– Revenue increased by 16% in 2023, and operating losses decreased by 48%
– Achieved a monthly profit last November; expects a profit in the second quarter of this year
– Preparing for an IPO by appointing former KDB Capital President Koo Dong-hyun and Myongji University Business School Professor Kim Jae-gu as outside directors
Life design funding platform Wadizannounced that it plans to pursue an initial public offering (IPO) within the year, building on its improved performance last year.
Wadizhas completed its mandatory audit for 2023 and has appointed Koo Dong-hyun, former president of KDB Capital, and Kim Jae-gu, a professor at the College of Business Administration at Myongji University, as outside directors, marking the start of its full-scale preparations for an initial public offering.
In 2023, Wadizrecorded a transaction volume of 237 billion won and revenue of 39.7 billion won, representing a 16% increase from the previous year, while its operating loss decreased by 48% year-over-year to 17.3 billion won. Following the achievement of a monthly operating profit in November of last year, the company is on track to return to profitability in the second quarter.
Wadizcited the diversification of its business model—including funding, its online store, and advertising—as the reason for its improved performance.
In particular, the company achieved a qualitative improvement in revenue through the growth of its advertising business and the expansion of its client base last year. It also managed to maintain steady growth while reducing marketing expenses by more than 70%, thereby improving profitability. The launch of BizCenter, which provides targeted marketing solutions based on Wadizcustomer data, offered new opportunities to its key clients—startups and small business owners—and paved the way for the company’s expansion into the retail media business.
The crowdfunding business continues to grow steadily, with the number of crowdfunding projects—our flagship business model—increasing by approximately 60% year-over-year and the number of creators rising by 33%. The number of projects, which stood at 1,000 per month at the beginning of last year, has now surged to around 2,000 per month.
In addition, the improved performance ofWadiz,” which is celebrating its second anniversary, is also noteworthy. Despite the intense competition in the e-commerce market, the company plans to build on this year’s success by offering Wadizunique, differentiated services rather than focusing solely on rock-bottom prices and discounts.
In addition, the company expects its subsidiaries, Wadiz Wadiz, to contribute to improved performance in 2024 by achieving tangible results through investments in approximately 20 Next Brands (promising startups). Wadizis participating as an operator of LIPS, a program newly established by the Ministry of SMEs and Startups last year, and Wadizwas recently selected as the top-performing operator for the Ministry’s private investment-linked matching loan program (LIPS).
Meanwhile, Wadiz, which expanded and reorganized its categories earlier this year, is confident it will achieve an annual profit by attracting more domestic and international makers and projects, and is expected to gain momentum in its push for an initial public offering (IPO).
