KakaoPay Corp., fintech unit of Korea’s largest messaging app operator Kakao Corp., has acquired online insurance service startup Inbyu to bolster its portfolio, the company announced Wednesday.

Further details about the acquisition, including the stake size and cost, were undisclosed.

Short for “Insurance By You,” Inbyu is an online platform for purchasing insurance, allowing subscribers to choose insurance terms depending on coverage needs, instead of having to buying a standardized insurance package. It was established in 2017 by a team of insurance experts including consultants and brokers.

The startup and KakaoPay entered partnership in January to offer overseas travel insurance packages. KakaoPay expects its stake acquisition in Inbyu will allow bigger synergy.

Inbyu will be merged into KakaoPay to collectively offer new insurance products that would allow KakaoPay users to purchase customized insurance without going through complicated application process. The two companies also plan to expand partnerships with other domestic and international insurance companies.

By Oh Dae-seok and Cho Jeehyun

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