Banksalad files for Kosdaq preliminary review, kicks off IPO process

Banksalad has formally launched its initial public offering process by filing for a preliminary listing review on the Kosdaq market.

The fintech company said Friday it submitted a preliminary listing application to the Korea Exchange, with Mirae Asset Securities serving as the lead underwriter. The offering size and detailed listing schedule will be determined in consultation with the underwriter as the review progresses.

Banksalad posted sales of 26 billion won ($19.1 million) on a standalone basis in 2025, up 77 percent from 14.7 billion won the previous year. Its adjusted EBITDA — which strips out non-cash items such as stock compensation expenses — came in at negative 1.9 billion won, a 74 percent improvement from a year earlier. The adjusted net loss, excluding one-time accounting effects related to redeemable convertible preferred shares, shrank 89 percent to 680 million won. The company also adopted Korean International Financial Reporting Standards beginning with last year's annual report.

Banksalad has also been tidying up its capital structure ahead of the listing. In January, it carried out a stock split that reduced the par value per share from 5,000 won to 500 won. In the first quarter of this year, it transferred 240.8 billion won from its share premium reserve to offset accumulated deficits, cutting the year-end deficit of 240.9 billion won to 2.9 billion won by the end of the first quarter.

Founded in 2012, Banksalad operates financial product brokerage services — covering loans, insurance and credit cards — as well as personal financial management services built on open banking and MyData infrastructure. More recently, the company has been expanding into AI-powered financial decision-making services that combine financial and health data.

"We have been connecting our accumulated financial and health data and technology to deliver real financial benefits for customers," a company official said. "We will continue developing our AI agent service to transform how financial decisions are made and executed, while diligently advancing the listing process."