliate Ant Financial raises $4.5 billion to expand overseas

Alibaba affiliate Ant Financial raises $4.5 billion to expand overseas

26 April 2016  |  4814 views  |  0 comments | 8 tweets | 4 linkedin
From Unicorns to dragons, meet the new face of banking disruption

From Unicorns to dragons, meet the new face of banking disruption

12 October 2015  |  12904 views  |  0 comments | 25 tweets | 21 linkedin
Alibaba takes 40% stake in India's Paytm

Alibaba takes 40% stake in India's Paytm

29 September 2015  |  8502 views  |  0 comments | 18 tweets | 11 linkedin
Ant Financial adds messaging, P2P payments and loyalty offers to mobile app

Ant Financial adds messaging, P2P payments and loyalty offers to mobile app

08 July 2015  |  7624 views  |  0 comments | 9 tweets | 9 linkedin
Alibaba affiliate launches online bank

Alibaba affiliate launches online bank

26 June 2015  |  18908 views  |  0 comments | 17 tweets | 10 linkedin
Alibaba moves into financial data and information services

Alibaba moves into financial data and information services

04 June 2015  |  12978 views  |  0 comments | 34 tweets | 21 linkedin
Alibaba accelerates drive into financial services

Alibaba accelerates drive into financial services

09 April 2015  |  7091 views  |  0 comments | 18 tweets | 15 linkedin
Alibaba's Ant Financial takes credit scoring to a new level

Alibaba's Ant Financial takes credit scoring to a new level

28 January 2015  |  7139 views  |  0 comments | 13 tweets | 19 linkedin
Watch out banks, Alibaba is after your business

Watch out banks, Alibaba is after your business

16 October 2014  |  14203 views  |  0 comments | 32 tweets | 21 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.fivedegrees.nl

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
16002 views comments | 12 tweets | 4 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8236 views comments | 13 tweets | 10 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
7299 views comments | 20 tweets | 25 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7239 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
6520 views comments | 10 tweets | 21 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job