Messaging company Line is expanding into fintech

Line is betting on a future in fintech, as per a report by The Financial Times. 

Japanese-based Line is shifting its focus from messaging to its businesses in fintech, which it plans to be profitable in three years, according to the FT.

“There are challenges to expanding into new areas like fintech and payment,” Line co-CEO Shin Jungho told the FT. “But if users want this and it is an area where we can contribute to improving their lives, we need to take on the challenge even if there are some risks.” 

Line has also made headlines in the crypto world. In 2018, the firm launched its own cryptocurrency and a $10 million token fun to invest in blockchain-related projects and initiatives.