KakaoBank Corp. (stylized as Kakaobank; Hangul: 주식회사 카카오뱅크) is a South Korean mobile-only bank and financial technology company established in 2016 by Korea Investment Holdings and Kakao Corp.

kakaobank
Native name
주식회사 카카오뱅크
TypePublic
KRX: 323410
IndustryFinancial services
FoundedJanuary 22, 2016; 7 years ago (2016-01-22)
HeadquartersPangyo, Gyeonggi-do,
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

HistoryEdit

The banking service went public in July 2017 after getting a huge spotlight mainly due to its simplicity and unique and intuitive UI and UX. The bank attracted more than 240,000 customers within the first 24-hour-operation. The mobile app-based lender has achieved more than 10 million customers by July 11, 2019.[1]

As of March 31, 2021, Kakaobank's customer volume is more than 14.2 million.

ValuationEdit

In October 2020, the corporate valuation of the South Korea’s largest neobank was set around KRW 8.6 trillion through KRW 750 billion-capital, raising from the U.S-based private equity TPG Capital and current shareholders.[2]

IPOEdit

On September 25, 2020, Kakaobank officially announced its IPO plan to public.[3] The bank picked KB Security and Credit Suisse as lead managers for its IPO, with Citi as a co-manager.[4] According to a local media report, kakaobank would submit the IPO application to a Korean exchange on April 15, 2021.[5]

Top ManagementEdit

kakaobank has been heading by co-CEO Lee Yong-woo and Yun Ho-young, who are renowned experts in, respectively, finance and ICT in South Korea. Lee had worked as a finance strategist and an investment expert in financial industry. Prior to head kakaobank, Lee worked as CIO at Korea Investment Management and head of strategy and planning department at Korea Investment Holdings. Lee holds PhD in economics from Seoul National University.

Yun set up a task-force team to create kakaobank when he was working in Kakao Corp. in 2015. Prior to kakaobank, Yun had also worked as senior management at Daum Communications, South Korea's Internet portal, and ERGO daumdirect, a joint venture direct insurance seller in South Korea. Yun has graduated from HanYang University in Seoul, South Korea with a bachelor of management.

In March 2020, the bank said its board has decided to keep Yun as a sole CEO after Lee had resigned in January seeking to run for lawmaker.[6]

In March 2021, the bank's board of directors approved the extension of Yun's another two-year term.[7]

ServicesEdit

kakaobank's services include loan, deposit, debit card, overseas remittance and some other financial services.

AppEdit

kakaobank provides products via its mobile apps which adopt easy identification (KYC) methods. kakaobank's UI and UX are considered very intuitive.[citation needed] In July 2019, kakaobank's Android app was recognized as No.1 banking app based on MAU and the most downloaded banking app in the country by igaoworks.[8]

ReferencesEdit

  1. ^ "Kakao Bank accounts top 10 million". The Korea Herald. Retrieved July 12, 2019.
  2. ^ "Kakao Bank issues new shares to major U.S. hedge fund". Korea JoongAng Daily. Retrieved October 27, 2020.
  3. ^ "Kakao Bank makes IPO plans official". Korea Herald. Retrieved September 24, 2020.
  4. ^ 카카오뱅크 IPO 대표 주관사에 KB증권·CS 선정 (in Korean). The Chosun Biz. Retrieved December 11, 2020.
  5. ^ 카카오뱅크, 오는 15일 상장 예비 심사 청구 예정…7월 코스피 입성하나 (in Korean). The Financial News. Retrieved April 13, 2021.
  6. ^ "Kakao Bank to come under sole leadership of Yun Ho-young". The Korea Times. Retrieved March 17, 2020.
  7. ^ 카카오뱅크 윤호영 대표 연임 사실상 결정…임기 2년 (in Korean). Yonhap News Agency. Retrieved March 3, 2021.
  8. ^ 인터넷銀 반란 시작…카카오뱅크, 시중은행 뱅킹 앱 사용자 압도 (in Korean). IT Chosun. Retrieved August 22, 2019.

External linksEdit

  • Official websiteOfficial website(English)
  • Business data for KakaoBank Corp: