Banksalad Begins IPO Process, Aiming to Become “Leading Fintech on KOSDAQ”

Submission of Preliminary Listing Review Application
Lead Underwriter: Mirae Asset Securities

Fintech company Banksalad announced on October 2 that it has submitted a preliminary review application for listing on the KOSDAQ to the Korea Exchange and has officially begun the initial public offering (IPO) process. Mirae Asset Securities is serving as the lead underwriter for the listing.

Founded in 2012 by CEO Kim Taehoon, Banksalad started in 2014 with an automated consumer data inquiry service. Since then, the company has expanded into integrated financial information management, financial product brokering, the extension of proprietary connections with financial institutions, and combining financial and health data, growing into a data- and artificial intelligence (AI)-driven financial platform.

In 2017, Banksalad became the first company in Korea to introduce the concept of financial MyData to asset management services. In 2022, with the full institutionalization of the MyData system, it became a pioneering participant, evolving into an integrated asset management application company that combines banking, card, securities, and insurance functions.

Currently, Banksalad operates comprehensive financial product brokerage and personal financial management (PFM) services based on its MyData and AI infrastructure. Through brokering financial products such as loans, insurance, and cards, as well as offering everyday management services including asset and health management, Banksalad supports all aspects of its customers' financial lives. Leveraging its accumulated data and AI technology, the company provides an intelligent decision-making solution supporting customers from financial product exploration to decision-making.

Last year, Banksalad’s standalone financial statements showed revenue of 26 billion won, a 77% increase from 14.7 billion won the previous year. Adjusted EBITDA (enterprise value based on operating profit before depreciation and non-cash expenses such as stock compensation) stood at minus 1.9 billion won, representing a 74% improvement over the previous year. The adjusted net loss, excluding one-time accounting factors from redeemable convertible preferred shares (RCPS), was 680 million won, an 89% improvement from the previous year.

As part of its preparation for the listing, Banksalad adopted the Korean International Financial Reporting Standards (K-IFRS) beginning with last year's annual report. The scale of the offering and the listing schedule will be determined in consultation with the underwriter depending on the outcome of the preliminary review.

Given the rarity of KOSDAQ-listed fintech companies, the company explained that its goal is to strengthen its presence as a leading fintech player on the KOSDAQ market.

A Banksalad spokesperson stated, "Banksalad has continuously advanced its proprietary technology based on its accumulated financial and health data moats, delivering tangible financial benefits to our customers. Moving forward, we will develop into an AI agent service that innovates financial decision-making and implementation, while also strengthening our business competitiveness based on an AI operating system (OS)."

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