Korea’s Fastest Growing Mobile Internet Company Raises $30 Million from Japan’s Largest Internet Financial Group
Investment to Support Yello Mobile’s Continued Growth as Asia’s Leading Mobile Platform and Further Strengthen Recently Announced Strategic Partnership
SEOUL, South Korea – Yello Mobile, Korea’s fastest growing mobile Internet company, announced that it has received a $30 million investment from SBI Holdings (SBIH), Japan’s largest Internet financial group with operations in China, Korea and Southeast Asia. The new funding will support continued investments in Yello Mobile’s core mobile media and platform businesses and accelerate the company’s growth as the leading mobile platform in Asia. The investment will also further strengthen the strategic partnership announced at the end of last year between Yello Mobile and SBIH. Pursuant to the partnership, Yello Mobile is leveraging SBIH’s global business network and resources to support its business development efforts in Japan and Southeast Asia, while SBIH is leveraging Yello Mobile’s strong market position and digital marketing expertise to expand its own business in Korea.
Founded in 2012, Yello Mobile has emerged as Korea’s mobile leader, operating the largest ecosystem of mobile platforms, applications and services spanning online shopping, media content, advertising/digital marketing, and O2O (Online to Offline). In 2015, the company’s combined revenue of the first three quarters rose 338% from a year earlier. As a result of strong user growth and engagement, as well as cross-platform synergies, Yello Mobile is generating sustainable revenue growth and has already achieved profitability in key segments.
Lee Sang Hyuk, founder and CEO of Yello Mobile, said, “We are pleased to add a strategic investor of SBI Holdings’ caliber to our roster of high quality investors and simultaneously strengthen our partnership with Japan’s leading online brokerage. SBIH’s financial support and global business network will be valuable assets to Yello Mobile as we continue to expand our geographic reach. We are intensely focused on driving sustainable growth and profitability and appreciate the vote of confidence that this investment represents. We look forward to continuing to work with SBIH to drive each of our businesses forward.”
Yoshitaka Kitao, President and CEO of SBI Holdings, said “By focusing on key strategic verticals, Yello Mobile has quickly become Korea’s largest mobile platform, with tremendous consumer reach. We see substantial opportunities for the company to expand both at home and abroad, and we share Yello Mobile’s vision of creating a dynamic mobile system across Asia. We are excited to support the company’s continued growth while leveraging Yello’s unmatched digital marketing expertise and loyal customer base to enhance SBIH’s own offerings. Starting with this investment, we will deepen our strategic business collaborations and drive sustainable growth for us and for Yello Mobile.”
Yello Mobile previously announced a $43 million financing round in December 2015, valuing the company at around $4 billion. SBIH’s investment represents a second close of this funding round, bringing the total amount raised to $73 million. The company expects to raise additional funds prior to the final close of the financing round in the coming months, including funds raised through existing investors like SBI Holdings.
About Yello Mobile
Yello Mobile is a leading mobile Internet company that operates an ecosystem of mobile platforms, applications and services across Asia. Yello Mobile offers consumers and businesses a full range of products and services across its key verticals: Shopping, Media, Advertising, Travel and Online-to-Offline (O2O), also collectively known as SMATO. The company is primarily known for its leading mobile platforms Coocha, Korea’s leading shopping search app, and Pikicast, a leading mobile entertainment and content platform. Yello Mobile supports its various user platforms with a dynamic range of other services, including data management and digital marketing. The company was founded in 2012 and is headquartered in Seoul.
About SBI Holdings
Established in 1999, SBI Holdings, Inc. emerged as a pioneer of Internet-based financial services. SBI Holdings provides a wide range of financial services including securities, banking and insurance and has become the world’s first Internet-based financial conglomerate. The company has recently diversified its business portfolio to include pharmaceuticals, health food and cosmetics. As of FY2014, SBI Holdings recorded JPY 245.0 billion in revenue and currently employs 5,347 executives and staff members as of September 2015. With its overseas offices in 20 countries and regions, SBI Holdings aims to become No.1 financial company in Asia through strategic business expansion in Asian developing countries.
