Models demonstrate T Map Mobility’s parking app in this photo provided by SK Telecom Co.
SEOUL, Aug. 23 (Korea Bizwire) — Mobility service provider T Map Mobility said Monday it was the beneficiary of an investment of 200 billion won (US$149 million) from KB Kookmin Bank.
With this investment, the retail lender emerged as T Map Mobility’s fourth-largest shareholder with an 8.3 percent stake.
T Map Mobility said this is the first time in which a major financial institution has invested in a domestic mobility platform.
On the back of the 660 billion won in investment it has attracted over the past two years, T Map Mobility plans to strengthen its mobility business capability and expand its business ecosystem.
In addition, it plans to release microloan products targeting platform workers by year’s end, while promoting cooperation with the affiliates of the KB Financial Group for mobility insurance, used car sales and payment services.
“The number of T Map users is estimated at 13.6 million and the number of KB Kookmin Bank mobile app users is estimated at about 9.5 million. Among them, the percentage of non-overlapped users is estimated at 57.7 percent,” said Lee Jae-hwan, head of T Map Mobility’s growth strategy team.
“This means that the two parties could get benefit by attracting new users.”
T Map Mobility and KB Kookmin Bank formed a strategic partnership in December last year with a focus on the environment, social and governance businesses and mutual cooperation.
Kevin Lee (kevinlee@koreabizwire.com)
