Kakao Pay, a South Korean fintech, will be Korea's first mobile payment fintech to go public. The company is expected to be valued up to USD $8.5 billion, according to a report from The Paypers.

A subsidiary of Kakao Corp., Kakao Pay has over 34 million users and has suggested it has the largest number of users for a domestic mobile payment platform.

KB Securities Co. is the lead IPO advisor Financial Supervisory Service is expected to be designated as an auditor.

The company plans to use the IPO proceeds to branch into new areas of business such as digital insurance in addition to its insurance and securities divisions. This addition will allow Kakao Pay to cover all areas of finance, with the exception of banking, which is handled by Kakao Bank.