AI finance corporations Afinit said on the 2nd that it posted revenue of 169.1 billion won and a pretax profit of 39.7 billion won last year. Pretax profit is a measure of underlying business performance that reflects financial costs and foreign exchange gains and losses on operating profit, and Afinit's pretax profit margin last year reached 23.5%.
Afinit operates "True Balance," a daily-life finance platform that integrates payments, lending, and insurance in the Indian market under the vision of "finance for all."
Afinit's high profitability stemmed from expanding revenue from its finance platform. Since last year, Afinit has strengthened its fee-based platform business model that brokers products from external financial firms as well as selling its own financial products. Through this, it reduced fixed-cost burdens and boosted profitability.
In particular, platform brokerage volume increased rapidly. Brokerage volume rose from 2.5 billion won in the second quarter last year to 3.4 billion won in the third quarter and 14.9 billion won in the fourth quarter, and reached 38.1 billion won in the first quarter this year. That figure represents roughly 15-fold growth in one year.
Afinit will pursue a KOSDAQ listing within the year on the back of this growth. As an AI and Fintech technology corporations, it aims to list on KOSDAQ to create a case of a Korean corporations delivering global results and to help enhance market value.
Afinit is targeting revenue of 250 billion won and pretax profit of 55 billion won this year. It will build an integrated finance hub that connects diverse financial services such as lending, insurance, and investment within a single platform, and strengthen cooperation with 40 partners in India.
It will also strengthen its role in connecting Korea and India based on the network and financial infrastructure it has built in India. The plan is to support the expansion of Korean corporations and talent into India and enhance local trust and image through CSR activities to broaden financial inclusion.
Afinit CEO Lee Cheol-won said, "This year, we will advance our financial services and, through a KOSDAQ listing, fully launch into the global market as well as India."