KakaoBank Corp. (stylized as Kakaobank; ) 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
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. In 2021, KakaoBank exclusively signed a contract with HSBC to further expand into Europe. As of 2021, KakaoBank now controls HSBC's online banking.