Toss Bank exceeds 10 mn customers

South Korea’s fintech platform Toss Bank saw that its subscribers surpassed 10 million. 

According to the company, it's been two years and six months since its launch in October 2021. 

While slower than KakaoBank, which reached 10 million customers in just two years after its launch, Toss Bank's growth has been faster than K Bank, which reached nearly seven years the same number.

Toss Bank has attributed its rapid growth to its customer-focused services and finance strategy.

Over the past two and a half years, the bank has launched 35 innovative services, which were firsts in the industry.

One notable service launched in January is the foreign currency account, the first in the country to offer zero fees for buying and selling foreign currency, leading to a wider adoption of free currency exchange services among mainstream banks.

With Toss Bank's rapid growth, all three of South Korea's internet banks—KakaoBank, K Bank, and Toss Bank—now have over 10 million subscribers.

As of the end of last year, KakaoBank had 22.84 million subscribers, and K Bank reached the 10 million mark in February.

Write to Eui-Jin Jeong at justin@hankyung.com