KakaoBank Corp. (stylized as Kakaobank; ) is a South Korea financial institution specializing in mobile banking services and Fintech. It was founded in 2016 through a collaboration between Korea Investment Holdings and Kakao.
History
The banking service initiated its public offering in July 2017, garnering considerable attention by acquiring over 240,000 customers within its inaugural 24-hour period. As of July 10, the bank reported
Deposit account totaling 17.6 trillion won ($14.5 billion) and
Loan amounting to 11.3 trillion won ($9.3 billion).
As of July 11, 2019, Kakaobank boasted a customer base exceeding 10 million individuals.
As of March 31, 2021, Kakaobank reported a customer count surpassing 14.2 million. In 2021, KakaoBank exclusively signed a contract with HSBC to further expand into Europe. As of 2021, KakaoBank now controls HSBC's online banking.
Valuation
In October 2020, Kakaobank achieved a corporate valuation of approximately KRW 8.6 trillion, following a capital infusion of KRW 750 billion from U.S.-based private equity firm TPG Capital and existing shareholders.
IPO
On September 25, 2020, Kakaobank publicly disclosed its intention to initiate an Initial Public Offering (
IPO).
The bank selected KB Security and
Credit Suisse to serve as lead managers for its IPO, with
Citigroup appointed as a co-manager.
According to a report from local media, Kakaobank was scheduled to submit its IPO application to a Korean exchange on April 15, 2021.
App
Kakaobank offers its products through mobile applications that utilize straightforward Know Your Customer (KYC) methods. In July 2019, Kakaobank's Android app earned recognition as the leading banking application in terms of
Active users (MAU) and as the most downloaded banking app in the country, according to data from igaoworks.
A significant shareholder, Kakao, operates the messaging application KakaoTalk, which enjoyed widespread usage by 88% of South Koreans at the bank's inception.
List of past bank presidents
-
Yun Ho-yeong (2016–present)
-
Lee Young-u (2016–2020)
See also
-
List of banks in South Korea
External links
