KakaoBank

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). 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.