Finda to acquire Daewon Savings Bank in Korea

By Divya Shah

Why it matters: Finda’s acquisition signals a new phase for Korean FinTechs as they move from marketplace models to licensed banking operations. The deal highlights how fintechs are using acquisitions to gain regulatory infrastructure, deposits, and lending capabilities while leveraging AI and proprietary data to build digital-first banking experiences. 

South Korean loan comparison platform Finda is set to acquire Daewon Savings Bank, marking what could become the first acquisition of a savings bank by a Korean FinTech company. 

As per the media, the move follows approval of the transaction by a subcommittee of the Financial Services Commission (FSC), with a final decision expected at the regulator’s upcoming meeting. 

Finda signed an agreement in June to acquire 100% of Daewon Savings Bank for approximately $9 million (12 billion won). The acquisition will allow the FinTech to expand beyond its loan comparison marketplace and begin offering banking products directly, including loans and deposit services. 

Once regulatory approval is secured, Finda plans to appoint a new chief executive officer through board and shareholder meetings. 

The company said it intends to transform Daewon Savings Bank into an AI-native bank, focusing on digital services rather than a traditional branch-based model. Finda plans to leverage artificial intelligence capabilities and lending data collected through its loan comparison platform since 2019 to strengthen and scale its digital lending operations across South Korea. 

 The acquisition is also expected to help the company broaden its product offering for customers with low-to-mid credit ratings. Finda said it will draw on its relationship with JB Financial Group, which is currently the FinTech firm’s second-largest shareholder. 

However, the transaction also presents challenges. South Korea’s savings bank sector has faced pressure in recent years due to losses linked to real estate project financing exposure and rising funding costs. As a result, Finda will need to demonstrate its ability to manage credit quality, bad loans, and long-term funding stability. 

The FinTech will also be required to comply with regulations that mandate savings banks allocate a certain portion of lending activity within designated regional markets, potentially limiting its ability to immediately scale nationwide digital lending services. 

Based in Gyeongju, Daewon Savings Bank is a relatively small lender whose operating region includes Daegu, North Gyeongsang Province, and Gangwon Province. The bank has effectively remained dormant since its parent company, Daea Savings Bank, began seeking a buyer in 2015. 

As of the end of June 2026, Daewon Savings Bank reported total assets of approximately 3.1 billion won ($2.3 million) and virtually no outstanding loan portfolio. 

The acquisition reflects a broader trend of FinTech companies seeking greater control over financial products and customer relationships by obtaining banking capabilities while increasingly leveraging artificial intelligence to drive digital banking innovation.