Kakao Bank achieves a milestone of 20mn users

South Korea’s internet-only bank Kakao Bank achieved a milestone of 20 million in the number of users in 5 years since its launch in 2017. The digital bank has added millions of customers annually?4.93 million in 2017, 7.94 million in 2018, 12.45 million in 2019, and 17.99 million in 2021. Although most of its users were in their 20s and 30s at the early stage, the firm has successfully reached out to older generations, with 51 percent of its customers aged over 40. Thanks to the high penetration rate, it achieved an all-time high net profit of 78.7 billion won ($57.69 million) in Q3.

By Pulse