Seoul, South Korea - Wadiz, a South Korean crowdfunding platform, is preparing for an IPO in 2024 after a strong performance in 2023.
The company has completed the necessary audits and appointed new outside directors to facilitate the IPO process.
In 2023, Wadiz's revenue increased 16% year-on-year to KRW 39.7 billion (US$28.9 million), while its operating loss decreased 48% to KRW 17.3 billion (US$12.6 million).
The company achieved monthly operating profit in November 2023 and expects to be profitable in the second quarter of 2024.
Wadiz's improved performance is attributed to the diversification of its business model, which now includes financing, stores, and advertising.
The company has expanded its advertising business, increased its customer base, and reduced marketing costs while maintaining growth.
The launch of BizCenter, a targeted marketing solution that leverages Wadiz's customer data, created new opportunities for startups and small businesses and marked the company's entry into the retail media business.
Wadiz's core crowdfunding business continues to grow, with a 60% year-over-year increase in crowdfunding brokerage projects and a 33% increase in creators.
Wadiz's subsidiaries, Wadiz Partners and Wadiz X have invested in approximately 20 promising startups, which are expected to contribute to the company's performance in 2024.
US$1=KRW1,375.93
