The investment is part of a larger strategic partnership to connect Alipay users to Kakao Pay, the companies said.
Kakao, which is best known for its mobile messenger Kakao Talk and has more than 48 million users, decided in January to spin off its mobile payment service, Kakao Pay, into a separate entity.
"South Korea is an important market for Ant Financial in its global expansion, and we see many opportunities in the market for innovative services and growth in mobile payments," said Douglas Feagin, president of Ant Financial International, in a statement.
Ant Financial, which runs the Alipay mobile wallet in China and has a valuation of roughly $60 billion, has undertaken a series of investments to expand its global reach.
The Kakao Pay platform, which provides payment transactions and other services such as bill payment, remittance and membership management, has more than 14 million members.
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