Kakao Pay(377300) also posted record quarterly results in the second quarter, following the first. While every institutional sector grew evenly, revenue from financial services surpassed half of the total.
On Aug. 4, Kakao Pay said its second-quarter revenue on a consolidation basis rose 40.6% on-year to 335.1 billion won. Operating profit for the period jumped 528% to 58.6 billion won. Net profit was 49.6 billion won, up 251% from a year earlier.
The payments, finance, and platform institutional sectors each logged double-digit growth for the third straight quarter, extending their expansion. In particular, revenue from financial and platform services rose sharply, diversifying the revenue structure.
By field, payment service revenue climbed 13% on-year to 141.4 billion won as both online and offline, and overseas payments grew evenly.
Financial service revenue reached 175.2 billion won, up 75% during the same period. In particular, investment and insurance services recorded steep increases of 99% and 86%, respectively. They accounted for 52% of the total, surpassing half for the first time.
Platform service revenue came to 18.5 billion won. Advertising and telecom brokerage services continued to lift revenue, rising 44% on-year.
Second-quarter transaction value (TPV) on a consolidation basis rose 20% on-year to 54.2 trillion won. Revenue TPV increased 19% over the same period to 15.7 trillion won, accounting for 29% of the total transaction value.
Shin Won-geun, Kakao Pay CEO, said, "Thanks to the data-driven personalized services we have pursued, stronger user lock-in, and the synergy of improving subsidiary operations, a profitability-focused structure has taken hold," adding, "We will solidify our position as a next-generation financial platform based on our proprietary data and platform capabilities."