Kbank surpasses 15 mil. customers, reaching 1 in 3 Koreans

Kbank headquarters in Seoul / Courtesy of Kbank

Kbank said Wednesday that its customer base has surpassed 15 million, reaching 1 in 3 Koreans.

This marks a major milestone achieved just a year and a half after the bank first exceeded 10 million customers in March 2024.

Founded in April 2017, the internet-only bank reached 1 million customers by April 2019, 5 million by May 2021 and 10 million by March 2024. Its total assets also expanded significantly, rising from 21.4 trillion won ($15 billion) at the end of 2023 to over 33.4 trillion won by the end of the third quarter this year.

Kbank's recent customer growth has been driven largely by small business owners and self-employed clients. Their numbers surpassed 2 million last month, doubling from around 1 million at the end of 2023. Their proportion among the bank's total customer base also rose from 9 percent to 14 percent.

Kbank said its products featuring low interest rates and quick loan processing have been the main drivers. As a result, mid- to low-credit borrowers now make up 58 percent of Kbank's individual business loan customers.

Going forward, Kbank plans to sustain growth through partnerships and the use of artificial intelligence (AI).

Recently, the bank extended its partnership with Upbit, Korea's largest cryptocurrency exchange, for another year to continue offering real-name deposit and withdrawal accounts. The partnership, which has lasted five years, is expected to further expand Kbank's customer base in the corporate digital asset market.

Kbank also expects to broaden its customer base, including foreign nationals, by actively using AI technologies such as an AI app translator.

"Reaching 15 million customers is the result of our competitive interest rates, digital innovation, and convenient user experience integrated into everyday life," a Kbank official said. "We will continue to lead a new financial experience that lets customers truly experience the benefits of combining product and service innovation with AI-driven technology."