Dunamu Acquisition, Valuation, Funding & Investors

Dunamu was acquired by Naver Financial Corp. for $10B in November 2025.

See full Dunamu profile

Dunamu acquisition price

$10B

Acquired by Naver Financial Corp. · Nov 2025

Dunamu revenue

$1B

Secondary · May 2026

Cumulative funding Dunamu raised

$676M

across 8 funding rounds

Key investors in Dunamu

Qualcomm Ventures
Kakao Ventures
DSC Investment
Kakao
Woori Technology Investment
Altos Ventures

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Dunamu Overview

About Dunamu

Dunamu is a Seoul-based fintech operator of Upbit, the largest cryptocurrency exchange in South Korea with over 10 million users. It also runs Stockplus for securities trading partnered with 11 broker-dealers, U-Stockplus for OTC private company shares, and Onboard for electronic equity management. Upbit extends to Indonesia, Thailand, and Singapore markets. Founded in 2017, Dunamu processes daily trading volumes surpassing $2 billion across platforms.

Founded

2012

HQ

Seoul

Website

dunamu.com

Status

Acquired

Customer focus

B2C

Revenue model

Commission

Revenue

$1B (May 2026)

Valuation

$11B (May 2026)

Sectors

Crypto & Web3 Platforms Online Brokers Investment Brokerage FinTech

Dunamu Acquisition

Dunamu was acquired by Naver Financial Corp. for $10B on 26 November 2025.

Before the acquisition Dunamu had raised $676M across 8 funding rounds.

Dunamu, operator of Upbit—Korea's largest cryptocurrency exchange and one of the world's top-four digital asset platforms by trading volume—specializes in advanced blockchain technologies including the Gaia (or Giwa) Chain. Naver Financial Corp., a leading mobile payment provider under Naver Corp. (Korea's largest internet company excelling in search, AI, content, data, and cloud infrastructure), serves over 34 million users and processes more than 80 trillion KRW ($54.6 billion) in annual transactions. On November 26-27, 2025, the boards of Naver, Naver Financial, and Dunamu approved a comprehensive stock-swap integration, restructuring ownership with Naver as parent, Naver Financial as subsidiary acquiring 100% of Dunamu's shares (making Dunamu a grandchild company), valued at approximately $10.3 billion in a deal described variably as acquisition or reverse merger where Dunamu Chairman Song Chi-hyung emerges as Naver Financial's largest shareholder with 19.5% stake. The strategic rationale centers on synergizing Naver's AI capabilities with Dunamu's blockchain expertise and Naver Financial's payment network to build next-generation global financial infrastructure, an AI-powered Web3 platform extending beyond payments to full financial and lifestyle services, positioning K-fintech for global leadership amid competitive digital finance landscapes. The trio commits 10 trillion KRW ($6.8-13.6 billion) over five years to invest in AI-blockchain talent, secure infrastructure, and promising startups, enabling rapid decision-making and innovations unmet by global rivals like Coinbase and Kraken. Announced at Naver's 1784 headquarters in Seongnam with top executives including Naver Chairman Hae-jin Lee (who proposed the deal), Dunamu Chairman Chi-hyung Song, and CEOs Soo-yeon Choi (Naver), Kyung-seok Oh (Dunamu), and Sang-jin Park (Naver Financial), the integration prioritizes global-first culture and synergies over immediate governance changes or listings like Nasdaq.

Dunamu acquisition details
Acquirer	Date	Type	Price
Naver Financial Corp.	26 Nov 2025	Strategic M&A	$10B

Sources: kedglobal.com, nasdaq.com

Dunamu Valuation

Dunamu is currently valued at $11B, based on its secondary sale in May 2026. Read the announcement ↗

The $680M round was led by KEB Hana Bank.

Dunamu's valuation has grown 11x from $1B at its secondary sale in February 2021 to $11B in May 2026, across 9 priced rounds.

Dunamu valuation by funding round

Revenue multiple

Dunamu valuation by funding round
Date	Stage	Valuation	Revenue Multiple
May 2026	Secondary	$11B	10.8x
Mar 2022	Secondary	$11B	40.3x
Jan 2022	Undisclosed stage	$12B	-
Nov 2021	Strategic investment	$17B	-
Sep 2021	Secondary	$10B	20.0x
Apr 2021	Undisclosed stage	$6.3B	-
Mar 2021	Secondary	$6B	-
Feb 2021	Strategic investment	$853M	-
Feb 2021	Secondary	$1B	-

Dunamu Revenue

Dunamu's latest recorded revenue is $1B, as of its secondary sale in May 2026. At a $11B valuation, that implies a 10.8x revenue multiple.

Revenue grew from $500M in September 2021 to $1B in May 2026, while the revenue multiple moved from 20.0x to 10.8x.

Dunamu revenue by funding round

Dunamu revenue and valuation multiple by funding round
Date	Revenue *	Valuation	Revenue Multiple	Stage
May 2026	$1B	$11B	10.8x	Secondary
Mar 2022	$266M	$11B	40.3x	Secondary
Sep 2021	$500M	$10B	20.0x	Secondary

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Dunamu Funding History

Dunamu has raised a total of $676M across 8 funding rounds, plus 6 secondary share sales.

Dunamu's first fundraising round was a $200K seed round in March 2013. The most recent completed round was a $124M undisclosed-stage round in January 2022.

Dunamu funding rounds

Dunamu funding rounds
Date	Stage	Investors	Raised	Valuation	Deal Summary
May 2026	Secondary	Samsung Card; Samsung SDS; Samsung Securities	$417M	-	Samsung Securities, Samsung SDS and Samsung Card agreed to acquire a combined 4.0% stake in Dunamu, the parent of Upbit, from Kakao affiliates in an all-cash block sale worth 612.8 billion won, or about $408 million; Samsung Securities will take 2.0%, while Samsung SDS and Samsung Card will each take 1.0%. The transaction was reported as scheduled to close on June 19, and the implied valuation for Dunamu at the reported per-share price was about 15.3 trillion won. Samsung Card said it plans to collaborate on a digital asset payment ecosystem, including potential crypto-based payment services on Samsung Financial Group's Monimo platform if won-based stablecoins are introduced, while Samsung SDS said the investment was intended to create new business opportunities tied to digital assets. The deal fits a broader push by Samsung affiliates into digital asset infrastructure as South Korea expands blockchain and tokenized finance. The sellers were reported to be Kakao Investment, Kakao Ventures, the Kakao Youth Startup Fund and the KIF-Kakao Woori Bank Technology Finance Investment Fund, which were exiting their Dunamu holdings through the block sale. Dunamu's reported 2025 revenue was 1.56 trillion won, and one report said it handled more than 80% of South Korea's crypto exchange market; no EBITDA figure was disclosed in the provided results. Dunamu operates Upbit, South Korea's largest cryptocurrency exchange, and was described as a major platform in the country's digital asset market. The company was also reported to have a net profit of 708.8 billion won in fiscal 2025, and the transaction reflected renewed strategic interest from traditional financial groups in South Korea's crypto ecosystem.
May 2026	Secondary	KEB Hana Bank (lead)	$680M	$11B	Hana Financial Group agreed to invest approximately KRW 1 trillion, or about USD 725 million, to acquire a 6.55% stake in Dunamu, the operator of the Upbit cryptocurrency exchange. The transaction implies a valuation of about KRW 15.3 trillion, or roughly USD 11.1 billion, for Dunamu. The stake purchase was structured as an equity investment and made Hana one of Dunamu’s largest institutional shareholders, with the deal framed as a significant banking-sector entry into digital assets. The investment reflects Hana’s strategic push to deepen its presence in the digital asset ecosystem and strengthen ties between traditional banking and crypto infrastructure. Dunamu’s position as the operator of South Korea’s largest cryptocurrency exchange underpins the rationale, with the deal highlighting its scale and market dominance in the domestic crypto market. The transaction also follows a period of expanding collaboration between financial institutions and blockchain- and crypto-related platforms in South Korea. Dunamu operates Upbit, a major cryptocurrency exchange in South Korea, and the company is described as the country’s leading crypto exchange operator. The reported deal references 2.28 million shares acquired for the 6.55% stake and indicates Dunamu as a large-scale market participant in digital assets.
Mar 2022	Secondary	IMM Investment (lead)	$16M	$11B	Dunamu, operator of the Upbit virtual asset exchange, received investment from IMM Investment in 2022. IMM Investment valued Dunamu at about 16 trillion KRW and invested around 27 billion KRW, with a per-share purchase price of about 450,000 won. This valuation occurred when Dunamu's corporate value was at its peak. The 2022 investment by IMM Investment aligns with the specified round details involving IMM as lead investor on approximately March 29, 2022. Later developments include Naver's integration plans with Naver Financial, valuing Dunamu at 15 trillion KRW in a subsidiary incorporation structure with an exchange ratio of 1 to 2.5 and per-share price of 439,252 won for Dunamu.
Jan 2022	Undisclosed stage	Anchor Equity Partners (lead)	$124M	$12B	Anchor Equity Partners invested about KRW 150bn in Dunamu in 2022 for a stake of roughly 1 per cent, a price that implied a value of about KRW 15tn for the company. The transaction came at the top of the Korean digital asset cycle, after a year in which Upbit's trading volumes and Dunamu's profits had risen sharply. Korean reporting did not state whether the shares were newly issued or bought from existing holders. Anchor is a Hong Kong and Seoul based private equity firm best known in Korea for its investments in consumer and internet businesses. Dunamu was founded in 2012 and is based in Seoul. It operates Upbit, South Korea's largest cryptocurrency exchange, which handles the great majority of domestic digital asset trading, as well as the Stockplus securities information application. The company reported revenue of KRW 3.7tn for 2021, almost all of it from Upbit trading fees. Valuations of Dunamu fell back in the years that followed before recovering with the 2025 agreement to combine with Naver Financial.
Nov 2021	Strategic investment	HYBE (lead)	$420M	$17B	Dunamu, operator of South Korea's leading cryptocurrency exchange Upbit, entered a strategic cross-investment partnership with HYBE, the entertainment company behind BTS, on November 4, 2021. HYBE acquired 861,400 shares in Dunamu for 500 billion South Korean won (approximately $421 million), representing a 2.5% stake and implying a full company valuation of approximately 20 trillion KRW, consistent with reported figures around 16.84 trillion KRW based on the deal pricing. In exchange, Dunamu acquired 2,302,570 shares in HYBE for 700 billion KRW ($590 million), securing a 5.6% stake in HYBE through a third-party allotment capital increase. The partnership aims to launch a joint venture focused on NFTs and digital collectibles, leveraging HYBE's artist IP such as BTS for blockchain-based fan assets and Dunamu's blockchain and fintech expertise to establish industry standards. This move positions both companies to expand into cryptocurrency, NFTs, and related Web3 businesses, with HYBE unveiling the collaboration during its 2021 Corporate Briefing event featuring Chairman Bang Si-hyuk and Dunamu Chairman Song Chi-hyung. No specific revenue, ARR, or EBITDA figures for Dunamu around the April/November 2021 timeframe are provided in sources. HYBE's own Q3 2021 revenue was 341 billion KRW, up 79.5% YoY, but this does not reflect Dunamu metrics. The deal predates later developments like the 2022 Levvels NFT JV (35% HYBE, 65% Dunamu) and Dunamu's 2022 valuation of $10.7 billion or 2025/2026 merger talks valuing it at $10.3 billion.
Sep 2021	Secondary	Saehan Venture Capital (lead); Hana Financial Group; Altos Ventures	$85M	$10B	Dunamu Inc. is a South Korean fintech and blockchain company that operates Upbit, the country's largest cryptocurrency exchange platform. On September 26, 2021, Dunamu raised $85 million in a Series C funding round from Altos Ventures, Hana Financial Investment, and Saehan Venture Capital, with Saehan contributing approximately $51 million, Hana Financial $25.4 million, and Altos Ventures $8.5 million. The transaction valued Dunamu at approximately $10 billion, marking its achievement of decacorn status. In the first quarter of 2021, Dunamu generated $500 million in revenue, with 92% of that derived from operating profit. The company projected full-year 2021 revenue would exceed $1.7 billion. By the time of the September 2021 funding round, Dunamu had experienced remarkable growth—DSC Investment valued the company at just $1.27 billion in Q1 2021, then $5.7 billion by April before reaching $10 billion by September, reflecting the explosive growth of South Korea's fintech and cryptocurrency sector.
Apr 2021	Undisclosed stage	Dattoz Partners	$63M	$6.3B	Dunamu is the operator of Upbit, South Korea's largest cryptocurrency exchange, providing a mobile-ready crypto-trading platform with real-time coin prices. The company, founded in 2012 and based in Seoul, has raised over $140M across multiple funding rounds, including an $81.2M round in August 2021 led by Hana Financial Investments and Altos Ventures, and earlier rounds like $52.24M strategic from Hanwha and $8.12M from DSC Investment in January 2021. Its valuation soared to 20 trillion KRW in 2021 from 50 billion KRW in 2016, reflecting growth during the crypto boom. Funding history shows a Series A of $1.7M in April 2015 from Kakao, Qualcomm, and others, with total funding reaching $151M over 10 rounds by later years. Dunamu's growth positioned it as a dominant player in South Korea's crypto market, later facing regulatory challenges but achieving record earnings in 2024. The company expanded into blockchain and fintech, attracting investors like Hanwha and Kakao Ventures in subsequent rounds. Later developments include a $126M secondary transaction in January 2022 implying over $12.5B valuation, and Naver's announced acquisition of Dunamu in a stock swap valuing it at 15.1 trillion KRW ($10.3B) as of 2025-2026.
Mar 2021	Secondary	DSC Investment	$35M	$6B	DSC Investment added to its Dunamu holding in the spring of 2021, buying existing shares at a sharply higher price than the block it had taken in February. Korean reporting described an initial KRW 10bn commitment in February followed by about KRW 40bn more in April, including a purchase of 200,000 shares from Kakao Ventures that took DSC's stake to about 1.2 per cent. The implied value of the company moved from about KRW 1.5tn in February to about KRW 6.7tn by April, a reflection of how fast Upbit's trading volumes grew during the 2021 crypto bull market. These were purchases of existing stock from earlier shareholders rather than new money into the company. Dunamu was founded in 2012 and is based in Seoul. It operates Upbit, South Korea's largest cryptocurrency exchange, which handles the great majority of domestic digital asset trading, as well as the Stockplus securities information application. By September 2021 further secondary transactions valued the company at about KRW 10tn. DSC Investment's Dunamu position became one of the best-performing venture investments in the Korean market.
Feb 2021	Strategic investment	Hanwha Investment & Securities (lead)	$52M	$853M	Hanwha Investment & Securities agreed on 3 February 2021 to buy a 6.15% stake in Dunamu for nearly KRW 58.3 billion, about $52.24 million, taking 2.06 million shares with effect from 22 February 2021. The implied value of the whole company was roughly KRW 950 billion. The brokerage described the purchase as a medium to long-term investment intended to position it in a fast-growing fintech sector, and it later added to the holding. Dunamu was founded in 2012 and is based in Seoul; it operates Upbit, South Korea’s largest cryptocurrency exchange, which accounts for the large majority of domestic digital asset trading volume, as well as the Stockplus securities information application. The investment came at the start of the 2021 crypto bull market, before a sequence of rounds that lifted Dunamu’s valuation to about $10 billion by September 2021. Kakao affiliates, Qualcomm Ventures and Woori Technology Investment were among the earlier backers on the register at the time.
Feb 2021	Secondary	DSC Investment (lead)	$9M	$1B	Dunamu, operator of South Korea's leading cryptocurrency exchange Upbit, secured a valuation of 1.5 trillion KRW from DSC Investment in February 2021. This valued the company significantly lower than later private market transactions, such as a 10 trillion KRW valuation for a 200 billion KRW share sale. Upbit holds about 80% market share in South Korea's crypto exchange transactions.
Dec 2017	Series C	Qualcomm Ventures; Kakao; Kakao Ventures; Stone Bridge Ventures; Atinum Investment; Kolon Investment; Woori Technology Investment	$12M	-	Dunamu raised about KRW 15bn in December 2017, its largest round to that point and the one that coincided with the launch of the Upbit exchange in October of that year. Kolon Investment put in about KRW 2.5bn and Atinum Investment about KRW 2.5bn through its high-growth company investment partnership, while K Cube Ventures invested about KRW 2bn through the KIF-Kakao Woori Bank technology finance fund. Stone Bridge came in partly through a purchase of existing shares representing about 1.49 per cent of the company. Korean reporting put the company's value at about KRW 50bn at the time. Upbit had opened in partnership with the American exchange Bittrex two months earlier and grew explosively during the 2017 bull market. Dunamu was founded in 2012 and is based in Seoul. It operates Upbit, South Korea's largest cryptocurrency exchange, which handles the great majority of domestic digital asset trading, as well as the Stockplus securities information application. Within four years the same business was valued in the tens of trillions of won.
Sep 2015	Series B	Kakao	$3M	-	Daum Kakao invested KRW 3bn directly in Dunamu on 15 September 2015, taking a stake alongside a strategic co-operation agreement between the two companies. The deal made Kakao a direct shareholder rather than only an investor through its K Cube Ventures affiliate, which had backed the company in 2013. No valuation was published. The agreement covered co-operation on financial information services, and Dunamu's Stockplus application was distributed through Kakao's messaging platform. The relationship later produced Upbit, the cryptocurrency exchange Dunamu launched in 2017 in partnership with the American exchange Bittrex. Dunamu was founded in 2012 and is based in Seoul. It operates Upbit, South Korea's largest cryptocurrency exchange, which handles the great majority of domestic digital asset trading, as well as the Stockplus securities information application. The Kakao affiliates sold their remaining Dunamu holdings to Samsung group companies in 2026.
Feb 2015	Series A	Qualcomm Ventures; Woori Technology Investment	$2M	-	Dunamu raised KRW 2bn in February 2015 from Qualcomm Ventures and Woori Technology Investment, its first institutional round after the K Cube Ventures seed of 2013. Korean reporting put Woori Technology Investment's share at about KRW 500m and Qualcomm Ventures' at about KRW 1.5bn. No valuation was disclosed. At the time Dunamu was a financial information company whose main product was Stockplus, a mobile stock information and trading application distributed in part through Kakao's messaging platform. The Qualcomm investment was notable as one of the few foreign venture commitments to a Korean fintech company of that period. Dunamu was founded in 2012 and is based in Seoul. It operates Upbit, South Korea's largest cryptocurrency exchange, which handles the great majority of domestic digital asset trading, as well as the Stockplus securities information application. The company launched the Upbit exchange in 2017, two years after this round, and the business that the round funded became a small part of the group.
Mar 2013	Seed	Kakao Ventures	$200K	-	Dunamu took its first outside money in 2013, when K Cube Ventures, the venture arm later renamed Kakao Ventures, invested KRW 200m through its first venture investment partnership. The shares were bought at KRW 40 each and the round valued the company at about KRW 700m. The investment came shortly after the company was set up and long before it entered the digital asset business, when it was building the Stockplus stock information application. The tie to the Kakao group established by this round shaped the following decade: Kakao affiliates and Kakao Ventures followed on in later financings and remained on the register until they sold out in 2026. Dunamu was founded in 2012 and is based in Seoul. It went on to launch Upbit in 2017, which became South Korea's largest cryptocurrency exchange and handles the great majority of domestic digital asset trading. The same K Cube stake was worth a multiple of thousands of times its cost by the peak of the 2021 crypto cycle.

Who has invested in Dunamu?

20 investors have backed Dunamu across its funding rounds, including Qualcomm Ventures, Kakao Ventures, DSC Investment, Kakao, Woori Technology Investment and Altos Ventures.

Lead investors include KEB Hana Bank, IMM Investment, Anchor Equity Partners, HYBE, Saehan Venture Capital and 2 other investors.

Dunamu Investors

Investors in Dunamu by funding rounds participated
Investor	HQ	Rounds	Role	First check
Qualcomm Ventures	San Diego, CA	2	Participant	Feb 2015
Kakao	Seoul	2	Participant	Sep 2015
Kakao Ventures	Seongnam	2	Participant	Mar 2013
DSC Investment	Seoul	2	Lead	Feb 2021
Woori Technology Investment	Seoul	2	Participant	Feb 2015
Dattoz Partners	Seongnam	1	Participant	Apr 2021
Anchor Equity Partners	Seoul	1	Lead	Jan 2022
IMM Investment	Gwangju	1	Lead	Mar 2022
Stone Bridge Ventures	Seoul	1	Participant	Dec 2017
Hana Financial Group	Seoul	1	Participant	Sep 2021
Samsung Card	South Korea	1	Participant	May 2026
Altos Ventures	San Francisco, CA	1	Participant	Sep 2021
KEB Hana Bank	Seoul	1	Lead	May 2026
Samsung SDS	Ridgefield Park, NJ	1	Participant	May 2026
Hanwha Investment & Securities	Seoul	1	Lead	Feb 2021
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Acquisitions by Dunamu

Dunamu has acquired 1 company to date.

Last acquisition by Dunamu was on February 17th 2025. Dunamu acquired MPAG for undisclosed valuation.

Latest Acquisitions by Dunamu

	MPAG
Description	-
HQ Country
HQ City	-
Deal Date	17 Feb 2025
Valuation	undisclosed
EV/Revenue
EV/EBITDA
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Investments by Dunamu

Dunamu has invested in 12 companies to date.

Latest investment by Dunamu was on July 29th 2025. Dunamu invested in Keye in their $5M Seed round.

Latest Investments by Dunamu

	Keye	VIVER	Project Pluto	Glassdome
Description	Keye automates due diligence for private equity with an AI platform converting deal documents into investor reports. London-based since 2023, it extracts data from PDFs, runs financial models, and links insights to sources for Excel exports. Keye processes 1,000-page files in minutes, serving VCs like Index Ventures on M&A targets in SaaS and fintech. The tool flags risks in cap tables and contracts, ensuring SOC2 compliance for audits.	-	Project Pluto is an AI platform automating investment workflows for finance professionals through its Terminalx tool. It acts as an investment agent handling research, portfolio analysis, and trade execution for hedge funds and asset managers.	Glassdome is a Silicon Valley-rooted industrial software firm founded in 2019, delivering real-time analytics for manufacturing optimization. The platform provides continuous improvement tools and product carbon footprint tracking to reduce downtime, streamline processes, and lower emissions. With expertise spanning South Korea, it equips factories with data-driven decision-making capabilities.
HQ Country
HQ City	New York City, NY	-	New York City, NY	-
Deal Date	29 Jul 2025	12 Nov 2024	1 Mar 2024	17 May 2023
Round	Seed	Strategic investment	Seed	Series A
Raised	$5M	$11M	$6M	$9M
Investors	General Catalyst; Y Combinator; (ERA) Entrepreneurs Roundtable Accelerator; Tiferes Ventures; Palm Drive Capital; Sorenson Capital; Davidovs Venture Collective; Clark Valberg; Kaz Nejatian; Philip Rathle	-	Mirae Asset Venture Investment	Murex Investments; CRIT Ventures; Max Hodak; Primer Sazze Partners; Murex Partners; Atinum Investment; Lotte Chemical
Valuation	undisclosed	undisclosed	undisclosed	undisclosed
EV/Revenue
EV/EBITDA
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Dunamu Competitors

Dunamu competitors include listed companies like Coinbase, Groww, Futu Holdings and Nordnet, and private ones like KuCoin and Wealthsimple.

Public and private companies comparable to Dunamu
Company	HQ	Status	Revenue	EBITDA	Valuation	Revenue Multiple
Coinbase	United States	Publicly listed	$7.2B	$1.8B	$38B	6.5x
KuCoin	Victoria	Private	-	-	$10B	-
Groww	India	Publicly listed	$449M	$255M	$13B	19.4x
Wealthsimple	Toronto	Private	-	-	$9.9B	-
Futu Holdings	Hong Kong	Publicly listed	$2.9B	$1.8B	$14B	4.4x
Nordnet	Sweden	Publicly listed	$547M	-	$8.3B	14.9x

Dunamu Public Comps

Dunamu is no longer listed, but its public comps include Paytm, Freedom Holding, BitMine, Orient Securities, Groww, Mirae Asset Securities, Voya Financial, Futu Holdings, Nordnet and Founder Securities.

	Last FY		EV/Revenue			EV/EBITDA
	Revenue	EBITDA	Last FY	LTM	2027E	Last FY	LTM	2027E
Paytm	$861M	$41M	12.8x	10.6x		267.7x	101.4x
Freedom Holding	$2.2B	$750M	5.5x	-		15.9x	-
BitMine	$6M	($364M)	1941.7x	57.2x		(32.5x)	-
Orient Securities	$2.2B	-	4.5x	3.4x		-	-
Groww	$449M	$255M	25.7x	19.4x		45.2x	31.3x
Mirae Asset Securities	$2.3B	-	12.8x	6.2x		-	-
Voya Financial	$8B	$1.2B	1.8x	1.8x		11.9x	-
Futu Holdings	$2.9B	$1.8B	4.9x	4.4x		8.0x	8.6x
Nordnet	$547M	-	17.4x	14.9x		-	-
Founder Securities	$1.6B	-	5.0x	4.4x		-	-
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Common questions about Dunamu

When was Dunamu founded?	Dunamu was founded in 2012.
Where is Dunamu headquartered?	Dunamu is headquartered in Seoul, South Korea.
Is Dunamu publicly listed?	No, Dunamu was acquired by Naver Financial Corp. in November 2025.
Who acquired Dunamu?	Dunamu was acquired by Naver Financial Corp. in November 2025.
How much was Dunamu acquired for?	Dunamu was acquired for $10B in November 2025.
What is Dunamu's valuation?	Dunamu was last valued at $11B in its secondary sale in May 2026.
How much funding has Dunamu raised?	Dunamu has raised $676M across 8 funding rounds.
What was Dunamu's last funding round?	Dunamu's last funding round was a $124M undisclosed-stage round in January 2022, led by Anchor Equity Partners.
Who are Dunamu's investors?	Dunamu's investors include Qualcomm Ventures, Kakao, Kakao Ventures, DSC Investment, Woori Technology Investment, Dattoz Partners, Anchor Equity Partners, IMM Investment, Stone Bridge Ventures, Hana Financial Group and 10 others.
What is Dunamu's revenue?	Dunamu's latest recorded revenue is $1B (May 2026).
What is Dunamu's revenue multiple?	Dunamu's latest valuation implies a 10.8x revenue multiple ($11B valuation on $1B of revenue).
Which companies are comparable to Dunamu?	Companies comparable to Dunamu include Coinbase, KuCoin, Groww, Wealthsimple, Futu Holdings and Nordnet.
How many companies has Dunamu acquired?	Dunamu has acquired 1 company, including MPAG.
How many companies has Dunamu invested in?	Dunamu has invested in 12 companies, including Keye, VIVER, Project Pluto, Glassdome, Tilia, Nitra, Theori and Wonderwall.
What was Dunamu's last investment?	In July 2025, Dunamu invested in Keye's $5M seed round alongside General Catalyst, Y Combinator, (ERA) Entrepreneurs Roundtable Accelerator and 7 other investors.

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Futu Holdings

Futu Holdings Ltd is an online broker providing one-stop online investing services. The company provides its services through its digital platform Futu NiuNiu, which includes market data, trading service, and news feed of Hong Kong, Mainland China, Singapore, and the United States equity markets. It generates its revenue in the form of brokerage commission and handling charge services, and interest income.

Nordnet

Nordnet AB (publ) is a digital platform for savings and investments in the Nordics. The company operates in Sweden, Norway, Denmark and Finland. Its purpose is to democratize savings and investments. It provides trading in a large number of equities, funds, and other types of securities from several markets at a low price, as well as pension savings without fixed fees. The firm also offers margin loans, private loans, and mortgages. There are a number of user-interfaces to choose from, such as web, app, or more trading applications. Digital financial guidance tools are offered to customers who want help and inspiration with their savings. It also operates the widely used social investment network in the Nordics, Shareville.

FalconX

FalconX is a San Francisco-based institutional digital-asset prime brokerage offering crypto trading, financing and custody services to professional investors. It was founded in 2018 by Raghu Yarlagadda and Prabhakar Reddy, alumni of Google and Accel, and its first product processed more than $7 billion of transactions in its first ten months. The platform provides spot and derivatives execution, electronic options, ETF-related services, credit and prime brokerage to hedge funds, asset managers, corporate treasuries and other institutions, earning revenue from trading spreads, financing and service fees. FalconX reports more than $2.5 trillion of cumulative trading volume and more than 350 employees globally. It has raised more than $430 million from investors including Accel, Coinbase Ventures, American Express Ventures, Tiger Global, B Capital, Altimeter Capital, Sapphire Ventures, GIC, Thoma Bravo and Wellington Management. Its $150 million Series D, led by GIC and B Capital in June 2022, valued the company at $8 billion, more than double the $3.75 billion valuation of its August 2021 Series C.

XP Investimentos

XP Investimentos is a Brazilian financial services group and investment platform founded in 2001 by Guilherme Benchimol and Marcelo Maisonnave and headquartered in Sao Paulo. It began as an independent brokerage that trained investors and distributed financial products through independent advisers, and it is now listed on the Nasdaq through XP Inc. with Brazilian depositary receipts on B3. The group offers brokerage, fixed income, equities, investment funds, private pension and other products on an open platform, with the Clear and Rico brands. It reported more than 3 million active clients and more than USD 130 billion in custody. From 2021 it bought minority stakes in independent asset managers and research houses and acquired Banco Modal in 2022.

StoneX Group

StoneX Group Inc is a brokerage and financial services firm. Its service offerings are execution, OTC / Market-Making, advisory services, payment solutions, market intelligence, Physical Trading and clearing services. The firm operates in four segments: Commercial, Institutional, Self-Directed/Retail, and Payments. Its customers include governmental and nongovernmental organizations, commercial banks, brokers, institutional investors, and investment banks. The company operates in the United States, South America, Europe, the Middle East and Asia, and other countries, out of which the majority of revenue is generated from the Middle East and Asia Region.

Swissquote

Swissquote Group Holding SA is engaged in providing online financial and trading services. It provides a comprehensive suite of online financial services to a broad spectrum of customers, ranging from retail investors, affluent investors to professional and institutional customers. The Group operates through Swissquote Bank Ltd and globally under the Swissquote brand. It has two segments namely the Securities trading and the Leveraged forex. The Group’s revenues are mainly generated by a transaction fee for each transaction. Swissquote’s core competencies include stock market trading, trading and custody of crypto assets, Forex trading and the Robo-Advisor solution. In addition, Swissquote is active in the payment card, mortgage and leasing markets.

Crypto.com

Crypto.com is a Singapore-headquartered cryptocurrency exchange founded in 2016. The platform facilitates buying, selling, and trading more than 350 cryptocurrencies and tokens across spot, derivatives, and perpetual futures markets. Users access on-chain staking for assets like Ethereum and Cosmos, earn interest through flexible savings accounts, and build diversified portfolios with crypto baskets tracking indices such as DeFi or metaverse sectors. Crypto.com issues the Crypto.com Visa Card available in multiple tiers with cashback rewards up to 8 percent. The company powers fiat on-ramps in over 30 countries including USD, EUR, and GBP pairs. It operates the Cronos blockchain for DeFi applications and runs an NFT marketplace featuring collections from artists and brands. Crypto.com holds naming rights to Crypto.com Arena in Los Angeles and partners with Formula 1.

Kraken

Kraken operates a global digital-asset exchange serving individual traders and institutional clients. Founded in San Francisco in 2011, the company provides spot trading, margin trading, regulated derivatives and staking services across eligible jurisdictions. Its platform supports hundreds of cryptoassets and multiple fiat currencies, with interfaces ranging from a consumer application to professional trading tools and application-programming interfaces. Kraken Institutional groups liquidity, over-the-counter execution and other services for asset managers, hedge funds and high-net-worth clients. The company also operates regulated businesses such as the CF Benchmarks digital-asset index provider. Kraken reports clients in 190 countries and a distributed workforce spanning more than 70 countries. Its commercial model is based on trading and transaction fees together with fees for institutional and other digital-asset services.

XTB

XTB SA is engaged in brokerage activities. It is a Polish broker from the fintech sector, providing products and services dedicated to active investing, saving, and virtual payment management. The Group conducts its operations through two business segments: the Retail segment includes the provision of trading in financial instruments for individual customers; the Institutional segment includes the provision of trading in financial instruments and offering trade infrastructure to entities (institutions), which in turn provide services of trading in financial instruments for their customers under their brand. It derives maximum revenue from the Retail segment. Geographically, the Group derives its key revenue from Europe, and also has a presence in Latin America and the Middle East.

IG Group

IG Group Holdings PLC provides online trading services to its clients. The majority of the company's revenue stems from its derivative products and contracts for difference (CFDs). The company operates through various segments which are The U.K. segment which derives its revenue from financial spread bets, CFDs, binary options, and execution-only stockbroking. The Australian segment derives its revenue from CFDs and binary options. The European segment derives its revenue from CFDs, binary options, and execution-only stockbroking. The Rest of the World segment derives its revenue from the operation of a regulated futures and options exchange as well as CFDs and binary options. The company generates more than half of its revenue from the U.K., followed by Europe and Australia.

Upstox

Upstox is a Mumbai-based online brokerage platform offering commission-free trading in equities, derivatives, commodities, and currencies on the NSE and BSE exchanges. Launched in 2012, it provides mobile and web apps with advanced charting tools, algo trading capabilities, and margin funding up to 5x leverage. The discount broker serves over 10 million retail investors in India with API access for quantitative strategies.

Techcom Securities

Techcom Securities JSC is a securities firm known for its startup culture and WealthTech innovations. The company is focusing on investment and asset management products for middle-class clients, leveraging Techcombank's branch network and building online distribution channel. The company provides provide diverse investment support products and services such as stocks, derivatives, warrants, and managing open-end funds and real estate funds.

Interactive Brokers

Interactive Brokers is a large, automated retail and institutional brokerage that boasted nearly $780 billion in customer equity at the end of 2025. The company cut its teeth as a market maker, introducing US financial markets to automated and algorithmic training before expanding into brokerage services in 1993. The firm has a wide-ranging client base, with its best-in-class order execution and extremely low margin lending rates catering to a sophisticated audience of hedge funds, proprietary traders, and introducing brokers that account for about 45% of the firm’s commissions. With operations spanning more than 170 electronic exchanges, 40 countries, and 29 currencies, Interactive Brokers caters to a global clientele, with more than 80% of active accounts sitting outside the US.

Plus500

Plus500 Ltd is an online provider of Contracts for Difference (CFDs). The company has developed and operates an online trading platform for retail customers to trade CFDs internationally, financial instruments comprising equities, indices, commodities, options, exchange-traded funds (ETFs), and foreign exchange. The trading platform is accessible from multiple operating systems including Windows, smartphones: iOS, Android, and Windows Phone, tablets: iOS, Android, and Surface, and web browsers. The group is engaged in three operating sectors: CFD trading; share dealing; and futures and options on futures. Geographically, European Economic Area, United Kingdom, Australia, and Rest of the World, of which it derives maximum revenue from European Economic Area.

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