"Growth in Loans, Cards, and Insurance Sectors"
MyData specialist company BankSalad announced on the 1st that it recorded a net loss of 13.6 billion KRW last year, a 42% decrease compared to the same period of the previous year. Excluding stock compensation costs of 6.3 billion KRW, the net loss decreases to 7.3 billion KRW. Operating revenue increased by 189% to 19.6 billion KRW.
BankSalad explained that it has shown growth for three consecutive years since the introduction of MyData. Following a 28% increase in 2022 and 55% in 2023, last year saw an expanded sales growth rate of 189%. It set record-high performance every quarter last year. In November of last year, it even surpassed the monthly break-even point (BEP) based on operating profit and net profit.
BankSalad stated that it has grown through the advancement of its comprehensive financial platform services including loans, cards, and insurance. It successfully expanded its user base by launching a new Personal Financial Management (PFM) service. It showed balanced growth in both financial and health service sectors.
In financial product brokerage, it succeeded in targeting key loan customers by revamping the loan home page and enhancing the loan coupon service. It increased the number of loan partner financial institutions to about 70, including credit loans and mortgage loans, securing around 220 loan products, thus possessing industry-leading loan partnership capabilities. The loan execution amount increased by 240% compared to the previous year.
Card issuance also increased by 60%. By increasing loyal customers through not only cashback events but also data targeting technology and hyper-personalized category settings, it laid the foundation for card brokerage revenue.
In the health business sector, it succeeded in diversifying its revenue structure through insurance services that officially started last year. In particular, the health data and artificial intelligence (AI)-based insurance diagnosis service delivered results and contributed to improving profitability. The insurance diagnosis service secured 500,000 users within one year of its launch.
It increased new users by launching differentiated PFM services such as 'Saving Money' through personal financial coaching and the national spending loyalty game 'Salad Game'. In the case of the Salad Game, the number of applicants surged during the pre-registration period, leading to an increase in the number of game participants.
BankSalad plans to continue its growth as the only financial and health asset management platform in Korea. This year, it plans to discover new business models, expand the financial product brokerage business, and advance services through MyData and AI technologies.
A BankSalad official said, "This year, we will continue to balance innovative growth and a stable business foundation."
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