For a time after its IPO in August, six-year-old branchless KakaoBank was the largest financial institution in South Korea by market capitalization. That didn’t last through the global tech stock collapse – and was always a little absurd – but the $2.2 billion IPO, which is still trading above its issue price, is a reminder of just how far this institution has come.
Pretty much uniquely in the high-promise, low-proof world of Asian digital finance, KakaoBank is profitable, and has been so since 2019, just two years after launch.
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