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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source:https:\/\/techcrunch.com\/2023\/04\/27\/korean-fintech-kakao-pay-to-acquire-majority-stake-in-us-brokerage-firm-siebert\/<\/a><\/br> Kakao Pay<\/a>, the online payment service of South Korean messaging and internet giant Kakao, announced that it has acquired a stake in Siebert Financial<\/a>, a brokerage firm based in New York. Kakao spent $17 million on this transaction and the company now owns a 19.9% stake in Siebert.<\/p>\n This is just the first step as Kakao Pay plans to acquire an additional 31.1% stake in Siebert depending on shareholder and regulatory approval. If it goes through, Kakao Pay would become the largest shareholder of Siebert, owning a 51% stake in total. Gloria Gebbia, Siebert\u2019s controlling shareholder and board member, told TechCrunch that the second transaction is expected to close in the first quarter of 2024.<\/p>\n Kakao Pay first launched its mobile payment service in 2014. It was spun off from Kakao Corp. in 2017 and it is now one of the major mobile payment players in South Korea<\/a>. The Korean fintech firm offers online and offline payments, money transfer, credit rating, insurance and loan services to approximately 40 million registered users in South Korea. Siebert Financial, the U.S.-based brokerage and financial advisory firm, and its subsidiaries have been providing financial services for over 50 years. One of its subsidiaries, Muriel Siebert & Co. (MSCO), has more than 100,000 customers.<\/p>\n Today\u2019s acquisition represents Kakao Pay\u2019s first M&A transaction outside of its home market. It is part of a bigger strategy as the company plans to expand to the U.S. market and strengthen its brokerage unit Kakao Securities at the same time.<\/p>\n Kakao Pay \u201cplans to create a new overseas stock trading solution that combines the user-centric MTS (money trading services) of Kakao Securities with Siebert\u2019s brokerage\u2019s infrastructure, which could be expanded to foreign fintech companies, including those in Southeast Asia,\u201d Gebbia told TechCrunch.<\/p>\n Kakao Pay will integrate its technology expertise into the financial services of Siebert as part of the strategic partnership to offer \u201can advanced user experience through extended market access to U.S. securities, lower securities trading fees and more,\u201d Gebbia said.<\/p>\n \u201cKakao 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,\u201d the chief executive officer of Kakao Pay Won-Keun Shin said in a statement.<\/p>\n Kakao Pay currently offers payment services in South Korea, Japan, Macao, Singapore, France and China.<\/p>\n
\nKorean fintech Kakao Pay to acquire majority stake in US brokerage firm Siebert<\/br>
\n2023-04-27 22:11:58<\/br><\/p>\n