Kakaobank Acquires 15% Stake in PLAM Owner Naivy for $680,000
Photo Credit: Kakaobank
South Koreaâs Kakaobank acquires a 15% stake in music streaming startup PLAM owner Naivy for $680,000.South Koreaâs largest online-only bank, Kakaobank, has acquired a 15% stake in financial technology startup Naivy, in a deal worth $680,000 (908 million KRW.) Naivy is the company behind music streaming app PLAM, which encourages users to listen with virtual coin rewards which can then be spent. The deal brings integration with Kakaobankâs own app.
âWe decided to invest in Naivy to support fintech startups with outstanding technology,â said a spokesperson for Kakaobank.
After listening to songs and leaving short reviews, users will receive 10 or 20 KRW per song directly into their Kakaobank account, with no additional app installation required. Naivyâs service will be integrated directly into Kakaoâs banking app, enabling users to access the music service through a tab within the bank app.Itâs an interesting concept, to be sure: a music service offered inside a mobile banking app, with financial rewards for listening activity. It will be interesting to see if such a niche concept might catch on in the broader technology sector, with South Korea leading the way.
Kakaobank has a history of investing in fintech startups and integrating their services into its banking app, providing support for these startups while enhancing its own app with service diversification. In 2023, Kakaobank gained a 15% stake in Nulleesoft, which operates SSEM, an algorithmic tax reporting service, and integrated its tax inquiry and reporting service into Kakaoâs banking app.
âWe will continue working to create a convenient and secure financial service environment based on mutual growth,â says the Kakaobank spokesperson.
Kakaobank is the internet banking branch for the South Korean online giant Kakao, which has its fingers in an array of musical pies across its varied subsidiaries. They include streaming service Melon and major K-pop firm SM Entertainment.
