Kakao Bank attracts 820,000+ clients in four days since launch
Kakao Bank, one of South Korea’s first digital only banks, says it has attracted KRW 535 billion ($477 million) worth of business in deposits and loans in just four days since its launch.
It has also attracted 820,000+ customers, and its mobile app has been downloaded nearly 1.5 million times.
Kakao Bank has lent KRW 260 billion ($232 million) to date and accepted the deposits of KRW 275 billion ($245 million).
The bank says its performance has far surpassed that of its rival K Bank, another digital only bank launched around the same time as Kakao Bank.
The two announced their plans to open virtual doors last year.
Kakao Bank is backed by a domestic internet company, Kakao Corp (the provider of the country’s most widely used digital messenger platform Kakao Talk). Tencent and Ebay have also invested in the start-up bank.
K Bank, meanwhile, is supported by South Korea’s telecoms company, KT Corporation.
Both banks enable account opening via the app – without visiting a bank branch – using a mobile phone number and an ID.
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