Kakaopay's user base also grew in the first quarter, with more than 40 million registered users, an increase of 6% year-on-year, and monthly active users (MAUs) increased by 10% to 23.61 million.
The company's operating expenses increased 24.2% year-on-year, resulting in an operating loss of KRW 13 billion ($9.7 million) and a net loss of KRW 2.4 billion ($1.8 million) on a consolidated basis for the first quarter.
However, the operating loss decreased from the previous quarter due to an overall increase in financial services revenue.
Kakaopay aims to strengthen its user experience and expand its services to become the number one financial platform in South Korea.
The company focuses on improving overseas payment services and targeting areas with high payment frequency to expand its offline payment market.
Kakaopay is preparing to launch a payday loan service and plans to expand its service offerings and lending partners.
The company's long-term strategy is positioning itself as the leading financial platform by enhancing the Kakaopay app's user-centric design.
Here are some key takeaways from Kakaopay's first-quarter results:
- First, the company's strong growth was driven by solid performance across all its business segments.
- Kakaopay's user base grew in the first quarter, with more than 40 million registered users and 23.61 million monthly active users.
- The company's operating expenses increased 24.2% year-on-year, resulting in an operating loss of KRW 13 billion ($9.7 million) and a net loss of KRW 2.4 billion ($1.8 million) on a consolidated basis for the first quarter.
- Kakaopay aims to strengthen its user experience and expand its services to become the number one financial platform in South Korea.
