- Kakao Pay announced an agreement to purchase a 19.9% stake of
Siebert of newly issued shares on April 27, 2023, and subject to
shareholder and regulatory approval, Kakao Pay will acquire an
additional 31.1% of Siebert of newly issued shares
- Kakao Pay, a fintech subsidiary of Korean-based conglomerate
Kakao Corp., has approximately 40 million registered users and
offers a diverse array of financial services
Siebert Financial Corp. (NASDAQ: SIEB) (“Siebert”)
today announced that it has entered into an agreement to issue
shares in Siebert to Kakao Pay Corp. (“Kakao Pay”), a
fintech subsidiary of Korean-based conglomerate Kakao Corp.
Kakao Pay announced an agreement to purchase a 19.9% stake of
Siebert of newly issued shares for approximately $17 million on
April 27, 2023, and subject to shareholder and regulatory approval,
Kakao Pay will acquire an additional 31.1% of Siebert of newly
issued shares. After the close of the second transaction, Kakao Pay
will become the largest shareholder of Siebert with a total of 51%
ownership of Siebert. The Gebbia family will continue to hold
significant ownership, and Siebert’s current management team, led
by the Gebbia family, will continue to manage the company’s
operations and branch locations.
The senior management teams at Siebert and Kakao Pay have a
shared vision that supports each firm’s strategic direction. The
partnership and capital infusion will accelerate Siebert’s growth
plans while broadening its platform and distribution capabilities.
Kakao Pay will leverage its technology expertise in the financial
services sector and work in partnership with Siebert to strengthen
the company’s business and growth strategy, while providing an
enhanced user experience and additional benefits for users who
invest in foreign stocks.
Since 2014, Kakao Pay has served the Korean market including
online/offline payment, money transfer, investing, membership, bill
payment, and authentication services. Kakao Pay’s subsidiary, Kakao
Pay Securities, enables users to easily invest in a diverse
offering of financial products and is currently offering the lowest
transaction fee for U.S. stock online trading in Korea.
“We are excited to announce this transaction with Kakao Pay
which will enhance our capabilities and accelerate our growth
plans,” said Gloria E. Gebbia, controlling shareholder and Board
Member of Siebert. “The partnership with Kakao Pay will provide us
with significant financial resources to opportunistically invest in
our key business lines while leveraging the expertise and
technological capabilities of one of the leading financial services
innovators in the Korean market to expand our reach and enhance our
technology offerings. We look forward to working with Kakao Pay as
we chart the next phase of our evolution to empower our clients’
success.”
“Kakao Pay has attained a great opportunity to expand its
financial business abroad by making a strategic investment in
Siebert, a company with over 55 years of tradition and experience,”
said Won-Keun Shin, the CEO of Kakao Pay. “We will continue to
enhance our user experience and benefits as a financial platform
and seek new chances for innovation in the global market.”
Notice to Investors
This communication is provided for informational purposes only
and is neither an offer to sell nor a solicitation of an offer to
buy any securities in the United States or elsewhere.
About Siebert Financial Corp.
Siebert is a diversified financial services company and has been
a member of the NYSE since 1967 when Muriel Siebert became the
first woman to own a seat on the NYSE.
Siebert operates through its subsidiaries Muriel Siebert &
Co., Inc., Siebert AdvisorNXT, Inc., Park Wilshire Companies, Inc.,
RISE Financial Services, LLC, Siebert Technologies, LLC and
StockCross Digital Solutions, Ltd. Through these entities, Siebert
provides a full range of brokerage and financial advisory services
including securities brokerage, investment advisory and insurance
offerings, securities lending, and corporate stock plan
administration solutions. For over 55 years, Siebert has been a
company that values its clients, shareholders, and employees. More
information is available at www.siebert.com.
About Kakao Pay
Kakao Pay is a TechFin subsidiary of Kakao Corp., spun off in
April 2017. Kakao Pay has been building a lifestyle financial
platform leading the transition into a wallet-less society where
all we need is a smartphone to pursue any economic activity at any
time in any place.
Since Kakao Pay launched the first mobile payment service in
Korea in 2014, Kakao Pay has grown into the industry’s leading
innovator, offering a diverse lineup of innovative financial
services including online/offline payment, money transfer,
membership, bill payment, and authentication. Starting with the
investment service in November 2018, Kakao Pay has expanded its
services from credit rating to loans and insurance providing easy
access to financial services for everyone. The company is
alleviating multiple inconveniences by offering daily financial
services and accomplishing remarkable growth.
Cautionary Note Regarding Forward-Looking Statements
The statements contained in this press release, that are not
historical facts, including statements about our beliefs and
expectations, are “forward-looking statements” within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements preceded by, followed
by or that include the words “may,” “could,” “would,” “should,”
“believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,”
“project,” “intend” and similar words or expressions. In addition,
any statements that refer to expectations, projections, or other
characterizations of future events or circumstances are
forward-looking statements.
These forward-looking statements, which reflect our management’s
beliefs, objectives, and expectations as of the date hereof, are
based on the best judgment of our management. All forward-looking
statements speak only as of the date on which they are made. Such
forward-looking statements are subject to certain risks,
uncertainties and assumptions relating to factors that could cause
actual results to differ materially from those anticipated in such
statements, including, without limitation, the following: economic,
social and political conditions, global economic downturns
resulting from extraordinary events; other securities industry
risks; interest rate risks; liquidity risks; credit risk with
clients and counterparties; risk of liability for errors in
clearing functions; systemic risk; systems failures, delays and
capacity constraints; network security risks; competition; reliance
on external service providers; new laws and regulations affecting
our business; net capital requirements; extensive regulation,
regulatory uncertainties and legal matters; failure to maintain
relationships with employees, customers, business partners or
governmental entities; the inability to achieve synergies or to
implement integration plans and other consequences associated with
risks and uncertainties detailed in our filings with the SEC,
including our most recent filings on Forms 10-K and 10-Q.
We caution that the foregoing list of factors is not exclusive,
and new factors may emerge, or changes to the foregoing factors may
occur, that could impact our business. We undertake no obligation
to publicly update or revise these statements, whether as a result
of new information, future events or otherwise, except to the
extent required by the federal securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20230426006060/en/
Investor Relations: Alex Kovtun and Matt Glover Gateway
Group, Inc. 949-574-3860 sieb@gatewayir.com
Siebert Financial (NASDAQ:SIEB)
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