Kakao Bank of Korea announced that it will issue 2,000,000 shares at KRW 5,000 for gross proceeds of KRW 10 billion in a round of funding on November 12, 2019. The transaction will include participation from returning investor YES24 Co.,Ltd (KOSDAQ:A053280). Post completion the investor will hold 7,200,000 shares representing 2% stake in the company.

The transaction is expected to be closed on November 22, 2019. The transaction has been approved by the board of directors of the investor.