Toss Bank Resolves 300 Billion KRW Capital Increase

[Asia Economy Reporter Bu Aeri] Toss Bank announced on the 24th that it will proceed with a paid-in capital increase totaling 300 billion KRW. This is the second since its launch in October last year.

Toss Bank held a board meeting the day before and resolved accordingly. This is the second paid-in capital increase after the 300 billion KRW capital increase immediately after its launch, securing a total paid-in capital of 850 billion KRW.

The newly issued shares through the capital increase total 60 million shares, consisting of 45 million common shares (approximately 225 billion KRW) and 15 million convertible shares (approximately 75 billion KRW). The capital increase method is a third-party allotment with an issue price of 5,000 KRW per share.

Toss Bank welcomes Welcome Capital as a new shareholder. Welcome Capital is allocated a total of 3 million shares (worth 15 billion KRW). Welcome Capital is an affiliate of Welcome Financial Group, which includes Welcome Savings Bank, an existing shareholder of Toss Bank. A Toss Bank official stated, "By combining Welcome Capital's diverse financial product handling experience and Welcome Savings Bank's advanced credit evaluation system know-how, we expect to contribute to activating loan sales and managing soundness."

Through this capital increase, Toss Bank announced that it has further strengthened the foundation to supply funds in a timely manner to real-demand individual business owners through the expansion of personal credit loan products embracing existing medium- and low-credit borrowers and the 'Toss Bank President Loan,' an unsecured and non-guaranteed loan product recently introduced as the first by an internet-only bank.

Hong Min-taek, CEO of Toss Bank, said, "The reason the second capital increase was possible just four months after launch was due to the high interest and agreement of the shareholders in Toss Bank's growth," adding, "We will use that expectation as a stepping stone to change the market with customer-centered products and innovative services."

This content was produced with the assistance of AI translation services.