Kakao Mobility Accelerates Global Expansion with 'Split' Acquisition Connecting 2 Billion Users
Acquires 'Split' with 2 Billion Users Across 150 Countries
Secures 'Silk Road' to Speed Up Entry into Europe and China
Kakao Mobility announced on the 22nd that it has acquired the UK-based mobility brokerage platform ‘Split’ and is launching a full-scale overseas market expansion. This acquisition marks Kakao Mobility’s first overseas corporate acquisition, providing a foothold to accelerate direct local entry into foreign markets.
Founded in the UK in 2015, Split is a global brokerage platform that offers global API standardization through data connectivity for global super apps, linking providers and user demand within each app. It has built a business model that integrates fragmented global mobility services, enabling easy travel anywhere in the world with just one app typically used in one’s home country. Currently, it provides solutions across on-demand services including ▲ride-hailing ▲micro-mobility ▲public transportation.
Split counts most major global platforms such as Uber, Grab, Careem, Cabify, Trip.com, and Booking Holdings among its clients. Based on extensive partnerships with global super apps, it connects 2 billion users across more than 150 countries in Asia, North America, the Middle East, and Europe.
In particular, it collaborates with major Chinese super apps such as WeChat, Alipay, and Trip.com, which is expected to directly benefit from the surge in demand from Chinese users.
Kakao Mobility declared 2022 as the inaugural year for global expansion and has been promoting overseas market entry based on three pillars: ▲‘Outbound’ service allowing domestic users to use the Kakao T app overseas as is ▲‘Inbound’ service enabling overseas users to use Kakao T services upon entering Korea ▲‘Direct overseas entry’ targeting local foreigners in foreign markets.
Given the strong regional characteristics and difficulties in securing local provider networks inherent in mobility services, Kakao Mobility has expanded its overseas entry foundation focusing on the ‘Outbound (domestic users traveling abroad)’ service, which enhances convenience for existing Kakao T users and allows rapid service application. However, through this acquisition of Split, securing local demand and provider networks overseas has become easier, enabling a more advanced direct overseas entry strategy.
Beyond targeting regions with insufficient mobility infrastructure such as Guam and Laos, Kakao Mobility plans to create exemplary cases of global expansion that enhance convenience for overseas users in advanced foreign markets where global mobility companies fiercely compete. With Split now incorporated under Kakao Mobility, financial stability has been strengthened, allowing for more scalable business development such as attracting new partners.
By joining forces, Kakao Mobility can leverage Split’s well-established local taxi industry network in Europe and respond to outbound demand from China, enabling attempts at various forms of overseas expansion on a broader scale.
Philip Mintchin, CEO and co-founder of Split, stated, “Since 2019, Split has collaborated with Kakao Mobility to provide Korean users with a seamless mobility experience in 32 countries worldwide. By combining Kakao Mobility’s platform capabilities with the global super app network that Split has built, we will create new services that revolutionize mobility experiences for users around the world.”
Ryu Geung-sun, CEO of Kakao Mobility, said, “Despite high interest from various global platforms, both sides agreed that Kakao Mobility would be the best partner in terms of technology and vision. Having been highly evaluated for our mutual growth efforts and platform technology, we are welcoming Split as a partner and will create a more advanced overseas market entry path through close cooperation going forward.”
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