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- \nKakao Pay announced an agreement to purchase a 19.9% stake of Siebert of newly issued shares on April 27, 2023, and subject to shareholder and regulatory approval, Kakao Pay will acquire an additional 31.1% of Siebert of newly issued shares<\/p>\n<\/li>\n<\/ul>\n
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- \nKakao Pay, a fintech subsidiary of Korean-based conglomerate Kakao Corp., has approximately 40 million registered users and offers a diverse array of financial services<\/p>\n<\/li>\n<\/ul>\n
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NEW YORK & SEOUL, South Korea–(BUSINESS WIRE<\/a>)–Siebert Financial Corp.<\/a><\/b> (NASDAQ: SIEB<\/a>) (\u201cSiebert\u201d)<\/b> today announced that it has entered into an agreement to issue shares in Siebert to Kakao Pay Corp.<\/a><\/b> (\u201cKakao Pay\u201d), a fintech subsidiary of Korean-based conglomerate Kakao Corp.<\/p>\n
\nKakao Pay announced an agreement to purchase a 19.9% stake of Siebert of newly issued shares for approximately $17 million on April 27, 2023, and subject to shareholder and regulatory approval, Kakao Pay will acquire an additional 31.1% of Siebert of newly issued shares. After the close of the second transaction, Kakao Pay will become the largest shareholder of Siebert with a total of 51% ownership of Siebert. The Gebbia family will continue to hold significant ownership, and Siebert\u2019s current management team, led by the Gebbia family, will continue to manage the company\u2019s operations and branch locations.<\/p>\n
\nThe senior management teams at Siebert and Kakao Pay have a shared vision that supports each firm\u2019s strategic direction. The partnership and capital infusion will accelerate Siebert\u2019s growth plans while broadening its platform and distribution capabilities. Kakao Pay will leverage its technology expertise in the financial services sector and work in partnership with Siebert to strengthen the company\u2019s business and growth strategy, while providing an enhanced user experience and additional benefits for users who invest in foreign stocks.<\/p>\n
\nSince 2014, Kakao Pay has served the Korean market including online\/offline payment, money transfer, investing, membership, bill payment, and authentication services. Kakao Pay\u2019s subsidiary, Kakao Pay Securities, enables users to easily invest in a diverse offering of financial products and is currently offering the lowest transaction fee for U.S. stock online trading in Korea.<\/p>\n
\n\u201cWe are excited to announce this transaction with Kakao Pay which will enhance our capabilities and accelerate our growth plans,\u201d said Gloria E. Gebbia, controlling shareholder and Board Member of Siebert. \u201cThe partnership with Kakao Pay will provide us with significant financial resources to opportunistically invest in our key business lines while leveraging the expertise and technological capabilities of one of the leading financial services innovators in the Korean market to expand our reach and enhance our technology offerings. We look forward to working with Kakao Pay as we chart the next phase of our evolution to empower our clients\u2019 success.\u201d<\/p>\n
\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 said Won-Keun Shin, the CEO of Kakao Pay. \u201cWe will continue to enhance our user experience and benefits as a financial platform and seek new chances for innovation in the global market.\u201d<\/p>\n
Notice to Investors<\/b><\/p>\n
\nThis communication is provided for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy any securities in the United States or elsewhere.<\/p>\n
About Siebert Financial Corp.<\/b><\/p>\n
\nSiebert is a diversified financial services company and has been a member of the NYSE since 1967 when Muriel Siebert became the first woman to own a seat on the NYSE.<\/p>\n
\nSiebert operates through its subsidiaries Muriel Siebert & Co., Inc., Siebert AdvisorNXT, Inc., Park Wilshire Companies, Inc., RISE Financial Services, LLC, Siebert Technologies, LLC and StockCross Digital Solutions, Ltd. Through these entities, Siebert provides a full range of brokerage and financial advisory services including securities brokerage, investment advisory and insurance offerings, securities lending, and corporate stock plan administration solutions. For over 55 years, Siebert has been a company that values its clients, shareholders, and employees. More information is available at www.siebert.com<\/a>.<\/p>\n
About Kakao Pay<\/b><\/p>\n
\nKakao Pay is a TechFin subsidiary of Kakao Corp., spun off in April 2017. Kakao Pay has been building a lifestyle financial platform leading the transition into a wallet-less society where all we need is a smartphone to pursue any economic activity at any time in any place.<\/p>\n
\nSince Kakao Pay launched the first mobile payment service in Korea in 2014, Kakao Pay has grown into the industry\u2019s leading innovator, offering a diverse lineup of innovative financial services including online\/offline payment, money transfer, membership, bill payment, and authentication. Starting with the investment service in November 2018, Kakao Pay has expanded its services from credit rating to loans and insurance providing easy access to financial services for everyone. The company is alleviating multiple inconveniences by offering daily financial services and accomplishing remarkable growth.<\/p>\n
Cautionary Note Regarding Forward-Looking Statements<\/b><\/p>\n
\nThe statements contained in this press release, that are not historical facts, including statements about our beliefs and expectations, are \u201cforward-looking statements\u201d within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements preceded by, followed by or that include the words \u201cmay,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cplan,\u201d \u201cestimate,\u201d \u201ctarget,\u201d \u201cproject,\u201d \u201cintend\u201d and similar words or expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements.<\/p>\n
\nThese forward-looking statements, which reflect our management\u2019s beliefs, objectives, and expectations as of the date hereof, are based on the best judgment of our management. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic downturns resulting from extraordinary events; other securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting our business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans and other consequences associated with risks and uncertainties detailed in our filings with the SEC, including our most recent filings on Forms 10-K and 10-Q.<\/p>\n
\nWe caution that the foregoing list of factors is not exclusive, and new factors may emerge, or changes to the foregoing factors may occur, that could impact our business. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise, except to the extent required by the federal securities laws.<\/p>\n
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View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230426006060\/en\/<\/a><\/span><\/p>\n
Investor Relations:
\n<\/b>
Alex Kovtun and Matt Glover
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Gateway Group, Inc.
\n<\/a>
949-574-3860
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sieb@gatewayir.com<\/a><\/p>\nKEYWORDS:<\/b> New York United States United Kingdom North America Asia Pacific South Korea Europe<\/p>\n
INDUSTRY KEYWORDS:<\/b> Professional Services Other Professional Services Finance Fintech Banking Accounting<\/p>\n
- \nKakao Pay, a fintech subsidiary of Korean-based conglomerate Kakao Corp., has approximately 40 million registered users and offers a diverse array of financial services<\/p>\n<\/li>\n<\/ul>\n
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