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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, reports Paybefore sister publication Banking Technology.

It has also attracted more than 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 startup bank.

K Bank, meanwhile, is supported by South Korea’s telecom company, KT Corp.

Both banks enable account opening via the app—without visiting a bank branch—using a mobile phone number and an ID.

July 31 is the last day to vote for the 5 Best Challenger Banks. Kakao is not on our short list, but write-ins are welcome.

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