|Founded||October 1, 2014|
|Owner||As of January 2016:|
KCUBE Holdings (14.90%)
In May 2015, the company acquired
Kakao Corp is the company behind KakaoTalk, which serves as its main platform and flagship application. It was founded in 2010 by
In August 2013, three of App Annie's Global Top 10 Android games are tied into the KakaoTalk platform—
According to a December 2013 App Annie report, Kakao is the world's third top publisher by monthly revenue at
Kakao Corp's full suite of apps includes: KakaoTalk, KakaoStory, KakaoTaxi, KakaoAccount, KakaoMap, KakaoDriver, KakaoBus, KakaoMusic, KakaoMusic, KakaoGroup, KakaoHome, KakaoPlace, KakaoAlbum, KakaoPage, KakaoStyle, and KakaoAgit.
On 26 May 2014, Kakao Corp. announced that it had decided to merge with Daum Communications—one of Korea's top Internet portals—through a stock swap. Once the two firms were combined the emergent company would have a 3 trillion won ($2.9 billion) market capitalization, enabling it to lodge a credible threat to Naver, which is South Korea's biggest web portal. The new entity Daum Kakao was valued close to 10 trillion won (US $9.45 billion).
In 2015, the company changed its name to Kakao. Due to gambling and censorship issues within the Kakao ecosystem, the organization's board of directors ejected
On 10 March 2015, Daum Kakao launched their
Kakao was approved by South Korean regulators to become the nation's first Internet-only bank in 2017. The Internet bank engages in the same business as commercial banks, including processing deposits, loans and wiring money. Consumers will no longer need to visit a bank to open a new bank account or to get a loan. Kakao's business plan was considered innovative, and the company's business model was expected to secure sizable customer sign-ups relatively easily, based on the users of KakaoTalk, which is the country's most popular messaging application.
Although K-Bank eventually became South Korea's Internet-only bank having been launched several months prior, Kakao Bank immediately attracted more 820,000 customers within four days of its launch on 27 July 2017. The dedicated Kakao Bank app itself was downloaded 1.5 million times within the same period. The bank had 3.5 million customers after a month. These figures trounced the 400,000 users that K-Bank amassed within 100 days of its existence. By 26 September 2017, Kakao Bank lent ₩1.4 trillion ($1.2 billion), constituting 40 percent of the total loans in all of South Korea for that particular month. The bank's unprecedented expansion is seen as an exception to the closure of banks, particularly foreign-owned institutions. The fledgling performance for these banks is being blamed on the high cost of maintaining brick-and-mortar operations and the popularity of Internet finance among Korean consumers.
In November 2015, Kakao launched the taxi business model