SEOUL, South Korea - Kakao Pay Corp. experienced a financial downturn in 2023, recording a net loss of 25.2 billion won (US$19 million), a stark reversal from the previous year's profit of 26.8 billion won. The financial services company detailed its yearly performance through a regulatory filing, indicating a continuation of operational challenges with an operating loss of 56.6 billion won for the year, worsening from a loss of 45.5 billion won in the preceding year. Despite these setbacks, the company witnessed an 18 percent increase in sales, reaching 615.4 billion won.
According to Yonhap News Agency, the downturn reflects ongoing operational difficulties, even as the firm managed to grow its revenue. This shift to a net loss underscores the volatility and challenges within the financial services sector, particularly for platforms like Kakao Pay that are navigating an increasingly competitive landscape.