Kakaopay Insurance Corp. announced that it has issued 20,000,000 common shares at a price of KRW 5,000 for gross proceeds of KRW 100,000,000,000 on July 31, 2023. The transaction included participation from returning investor Kakao Pay Corp to retain the majority stake in the company.

The transaction is expected to close on August 7, 2023. The transaction was approved by the board of directors of the company. The company will raise money through share allocation method.