Kakao Pay to Acquire US Securities Firm Siebert... "Securing Management Rights by Next Year"

Kakao Pay is acquiring the U.S. securities firm 'Sibert Financial.'

Kakao Pay announced on the 27th that it has signed a contract to acquire 33,832,770 new shares to be issued by Sibert through a paid-in capital increase for approximately 103.9 billion KRW.

Kakao Pay will initially acquire about 8 million shares, equivalent to 19.9% of Sibert's shares, on May 4th, and then plans to acquire an additional 31.1% (about 26 million shares) next year after obtaining approval from shareholders and U.S. regulatory authorities. The existing major shareholder family of Sibert, the Jebia family, will remain a key shareholder and cooperate in management.

Sibert is a U.S.-based financial company that entered the comprehensive securities business in 1967. It is listed on the NASDAQ and, along with six subsidiaries, provides a variety of brokerage and financial advisory services including securities trading, investment advisory, and corporate stock plan management solutions. Kakao Pay introduced that Sibert, with 56 years of experience in the U.S. financial market, has expanded its business extensively in the U.S. market by acquiring multiple financial licenses.

Kakao Pay explained the purpose of this stock acquisition as a "strategic investment to enhance user benefits and expand global financial business."

With this investment, the convenience and benefits for Kakao Pay users investing in overseas stocks are expected to be greatly enhanced, based on U.S. stock aftermarket services and 24-hour U.S. stock trading support. Kakao Pay Securities, which already offers the industry's lowest online trading commission (0.05%), plans to secure commission competitiveness and provide various benefits and features to users going forward.

Kakao Pay's strategy is to aggressively expand its overseas business by targeting foreign markets with a financial platform business model based on technological capabilities. Kakao Pay stated, "We plan to combine Kakao Pay Securities MTS, which has UI (User Interface) and UX (User Experience), with Sibert's U.S. stock order system to create a new overseas stock trading solution and provide it to fintech companies overseas, including those in Southeast Asia."

The company added that Sibert will play a foothold role in Kakao Pay's overseas market entry and cooperate to expand revenue models and enhance user experience.

This content was produced with the assistance of AI translation services.