Platform Growth Driven by Loans, Cards, and Insurance
BankSalad, a company specializing in MyData services, announced on August 14 that it recorded operating revenue of 7.73 billion KRW in the second quarter of this year, marking an approximately 85% increase compared to the same period last year (4.17 billion KRW).
During the same period, operating expenses decreased by about 14%, resulting in a quarterly net profit of 120 million KRW. Excluding stock-based compensation expenses, net profit stood at 600 million KRW.
BankSalad reached its monthly break-even point in November last year. Its revenue last year tripled compared to the previous year, showing growth driven by the advancement of its comprehensive financial platform services, including loans, cards, and insurance.
The growth in the second quarter was led by the insurance business segment. Insurance service revenue increased by 230% compared to the same period last year.
The nation’s first data and artificial intelligence (AI)-based personalized insurance assessment service leveraged financial and health MyData to provide customers with experiences that effectively reduced insurance premiums. The number of consultations in the second quarter increased by 270% year-on-year.
In the loans segment, services such as the 'loan coupon' attracted more customers, resulting in a 25.5% year-on-year increase in loan disbursements in the second quarter, reaching an all-time high. Through the revamp of its credit management service and the enhancement of loan refinancing features, the loan approval rate also rose by 20% during the same period.
In the card segment, the launch of new services such as 'Card Benefits Received This Month' strengthened product competitiveness and attracted new customers. Following the introduction of these features, service inflow rates increased by 123% compared to the previous month.
The introduction of asset management services led to increased customer acquisition and revenue growth. Compared to the same period last year, monthly active users (MAU) rose by 25%, and average revenue per user (ARPU) increased by 22%. Advertising revenue also grew by 100% compared to the previous quarter.
BankSalad plans to continue its growth in the second half of the year by leveraging its MyData 2.0 infrastructure to discover new financial and health services, and by further enhancing its services using AI technology, aiming to solidify its position as the only integrated financial and health asset management platform in Korea.
A BankSalad representative stated, "We will continue to pursue healthy growth by building both innovative value and stable business balance through customer-centric data products."
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