Kakao Mobility has acquired the UK mobility mediation platform ‘Split’ and is set to make a strong move into international markets. This acquisition marks Kakao Mobility’s first overseas corporate acquisition, positioning the company to accelerate its direct entry into foreign markets.
Founded in the UK in 2015, Split is a unique global mediation platform that provides API standardization through data connection for global super apps, linking suppliers within each app to user demand.
Split has developed a business model that integrates fragmented mobility services worldwide, allowing easy transportation from anywhere around the globe using a single app that users typically use in their home country.
Currently, Split offers solutions across various on-demand services, including ride-hailing, micro-mobility, and public transportation.
Recognized for its innovative business model and technology, Split boasts a clientele that includes major global platforms such as Uber, Grab, Careem, Cabify, Trip.com, and Booking Holdings. Based on extensive partnerships with super apps worldwide, it connects nearly 2 billion users across more than 150 countries in Asia, North America, the Middle East, and Europe.
With collaborations involving key Chinese super apps like WeChat, Alipay, and Trip.com, Split is expected to benefit directly from the surge in outbound demand from Chinese users following the reopening due to the easing of COVID-19 restrictions.
Kakao Mobility declared 2022 as its year of global expansion, aiming to pursue international markets based on three pillars: an ‘Outbound’ service that allows domestic users to use the Kakao T app overseas, an ‘Inbound’ service that enables foreign users visiting Korea to access Kakao T services, and ‘Direct Entry’ aimed at foreign locals.
Given the strong regional characteristics and challenges in securing local supplier networks in mobility services, Kakao Mobility has focused on expanding its overseas presence, emphasizing ‘Outbound’ services that enhance convenience for existing Kakao T users while allowing for rapid service application.
However, with the acquisition of Split, it has become easier to secure local demand and supplier networks, enabling a more advanced strategy for direct entry into foreign markets. Kakao Mobility plans to shift its focus from targeting regions with insufficient mobility infrastructure, such as Guam and Laos, to creating exemplary global expansion cases that enhance user convenience in advanced overseas markets where global mobility companies compete. Split, now under Kakao Mobility, can leverage its strengthened financial stability to attract new partners and pursue a more scalable business development.
Furthermore, by joining forces, Kakao Mobility will not only utilize Split’s established network within the European taxi industry but also be able to respond to outbound demand from China, enabling various types of overseas expansion on a broader scale.
Philip Minchin, CEO and co-founder of Split, stated, “Since 2019, Split has worked with Kakao Mobility to provide Korean users with a ‘seamless’ mobility experience across 32 countries around the world. We will leverage Kakao Mobility’s platform capabilities within the global super app network that Split has built to create new services that innovate the mobility experience for users worldwide.”
Ryu Geung-seon, CEO of Kakao Mobility, expressed, “We are delighted to welcome Split, with its unparalleled global competitiveness in the mediation field among mobility platforms, as our first international acquisition. Despite significant interest from various global platforms, both parties agreed that Kakao Mobility would be the best partner in terms of technology and vision. Recognized for our collaborative efforts and high platform technology, we have welcomed Split as a partner and will work closely together to create a more advanced path for overseas market entry in the future.”
Lee Sang-jin daedusj@autodiary.kr