K-fintech That Makes Money in India Is Coming... Afinit Launches KOSDAQ IPO [Financial News]

[Financial News]  A K-fintech company that has proven both growth and profitability in India’s financial market is knocking on the door of the domestic stock market. AFINIT, which has targeted India with its mobile financial platform True Balance, has officially begun its Initial Public Offering (IPO) process on KOSDAQ (Korea Securities Dealers Automated Quotations). The key point to watch is not just its overseas expansion prospects, but the fact that it is already generating profits in the local market.
According to the investment banking industry on the 26th, AFINIT submitted a preliminary review application to Korea Exchange for a KOSDAQ listing. Mirae Asset Securities is the lead underwriter, and Hana Securities is the co-underwriter.
AFINIT’s performance growth is especially notable. In the first half of this year, sales reached 112.3 billion won and operating profit came to 29.6 billion won, up 45.8% and 79.4%, respectively, from a year earlier. Its operating profit margin stood at 26.4%. Annual revenue also rose about 6.7 times over four years, from 24.2 billion won in 2021 to 161.9 billion won last year.
Founded in 2014, AFINIT operates True Balance in India. Cumulative downloads have surpassed 120 million, and the repeat usage rate is above 90%.
The company’s core strength lies in the data it has accumulated in India. Its self-developed AI-based alternative credit scoring system (ACS) evaluates customers with limited financial transaction history by using more than 90,000 alternative data points. This structure helps attract middle- and low-credit customers who would otherwise be difficult to reach through traditional credit scoring alone.
After the IPO, the company plans to expand beyond small-scale financial products into a comprehensive financial platform. It launched insurance services in March and credit card brokerage services in July. This month, it also entered the Vietnamese market by signing business agreements with Shinhan Vietnam Finance (SVFC) and Lotte Finance Vietnam (LFVN).
In the investment banking industry, AFINIT’s strong growth and profitability, along with its data-driven financial model built in India, are seen as key factors in future valuation. If the data and credit evaluation capabilities secured in India can be extended to markets such as Vietnam, the company could be viewed as more than a single-country fintech and instead as a global financial platform.
Lee Cheol-won, CEO of AFINIT, said, "Based on data and AI technology accumulated over 10 years in India, we have provided financial services to customers who are difficult to evaluate based only on financial history." He added, "We will grow into a global innovative fintech company through our KOSDAQ listing."


[email protected] Kim Kyung-a Reporter