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KakaoBank

From Wikipedia, the free encyclopedia
kakaobank
Native name
주식회사 카카오뱅크
Company typePublic
KRX: 323410
IndustryFinancial services
FoundedJanuary 22, 2016; 8 years ago (2016-01-22)
HeadquartersPangyo, Gyeonggi-do,
South Korea
Key people
Yun Ho-young, CEO
ServicesOnline banking
Mobile banking
Loan and deposit
Debit card
Credit Card
Overseas remittance
KRW 46.7 billion (2021.Q1)
OwnersKakao Corp., Korea Investment Value Asset Management
Number of employees
952 (March 2021)
Websitewww.kakaobank.com eng.kakaobank.com

KakaoBank Corp. (stylized as Kakaobank; Korean: 주식회사 카카오뱅크) is a South Korean financial institution specializing in mobile banking services and financial technology. It was founded in 2016 through a collaboration between Korea Investment Holdings and Kakao Corp.

History

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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 deposits totaling 17.6 trillion won ($14.5 billion) and loans amounting to 11.3 trillion won ($9.3 billion).[1] As of July 11, 2019, Kakaobank boasted a customer base exceeding 10 million individuals.[2] As of March 31, 2021, Kakaobank reported a customer count surpassing 14.2 million.

Valuation

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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.[3]

IPO

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On September 25, 2020, Kakaobank publicly disclosed its intention to initiate an Initial Public Offering (IPO).[4] The bank selected KB Security and Credit Suisse to serve as lead managers for its IPO, with Citi appointed as a co-manager.[5] According to a report from local media, Kakaobank was scheduled to submit its IPO application to a Korean exchange on April 15, 2021.[6]

App

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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 Monthly Active Users (MAU) and as the most downloaded banking app in the country, according to data from igaoworks.[7]

A significant shareholder, Kakao Corp, operates the messaging application KakaoTalk, which enjoyed widespread usage by 88% of South Koreans at the bank's inception.[1]

References

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  1. ^ a b "Kakaobank: The single application is everything". Asia Money. Archived from the original on 2023-12-09. Retrieved 2024-03-25.
  2. ^ "Kakao Bank accounts top 10 million". The Korea Herald. Retrieved July 12, 2019.
  3. ^ "Kakao Bank issues new shares to major U.S. hedge fund". Korea JoongAng Daily. Retrieved October 27, 2020.
  4. ^ "Kakao Bank makes IPO plans official". The Korea Herald. Retrieved September 24, 2020.
  5. ^ 카카오뱅크 IPO 대표 주관사에 KB증권·CS 선정 (in Korean). ChosunBiz. Retrieved December 11, 2020.
  6. ^ 카카오뱅크, 오는 15일 상장 예비 심사 청구 예정…7월 코스피 입성하나 (in Korean). The Financial News. Retrieved April 13, 2021.
  7. ^ 인터넷銀 반란 시작…카카오뱅크, 시중은행 뱅킹 앱 사용자 압도 (in Korean). IT Chosun. Retrieved August 22, 2019.
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  • Business data for KakaoBank Corp:
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