Finda to become 1st fintech firm to acquire savings bank

Finda, a Korean loan comparison platform, is poised to become the first fintech firm to acquire a savings bank, according to industry officials. The Financial Services Commission's subcommittee approved the acquisition of Daewon Savings Bank on Friday. The regulator is scheduled to announce its final decision at a regular meeting on Wednesday.

In June, Finda signed a deal to purchase all of Daewon Savings Bank's shares for approximately 12 billion won ($9 million). This acquisition will enable Finda to transition from simply matching borrowers with lenders to providing direct financial services, such as loans and deposits. Upon final approval, Finda intends to elect a new CEO through board and shareholder meetings.

The company aims to transform Daewon Savings Bank into an AI-native bank, leveraging digital services instead of traditional branch networks. Utilizing AI technology and loan-comparison data gathered since 2019, Finda plans to expand its online lending business across the country.