Kakao Bank, Korea's second online-only bank, celebrated a meteoric first month in business on Sunday.
In just five days, more than 1 million people opened accounts with Kakao Bank, and in 13 days that had doubled. By Sunday the number had reached 3 million.
Korea's first online-only bank, K-Bank, has attracted around 500,000 accounts since opening in April, but Kakao Bank has been able to make a much bigger splash, amassing W1.96 trillion in deposits and lending W1.41 trillion.
The biggest driver behind its success is the massively popular KakaoTalk messenger app. The brand needs no advertising, and the user-friendly setup is second to none.
There have been some hurdles to overcome, including temporary connection problems due to intense user traffic. Also, more than half of the newly opened current accounts actually have no money in them, so Kakao Bank will have to work harder to convince these customers to start using them.