Naver, Dunamu merger to create mega fintech company

South Korea’s top mobile payment provider, Naver Financial, and Dunamu, operator of the country’s leading cryptocurrency exchange Upbit, have begun merger proceedings. If completed, the deal would create a mega fintech company with a combined value of 20 trillion won. The merger would extend Naver’s influence from search, content, e-commerce, and fintech into the cryptocurrency sector

On Nov. 26, Dunamu, Naver Financial, and Naver, the parent company of Naver Financial, each held board meetings to approve the merger. The merger will be executed through a comprehensive stock swap, in which Dunamu shareholders exchange their shares for newly issued Naver Financial stock.

Following the board meetings, Naver said in a statement that the two companies plan to pursue new global challenges in digital finance. On the expected benefits, the company emphasized that the merger combines Naver Financial, South Korea’s largest mobile payment provider with more than 34 million users and an annual transaction volume of 80 trillion won, with Dunamu, which holds leading blockchain technology. A Dunamu representative added that the company will review various restructuring options to secure future growth through strategic collaboration.

Currently, Naver holds a 69 percent stake in Naver Financial. Dunamu’s main shareholders are co-founders Song Chi-hyung and Kim Hyung-nyeon, with 25.5 percent and 13.1 percent, respectively. After the merger, the governance structure will be reorganized into Naver (parent), Naver Financial (subsidiary), and Dunamu (grandchild).

The stock swap ratio was determined based on valuations from multiple external experts. Naver Financial and Dunamu were valued at 4.9 trillion won and 15.1 trillion won, respectively, establishing a 1 to 3.06 ratio. Considering differences in total shares issued, the per-share exchange ratio was finalized at 1 to 2.54.

Once the comprehensive stock swap is complete, Naver Financial will become a general holding company and fully incorporate Dunamu as a subsidiary. The merger must still be approved through a special resolution at a shareholders’ meeting, requiring the consent of at least two-thirds of attending shareholders and one-third of total issued shares.

After the merger, Naver and Dunamu plan to build a stablecoin ecosystem. Naver Pay will handle issuance, and Upbit will manage distribution by combining Naver Financial’s mobile payment infrastructure with Dunamu’s blockchain technology.

The merger also positions Naver to expand into overseas payment and remittance markets using blockchain and cryptocurrency infrastructure, potentially gaining global competitiveness against PayPal and Stripe. Internal assessments indicate that stablecoins will be essential for Naver’s planned global AI agent business.

For example, the U.S. e-commerce platform Shopify recently announced the adoption of stablecoin payments. Naver plans to integrate stablecoin payment infrastructure across its commerce ecosystem, including U.S.-based Poshmark, Spain’s Wallapop, and Korea’s Naver Plus Store. Jeong Hyo-yoon, a researcher at Korea Investment & Securities, said, "Stablecoins could create synergy between commerce and fintech and enable entry into new markets, such as tokenized securities, making this an important investment point."

Founders Lee Hae-jin of Naver and Song Chi-hyung of Dunamu, along with other executives, will hold a joint press conference at Naver’s headquarters on the morning of Nov. 27 to present their post-merger business plans.


장은지기자 jej@donga.com