Bank Salad Expects 2024 Sales to Triple

MyData specialist company BankSalad is gaining market attention by recording remarkable growth in 2024 revenue. BankSalad's operating revenue in 2024 reached 19.6 billion won, a surge of approximately threefold (189%) compared to the previous year, and it also succeeded in improving profitability with a 42% reduction in net loss for the period, which stood at 13.6 billion won. Excluding stock-based compensation costs of 6.3 billion won, the effective net loss decreases to 7.3 billion won. This marks the culmination of a three-year continuous growth trend since the official introduction of MyData, following increases of 28% in 2022 and 55% in 2023, culminating in an astonishing growth rate of 189% in 2024. Notably, in 2024, the company broke its own record for highest performance every quarter, achieving the remarkable feat of reaching BEP (break-even point) for both monthly operating profit and net profit for the period in November. BankSalad's rapid growth is attributed to the advancement of core financial platform services such as loans, cards, and insurance, as well as the expansion of its user base through the launch of new PFM (Personal Financial Management) services. It maintained balanced growth in both financial and health service sectors. In the financial product brokerage sector, customer influx was maximized through the reorganization of the loan home and the enhancement of coupon services. The company expanded its partnerships for credit loans and home equity loans to over 70 financial institutions and over 220 products, showcasing industry-leading brokerage capabilities, which resulted in a 240% surge in loan execution volume compared to the previous year. Card issuance also increased by 60%, securing loyal customers and solidifying the brokerage revenue base through cashback events and data-driven hyper-personalized recommendations. In the health business sector, insurance services, which became full-fledged in 2024, significantly contributed to revenue diversification. Particularly, the insurance diagnostic service combining health data and AI technology attracted 500,000 users within one year of its launch, proving itself a successful revenue model. Furthermore, by introducing new differentiated PFM services such as 'Money Saving' personal financial coaching and 'Salad Game,' the company succeeded in attracting new users, adding vitality to the platform. BankSalad plans to continue its sustained growth as the nation's sole financial and health asset management platform by discovering new business models, expanding its financial product brokerage business, and advancing services using MyData and AI technologies. A BankSalad official stated, "We have shown encouraging growth even amidst challenging economic conditions by engaging with customers through our unique data technology and killer features," adding that the company aims to pursue a balance between innovative growth and a stable business foundation in 2025.