Global Fintech Innovator Kakao Pay Makes Investment In Siebert Financial Corp.
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Kakao Pay announced an agreement to purchase a
19.9% stake of Siebert of newly issued shares onApril 27, 2023 , and subject to shareholder and regulatory approval, Kakao Pay will acquire an additional31.1% of Siebert of newly issued shares
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Kakao Pay, a fintech subsidiary of Korean-based conglomerate
Kakao Corp. , has approximately 40 million registered users and offers a diverse array of financial services
Kakao Pay announced an agreement to purchase a
The senior management teams at Siebert and Kakao Pay have a shared vision that supports each firm’s strategic direction. The partnership and capital infusion will accelerate Siebert’s growth plans while broadening its platform and distribution capabilities. Kakao Pay will leverage its technology expertise in the financial services sector and work in partnership with Siebert to strengthen the company’s business and growth strategy, while providing an enhanced user experience and additional benefits for users who invest in foreign stocks.
Since 2014, Kakao Pay has served the Korean market including online/offline payment, money transfer, investing, membership, bill payment, and authentication services. Kakao Pay’s subsidiary,
“We are excited to announce this transaction with Kakao Pay which will enhance our capabilities and accelerate our growth plans,” 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,” said
Notice to Investors
This communication is provided for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy any securities in
About
Siebert is a diversified financial services company and has been a member of the NYSE since 1967 when
Siebert operates through its subsidiaries
About Kakao Pay
Kakao Pay is a TechFin subsidiary of
Since Kakao Pay launched the first mobile payment service in
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These forward-looking statements, which reflect our management’s beliefs, objectives, and expectations as of the date hereof, are based on the best judgment of our management. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic downturns resulting from extraordinary events; other securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting our business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans and other consequences associated with risks and uncertainties detailed in our filings with the
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