[비즈한국] It has been confirmed that 'Mapplus,' a platform operated by Dunamu's financial subsidiary, Dunamu Investment Management, has halted new member registrations and investment inflows for one year. While the company initially cited system maintenance as the reason for restricting new investments, the repeated delays in reopening have fueled speculation that the business is being phased out. Dunamu Investment Management, an investment advisory and asset management firm, has not turned a profit since 2017, and the majority of Dunamu's subsidiaries are struggling with deficits. Amidst this, Dunamu has recently drawn attention by acquiring a company unrelated to its core business.
Dunamu Investment Management is a financial investment and fintech firm in which Dunamu holds a 95% stake. Its primary businesses include investment advisory, which provides financial product information, portfolio construction, and investment advice; discretionary investment, which manages individual accounts directly using bond, ETF, and REIT investment strategies; and the operation of the platform Mapplus for individual investors.
Mapplus began as an asset management corner called 'MAP' within Kakao Stock in October 2015 and was spun off as a separate app in May 2019. It connects asset management firms and investment advisory firms with individual investors through a non-face-to-face mobile app. Users link their brokerage accounts in the Mapplus app and sign discretionary investment contracts, allowing them to invest from a minimum of 500,000 KRW into strategies prepared by various management and advisory firms. Investments are only possible through Samsung Securities016360 accounts.
Mapplus has not been accepting new members or additional investments for nearly a year. On February 21, 2024, Dunamu Investment Management announced, "Due to internal system maintenance, we will suspend new sign-ups, new investments, and additional investments for Mapplus as of March 6, 2024," adding, "We ask for your understanding as this decision was made to manage assets efficiently."
A representative from Dunamu Investment Management explained, "We halted new inflows last year for the maintenance of the Customer Due Diligence (CDD) system for Anti-Money Laundering (AML). However, the reopening was delayed due to overlapping issues, such as some investment advisory firms requesting contract terminations," adding, "Recently, changes in brokerage firm systems due to the introduction of an alternative trading system have prevented us from activating the app."
It appears unlikely that Mapplus will be revitalized in the future. The number of individual members investing through Mapplus is only in the 800s—a level where fee revenue is difficult to expect. A Dunamu Investment Management official stated, "The proportion of Mapplus in our current business is minimal," and added, "We are operating mainly focused on offline investment advisory and discretionary services." The number of investment strategies available to individual investors in the Mapplus app has also decreased. While it started with around 30 strategies at the time of its independent launch, it currently offers 16 (based on the homepage). This number could decrease further if partner firms withdraw.
Profitability is another problem. Combined data from disclosures and business reports show that Dunamu Investment Management has not recorded a profit since 2017. Its net loss started at 500 million KRW in 2017 and gradually increased to 900 million KRW in 2018, 1.2 billion KRW in 2019, and 1.5 billion KRW in 2020. While it reduced its deficit to 500 million KRW in 2021, the losses widened again to 1.9 billion KRW in 2022 and 2.1 billion KRW in 2023. The year 2024 also ended in a deficit. According to the fourth-quarter business report (fiscal year 2024, October-December) disclosed by Dunamu Investment Management on the 5th, it recorded 900 million KRW in operating revenue and a net loss of 1.8 billion KRW.
Dunamu Investment Management is not the only subsidiary struggling with deficits. According to Dunamu’s 2024 third-quarter report, it has 12 subsidiaries, including FutureWiz, Dunamu Investment Management, Dunamu & Partners, Lambda256, Byv, Codebox, Dunamu Global, Dunamu CX, as well as three private equity firms and one real estate investment firm. Excluding the securities-related solution firm FutureWiz, the investment firm Dunamu Partners, and the private equity firms, most have failed to turn a profit.
Dunamu, which had been increasing its subsidiaries and affiliates by investing in various fields, has recently disposed of several stakes. In 2022, it liquidated the blockchain firm 'DXM' and Aegis Networks, a content service fee settlement company for Stock Plus. In 2023, it sold 'Le,' an entertainment agency founded by Wonder Girls member Yubin, and Automanics, a business solution provider related to automobiles and motorsports.
There are also signs of reducing stakes in some subsidiaries. According to disclosures, Dunamu's stake in Codebox decreased slightly from 62.91% in 2023 to 61.81% in the third quarter of 2024. Codebox operates 'ZUZU,' a platform that provides shareholder register management and corporate operation services. Codebox also recorded net losses of 3.1 billion KRW in 2022 and 2.3 billion KRW in 2023.
Amidst this, Dunamu caught attention on the 17th by incorporating the digital sheet music platform operator 'MPAG' as a subsidiary. MPAG operates global digital sheet music platforms such as 'MyMusicSheet' (global), 'PianoHeart' (South Korea), and 'Kokorowa Musician' (Japan). On MPAG’s platforms, composers and musicians can upload and sell sheet music of various genres directly.
Dunamu stated, "We acquired MPAG in November 2024 by securing a stake," and added, "Our goal is to build a content transaction ecosystem and strengthen our music education business based on MPAG’s technical prowess and global network."