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Finda expands into banking through Daewon Savings Bank acquisition
Fintech company Finda is transitioning from a loan comparison and brokerage platform to a direct financial services provider following approval from the Financial Services Commission to acquire Daewon Savings Bank. This marks the first instance of a South Korean fintech firm acquiring a savings bank.
The acquisition involves a total transaction value of 12 billion won. Finda will hold a 60% stake, while JB Financial Group, through Jeonbuk Bank, will hold the remaining 40%. This partnership aims to combine Finda’s data and IT capabilities with Jeonbuk Bank’s expertise in risk management, credit assessment, and regulatory compliance.
Finda plans to launch its banking operations by early 2027, focusing on products such as deposit accounts and mid-interest credit loans. The company intends to implement ‘AI-native banking’ by utilizing accumulated financial data and artificial intelligence to provide customized services and improve operational efficiency.
To lead this new venture, Finda has appointed Yeon-hyun Park, a former Toss Bank executive known for leading the launch of joint loan products, as the inaugural CEO of the new entity. Park will oversee the brand transition, headquarters relocation, and product development.
Entities
Daewon Savings Bank · Financial Services Commission · Finda · JB Financial Group · Yeon-hyun Park
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] The total acquisition price for Daewon Savings Bank is 12 billion won. www.sisajournal.com · biz.heraldcorp.com · www.joseilbo.com
- [● 2 SOURCES] Finda intends to implement an ‘AI-native banking’ model. www.sisajournal.com · www.joseilbo.com
- [○ 1 SOURCE] Yeon-hyun Park has been appointed as the first CEO of the new savings bank entity. biz.heraldcorp.com
- [○ 1 SOURCE] Finda’s cumulative loan brokerage amount has exceeded 15 trillion won. www.joseilbo.com
- [● 3 SOURCES] The Financial Services Commission approved Finda’s acquisition of Daewon Savings Bank. www.sisajournal.com · biz.heraldcorp.com · www.joseilbo.com
- [● 3 SOURCES] JB Financial Group, via Jeonbuk Bank, will hold a 40% stake. www.sisajournal.com · biz.heraldcorp.com · www.joseilbo.com
- [● 3 SOURCES] Finda will hold a 60% stake in the savings bank. www.sisajournal.com · biz.heraldcorp.com · www.joseilbo.com
- [● 2 SOURCES] The company plans to begin savings bank operations by early 2027. www.sisajournal.com · biz.heraldcorp.com