Toss Bank Reaches 10 Million Customers... "Used by Ages 0 to 104"

"Supporting Customer-Centered Innovation and Inclusive Finance"

Toss Bank announced on the 17th that it has surpassed 10 million customers. This milestone was reached 2 years and 7 months after its launch in October 2021, with one new customer joining Toss Bank every 8 seconds. Toss Bank explained that its growth was supported by customer-centric innovative services and inclusive finance that considered financial sovereignty, attracting a diverse range of customers regardless of age.

Toss Bank has become a bank sought after by various age groups through its innovative services. The youngest customer of Toss Bank is a 0-year-old girl named A, who joined last year through the first-ever non-face-to-face child account service offered by an internet bank. She was born in 2024, and her parents opened a savings account for her to commemorate her birth. A’s parents signed her up for a savings plan with monthly deposits of 200,000 KRW, accompanied by the message, “Grow up healthy without getting sick.” The oldest customer is Mr. B, aged 104, who created a Toss Bank check card and received cashback benefits shortly after Toss Bank’s launch in 2021.

With the introduction of the first non-face-to-face loans for individual business owners by an internet bank, self-employed individuals in industries such as transportation and warehousing?who previously found it difficult to be fairly evaluated by traditional banks?have found it easier to obtain loans. Since its launch in March 2022, a total of 2.83 trillion KRW has been distributed to the market by the end of last year.

Toss Bank also describes itself as a bank that provides equal opportunities to diverse customers. This includes low- to mid-credit customers who previously had to visit savings banks instead of banks, as well as foreign residents in Korea who found it difficult to open accounts without visiting bank branches. Since its launch until the end of last year, the total number of low- to mid-credit customers served reached 374,000, with loans supplied to this group amounting to 5.46 trillion KRW.

Toss Bank has introduced 35 innovative services over 2 years and 7 months. Representative services include accounts that accumulate an annual interest rate of 2% (before tax) even if held for just one day, and the “Receive Interest Now” service. Approximately 5 million customers have used the “Receive Interest Now” service about 390 million times exclusively at Toss Bank, receiving 468.2 billion KRW in interest.

The Toss Bank foreign currency account, which declared lifetime free currency exchange both when buying and selling, received great customer response, approaching 1 million accounts within three months of its launch in January this year. Other banks are also joining in offering free currency exchange instead of differential preferential exchange rates.

Lee Eun-mi, CEO of Toss Bank, stated, “The reason Toss Bank and 10 million customers could be together is because we resisted the fixed notion of ‘how a bank should be’ and deeply considered innovation, inclusion, and customers’ financial sovereignty.” She added, “We will further strengthen security to maintain customers’ trust, enhance the bank’s financial soundness, and continue sustainable innovation based on trust.”