Afinit Files for Preliminary KOSDAQ Review, Initiates IPO Process

Afinit has begun initial public offering (IPO) procedures.

According to Afinit on August 26, the company has submitted a preliminary listing examination request to the Korea Exchange for a KOSDAQ listing. Mirae Asset Securities has been appointed as the lead underwriter for Afinit's IPO, with Hana Securities serving as co-underwriter.

In the first half of this year, Afinit recorded revenue of 112.3 billion won, up 45.8% compared to the same period last year, and operating profit of 29.6 billion won, a 79.4% increase (with an operating margin of 26.4%).

Founded in 2014, Afinit is a global K-fintech platform company operating the mobile financial platform ‘True Balance’ in India. Last October, the company changed its name from Balancehero to Afinit, strengthening its identity as a global financial innovation company by leveraging data accumulated in India and its financial artificial intelligence (AI) technology.

Afinit’s core strength lies in its independently developed AI-based Alternative Credit Scoring (ACS) system. Even customers with limited credit information can be precisely assessed using more than 90,000 alternative data points, allowing the system to deliver evaluation results necessary for financial services. As a result, customers who previously had difficulty accessing traditional financial institutions can now access financial services easily within five minutes. This has become a representative K-fintech innovation model in the Indian market with a population of 1.4 billion.

Afinit has built a solid foundation for growth as a global platform. The cumulative number of downloads has surpassed 120 million, and the retention rate remains above 90%. Over the past five years, the number of new customers has grown at an average annual rate of 79%, demonstrating rapid expansion.

With this IPO, Afinit plans to accelerate its transformation into a comprehensive financial platform and expansion into overseas markets. Having grown primarily through the brokerage of small financial products, Afinit started offering insurance products in March and credit card brokerage services in July, expanding the range of products it handles. Based on these developments, the company aims to evolve into a comprehensive financial platform covering a wider variety of financial services.

Lee Chulwon, CEO of Afinit, stated, "Over the past ten years in India, we have used data and AI technology to uncover the latent credit of customers who could not be evaluated by traditional financial histories and to provide them with essential financial services. We intend to use our KOSDAQ listing as a springboard to become a global innovative fintech company where no one in the world is excluded from financial access."

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