Daum Kakao invests into Korean fintech startup Dunamu for mobile stock services

On the 15th September, Daum Kakao revealed an investment of  US$2.5m(KRW 3b) into Dunamu which provides a mobile social portfolio investment service. The deal includes a strategic business agreement between the two companied to jointly provide a stock-financial service. Dunamu is a special fintech startup operating mobile investment portfolio app Stock Plus for Kakao through their messenger KakaoTalk. Stock Plus (app) has now reached a cumulative contract value of US$1.7b (2 trillion KRW); 30 million page views everyday and the number of cumulative downloads exceeeds 700k since its launch in February 2014.

Through this cooperation, Daum Kakao and Dunamu, plans to reform the overall stock financial services provided by Daum, and assign to Dunamu relevant service management authority in the future. A representative of Daum explained, “The need for existing financial services in Daum Portal to be reformed has been brought up numerously. This is due to the inv increased the number of private investors that prefer to investment directly through a smartphone app. This cooperation with Dunamu, allows their special knowledge in the mobile sector to provide a differentiated service compared to competitors and supplement our existing service.”

The service is expected to be operational by the end of this year. It is expected to  strengthen stock services by providing highly advanced stock charts and business information, search tools specific to stocks and provision of real time mobile recommendations.

“We have plans to develop the direct investment market together as it is expected to be a high growth potential,” said Daum Kakao. “In the future, we’ll provide an integrated financial service optimized to mobile platform through achieving a synergies with other services and capabilities within Daum Kakao and Dunamu.”

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