Kukon, MyData Business Sailing Smoothly... "Growth Expectations Rising"

[Asia Economy Reporter Hyunseok Yoo] Kukon is expected to continue growing due to the smooth progress of its MyData business.

According to the financial investment industry on the 26th, Kukon is a B2B data platform company that collects data from financial institutions, public institutions, and others, and connects clients with the data they need in the form of APIs (Application Programming Interface). The data business provides clients with API services containing information such as domestic and international asset management services, loan limits by financial companies, and vehicle market prices.

Kim Doohyun, a researcher at Hana Financial Investment, said, "Kukon's core competitiveness lies in its information collection and connection technology secured over 20 years, collecting data from about 500 domestic financial and public institutions, making it the only company in Korea." He added, "In a situation where there are no proper domestic competitors, the company's data service business is expected to continue growing."

Hana Financial Investment forecasted that Kukon's sales and operating profit this year will increase by 22.4% and 49.4% year-on-year to 62.9 billion KRW and 16.8 billion KRW, respectively. He emphasized, "With the rapid growth of the fintech industry, Kukon is launching about 20 to 30 new API products annually," adding, "The number of APIs used per customer is also increasing, so Kukon's scale growth and profitability improvement are expected to continue."

In particular, sales and operating profit next year are expected to increase by 21.1% and 27.9% year-on-year to 76.2 billion KRW and 21.5 billion KRW, respectively. He explained, "With the full-scale launch of the MyData business in 2022, data business expansion is expected from the existing financial sector to non-financial sectors (medical, distribution)," and added, "The effect of preempting the API market is expected to continue."