Finda wins FSC approval to acquire Daewon Savings Bank

The Financial Services Commission has given final approval for fintech firm Finda, which operates a loan comparison platform, to acquire Daewon Savings Bank.

The FSC voted to approve the major shareholder change at its regular meeting Wednesday, completing the acquisition process.

Finda plans to begin official operations in January after completing related procedures, including the appointment of a new chief executive.

The company also plans to pursue an additional capital raise to strengthen its financial stability.

Finda intends to launch deposit and lending products, including demand deposit accounts and mid-range interest rate loans.

Founded in 2015, Finda entered the financial industry in earnest in 2019 when it was selected as the first operator of an innovative financial service loan comparison platform. Its cumulative loan volume has surpassed 15 trillion won ($11.3 billion), with around 100 partner financial institutions.