BankSalad, 1Q Profitability Improvement... Operating Revenue Up 244%

Brand Differentiation with June Launch of 'Jasan Gwanri Game'

BankSalad is improving profitability by increasing sales while reducing costs.

According to BankSalad on the 25th, operating revenue for the first quarter of this year was 3.57289 billion KRW, marking a 244% increase compared to the same period last year. This amount exceeds half of last year's annual operating revenue (6.8 billion KRW).

During the same period, operating expenses were 6.63565 billion KRW, down 18% from the same period last year, and net loss for the period decreased by 59% to 2.67456 billion KRW.

BankSalad explained that the loan brokerage business drove this strong performance. Since entering the loan brokerage market in earnest early last year and participating in the refinancing loan platform, related sales have been increasing. With strategies such as aggressively expanding loan partners and introducing loan interest discount coupons, the monthly loan execution amount at the beginning of this year increased more than tenfold compared to the same period last year.

The card brokerage business not only provides hyper-personalized services but also has advanced data-based services. As a result, related sales in December last year increased by more than 300% compared to December 2022. The health MyData service, launched at the end of 2021, has grown to account for 30% of sales. BankSalad has consecutively launched genetic and microbiome testing services, and the insurance diagnosis service, ‘Most Refunded Insurance Diagnosis,’ surpassed 250,000 cumulative users within three months of its launch.

Having succeeded in improving profitability, BankSalad plans to challenge achieving the monthly break-even point (BEP) within this year. It will increase commission revenue by brokering financial products and enhance financial consulting and personal financial management (PFM) areas based on accumulated financial and health data. Additionally, to differentiate its brand, it will launch an asset management service in mid-June that provides fun and rewards through gamification elements (adding game elements to non-game fields).

A BankSalad representative said, “Following the significant improvement in last year’s performance, this trend continues in the first quarter results of this year,” adding, “2024 will be a year when BankSalad can prove its intrinsic value through its performance.”