Image Credit: Kakaobank
South Korea’s Kakaobank gets a 15% stake in music streaming start-up PLAM owner Naivy for $680,000.
South Korea’s biggest online-only bank, Kakaobank, has actually obtained a 15% stake in monetary innovation start-up Naivy, in an offer worth $680,000 (908 million KRW.) Naivy is the business behind music streaming app PLAM, which motivates users to listen with virtual coin benefits which can then be invested. The offer brings combination with Kakaobank’s own app.
“We chose to purchase Naivy to support fintech start-ups with exceptional innovation,” stated a representative for Kakaobank.
After listening to tunes and leaving brief evaluations, users will get 10 or 20 KRW per tune straight into their Kakaobank account, without any extra app setup needed. Naivy’s service will be incorporated straight into Kakao’s banking app, allowing users to access the music service through a tab within the bank app.
It’s a fascinating idea, to be sure: a music service provided inside a mobile banking app, with monetary benefits for listening activity. It will be intriguing to see if such a specific niche idea may capture on in the more comprehensive innovation sector, with South Korea blazing a trail.
Kakaobank has a history of buying fintech start-ups and incorporating their services into its banking app, supplying assistance for these start-ups while improving its own app with service diversity. In 2023, Kakaobank acquired a 15% stake in Nulleesoft, which runs SSEM, an algorithmic tax reporting service, and incorporated its tax questions and reporting service into Kakao’s banking app.
“We will continue working to produce a hassle-free and safe monetary service environment based upon shared development,” states the Kakaobank representative.
Kakaobank is the electronic banking branch for the South Korean online huge Kakao, which has its fingers in a selection of musical pies throughout its different subsidiaries. They consist of streaming service Melon and significant K-pop company SM Entertainment.