This article was published on July 7, 2025, at 3:34 p.m. on the ChosunBiz MoneyMove site.
Bank Salad significantly lowered its valuation to attract investment, while domestic private equity firm SKS Private Equity (PE) also endured a valuation loss of over 42%. The previous valuation was too high, making an initial public offering (IPO) difficult, which is interpreted as a tactical decision to lower its valuation.
According to the investment banking (IB) industry on the 7th, Bank Salad conducted a third-party allotment capital increase targeting Mirae Asset Securities, the underwriter for its initial public offering (IPO), on June 30. A total of 2,543 convertible preferred shares (CPS) were issued at an issue price of 196,594 won per share. Based on this, Bank Salad's valuation is approximately 255 billion won.
The 255 billion won reflects about 58% of the valuation Bank Salad was recognized for in the previous investment raising process. Bank Salad received an investment of 135 billion won in the Series D funding round held in 2022, acknowledging a corporate value of 440 billion won from SKS PE, KT, and Kia.
Generally, financial institutions (FIs) are reluctant to undertake down rounds (when a company is valued lower during subsequent fundraising than in prior investments). This can lead to valuation losses of their holdings because the company is evaluated at a lower value than the amount previously invested.
As the negotiating power of the target company (Bank Salad) diminishes, there are concerns that new investors may secure better conditions. Above all, for FIs, this effectively signifies admitting to an investment failure, which could negatively impact the trust and reputation of the investing firm.
An industry source stated, "When raising investment in a down round, it leads to actual transaction cases, so you can no longer delay reflecting valuation losses," adding that "a drop in corporate value of this degree could lead limited partners (LPs) to convene meetings."
It seems that not only financial institutions (FIs) but also Bank Salad has determined that it will be difficult to achieve a valuation of 440 billion won in the short term. Initially, it lowered its corporate value to increase the possibility of an IPO, then shifted its strategy to recover funds through a future increase in stock price.
Bank Salad generated 19.6 billion won in revenue last year but recorded a net loss of 13.6 billion won. This net loss has continued for six years. The net losses were as follows: ▲ 17.7 billion won in 2019 ▲ 27.1 billion won in 2020 ▲ 41.8 billion won in 2021 ▲ 45.5 billion won in 2022 ▲ 23.5 billion won in 2023.
Launched in 2013, Bank Salad is a platform that allows users to collect and manage scattered financial assets based on data. It has gained attention as a potential unicorn in the fintech industry alongside Toss. As of last year, the cumulative downloads of the application (app) reached 14 million. CEO Kim Tae-hoon holds a 28.44% stake as the largest shareholder, with SKS PE (21.25%) and KT (5.59%) as major shareholders.
A representative from Bank Salad noted, "This investment is significant as Mirae Asset Securities anticipates Bank Salad's growth potential and has made an equity investment. It's more symbolic than previous investments aimed at funding, and comparing it to past investment situations or interpreting it in relation to corporate value doesn't align with the current circumstances."