Is Toss profitable in 2026?

Yes. Toss posted operating profit of about ₩335.9B in 2025, up from ₩90.7B in 2024, following a ₩206.4B operating loss in 2023. Its first full-year net profit was ₩21.3B in 2024, per Korean press reporting as of July 2026.

Who is Toss's biggest competitor?

KakaoBank. It had 26.7M bank users versus Toss Bank's roughly 12.2 to 14.2M at end-2025, and in Q1 2026 overtook Toss on profit-per-employee, ₩1.78B versus Toss's ₩1.67B, down from ₩2.17B a year earlier.

Could AI replace Toss?

No. Toss holds regulated banking and brokerage licenses through Toss Bank and Toss Securities that generic AI cannot replicate. Only the counseling/chatbot layer is exposed, and Toss already automated that itself with an AI Agent launched in December 2025.

Is Toss going public soon?

Not immediately. Toss put its planned Nasdaq ADR listing on hold in early July 2026 amid reported Korean government resistance to a domestic fintech leader listing abroad first, with a domestic listing now floated for around 2028.

Is Toss a safe company to join in 2026?

Toss is growing fast and turned profitable, with operating profit of ₩335.9B in 2025 and headcount up 76.4% (1,126 to 1,986, parent entity) in 2025, but faces IPO delay since July 2026 and rising competitive pressure from KakaoBank.

How many users does Toss have?

Toss reports roughly 30 million registered users, about two-thirds of South Korea's population, as stated in July 2026 partner announcements. Toss Bank specifically had 12.23 to 14.23 million users at end-2025, third among Korea's internet banks.

South Korea · South Korea

Toss

Korean super-app for banking, payments, and stock trading, used by ~30M people.

Defensible for now

Assessed 29 July 2026 · Evidence as of 29 July 2026

Real protection, with named pressure against it.

On the recordSince 29 July 2026 · Checkable from Q3 2026 · Every call on the record Checkpoint: Q3 2026 earnings for Toss Bank, KakaoBank, and K Bank showing whether the profit-per-employee gap widens or closes

The call

Toss holds licenses and scale KakaoBank can't easily copy, but KakaoBank now runs the more profitable bank inside the same regulated space.

Toss runs a financial super-app in South Korea that lets people bank, invest, and borrow through one place. It has real advantages: government licenses to operate a bank and brokerage, 30 million users, and data from their own transactions that competitors cannot easily get. However, KakaoBank is now making more profit per employee and has more bank customers, showing that Toss's lead is slipping. AI tools from companies like OpenAI can help people get financial advice, but they cannot replace a bank license or access to Toss's internal transaction records, so that threat is limited. The key thing to watch is whether Toss can regain efficiency and user growth faster than KakaoBank in the next few quarters, because right now KakaoBank is winning on both counts.

Why

AI pressure: AI-driven financial advisers (Experian+OpenAI tools, Fibe, ClearScore agents). Automated credit and budgeting advice could replace what Toss's app does, but these tools can't hold a Korean banking license. Could AI do the core job? Unlikely.

Bigger players: KakaoBank. KakaoBank runs a live competing internet bank with 26.7M users versus Toss Bank's ~13M, and now earns more profit per employee. Could a giant copy it? No, they are blocked.

What protects it. Regulated banking and brokerage licenses, ownership caps on internet banks, and transaction data across 30M users tied to one app.

What would change this call

KakaoBank vs Toss Bank profit-per-employee in Q3 2026 disclosures. shows whether KakaoBank's efficiency lead over Toss is widening or reversing.
Toss Bank user count vs KakaoBank's 26.7M and K Bank's 15.5M at year-end 2026. shows whether Toss is closing or losing ground in Korea's three-bank oligopoly.
Toss's IPO venue decision (Nasdaq ADR vs domestic listing around 2028). shows whether regulatory or market friction is delaying Toss's capital-raising plans.

Key numbers

KakaoBank profit/employee ₩1.78B beats Toss's ₩1.67B (2026-06-17)
Toss Bank ~13M users vs KakaoBank's 26.7M (2026-04-02)
Toss operating profit ₩335.9B in 2025, up from ₩90.7B in 2024 (2026-07-06)

Named risks

KakaoBank overtaking Toss on profit-per-employee and bank user count, Q1 2026. Severity: high
Nasdaq ADR listing paused since July 2026, domestic listing pushed to around 2028. Severity: medium
Pending Korea Digital Asset Basic Law could block Toss's stablecoin and mainnet roadmap. Severity: medium
Household loan and mortgage concentration across Korea's internet banks. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
KakaoBank	losing to	KakaoBank profit-per-employee ₩1.78B overtook Toss's ₩1.67B in Q1 2026
K Bank	contesting	K Bank had 15.5M users vs Toss Bank's ~13M end-2025, both trailing KakaoBank
Naver	contesting	Both named among CNBC/Statista World's Top Fintech Companies 2026, July 2026
Experian/OpenAI and Fibe AI credit tools	gaining on	AI-native credit/counseling apps shipped March to July 2026, pressuring Toss's chatbot layer

Questions people ask

Is Toss profitable in 2026?: Yes. Toss posted operating profit of about ₩335.9B in 2025, up from ₩90.7B in 2024, following a ₩206.4B operating loss in 2023. Its first full-year net profit was ₩21.3B in 2024, per Korean press reporting as of July 2026.
Who is Toss's biggest competitor?: KakaoBank. It had 26.7M bank users versus Toss Bank's roughly 12.2 to 14.2M at end-2025, and in Q1 2026 overtook Toss on profit-per-employee, ₩1.78B versus Toss's ₩1.67B, down from ₩2.17B a year earlier.
Could AI replace Toss?: No. Toss holds regulated banking and brokerage licenses through Toss Bank and Toss Securities that generic AI cannot replicate. Only the counseling/chatbot layer is exposed, and Toss already automated that itself with an AI Agent launched in December 2025.
Is Toss going public soon?: Not immediately. Toss put its planned Nasdaq ADR listing on hold in early July 2026 amid reported Korean government resistance to a domestic fintech leader listing abroad first, with a domestic listing now floated for around 2028.
Is Toss a safe company to join in 2026?: Toss is growing fast and turned profitable, with operating profit of ₩335.9B in 2025 and headcount up 76.4% (1,126 to 1,986, parent entity) in 2025, but faces IPO delay since July 2026 and rising competitive pressure from KakaoBank.
How many users does Toss have?: Toss reports roughly 30 million registered users, about two-thirds of South Korea's population, as stated in July 2026 partner announcements. Toss Bank specifically had 12.23 to 14.23 million users at end-2025, third among Korea's internet banks.

Timeline

2026-07-24Toss named among CNBC/Statista World's Top Fintech Companies 2026
2026-07-13Acuon Savings Bank launches SME loan product using Toss SOHO Score credit model
2026-07-08Toss and Optimism/Sunnyside Labs sign MOU for won-backed stablecoin PoC on OP Stack
2026-07-06Toss puts Nasdaq ADR listing on hold amid Korean government resistance
2026-06-17KakaoBank overtakes Toss on profit-per-employee in Q1 2026 (₩1.78B vs ₩1.67B)
2026-06-01Toss Bank signs MOU with Solana Foundation for remittance use cases
2025-12-17Toss Bank announces launch of AI Agent for financial counseling
2025-05-26Toss Credit Subscription Service surpasses 450,000 subscribers in first year
2024-11-13Toss pivots IPO plan from Korea listing to US Nasdaq listing target
2022-12-01Toss raises $410M Series G round at $7.4B valuation

Revision history

29 July 2026

First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.

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