Kbank sees customer base surpass 10 mil. ahead of IPO

Kbank said on Monday that its customer base had exceeded 10 million, achieving a significant milestone seven years after its launch as the nation’s first internet-only bank. The bank, which has resumed steps to pursue an initial public offering (IPO), is stepping up expansion efforts.

According to the bank, the number of customers has shown a consistent increase, rising from 7.1 million in 2021 to 8.2 million in 2020, and to 9.5 million in 2023. Kbank noted a significant milestone as its customer count surpassed 10 million on Monday. It explained that the number of new daily subscribers has been growing rapidly this year, surpassing three times the rate of growth seen last year.

According to Kbank’s analysis of customers by age, one in three Koreans in their 20s, 30s and 40s are using Kbank. For those in their 50s, the ratio was one in five. Additionally, individuals over 60 and teenagers accounted for approximately 30 percent of all Kbank users.

Regionally, Seoul boasted the highest customer proportion at 21 percent, with most other regions falling within the range of 15 percent to 20 percent.

By gender, males constituted 60 percent of customers, while females made up 40 percent.

“Kbank achieving 10 million customers is a result of customers acknowledging our benefits, innovative products and services, and convenient user environment,” Kbank CEO Choi Woo-hyung said. “By establishing stability both externally and internally, we will grow into a bank that instills belief in the customer and innovates their financial experience.”

Kbank recently designated NH Investment & Securities, KB Securities and Bank of America as preferred bidders to be its IPO underwriter.