https://techcrunch.com/2023/04/27/korean-fintech-kakao-pay-to-acquire-majority-stake-in-us-brokerage-firm-siebert/

Kakao Pay, the online payment service of South Korean messaging and internet giant Kakao, announced that it has acquired a stake in Siebert Financial, a brokerage firm based in New York. Kakao spent $17 million on this transaction and the company now owns a 19.9% stake in Siebert.

This is just the first step as Kakao Pay plans to acquire an additional 31.1% stake in Siebert depending on shareholder and regulatory approval. If it goes through, Kakao Pay would become the largest shareholder of Siebert, owning a 51% stake in total. Gloria Gebbia, Siebert’s controlling shareholder and board member, told TechCrunch that the second transaction is expected to close in the first quarter of 2024.