tossbank

Certified B Corporation
Headquarters

Seoul, South Korea

Certified Since

December 2023

Industry

Deposit bank - Developed Markets

Sector

Service with Minor Environmental Footprint

Operates In

South Korea

Toss Bank is a digital bank based in South Korea. Toss Bank strives for a bank that provides "inclusive and innovative banking services". The bank is one of the most inclusive financial service providers in Korea. It provides tailored loans for mid-credit borrowers and small business owners, who are often neglected from the mainstream banking industry. Toss Bank also operates a "Safe Compensation Scheme" that compensates customers affected by financial fraud crimes such as voice phishing and identity theft. Toss Bank is the first and only bank in Korea to introduce this policy, leading the charge in addressing these issues. The bank actively looks into the blind spots of existing finance, breaking new ground as part of its innovations. In December 2023, Toss Bank announced its social contribution brand "with Toss Bank." The bank's first social project focuses on improving the working environment for youths and supporting the stability of their financial lives through an easy-to-use employment contract service. The project sets the foundations for fair labor conditions, which are vital for the economic activities of future generations. By offering services that lead innovation and inclusiveness in the market, Toss Bank is driving social change.

Overall B Impact Score

Based on the B Impact assessment, tossbank earned an overall score of 95.6. The median score for ordinary businesses who complete the assessment is currently 50.9.
95.6
95.6 Overall B Impact Score
80 Qualifies for B Corp Certification
50.9 Median Score for Ordinary Businesses

Governance 14.2

Governance evaluates a company's overall mission, engagement around its social/environmental impact, ethics, and transparency. This section also evaluates the ability of a company to protect their mission and formally consider stakeholders in decision making through their corporate structure (e.g. benefit corporation) or corporate governing documents.

Mission & Engagement3.0
Ethics & Transparency8.6
+ Mission Locked2.5

What is this? A company with an Impact Business Model is intentionally designed to create a specific positive outcome for one of its stakeholders - such as workers, community, environment, or customers.


Workers 31.2

Workers evaluates a company’s contributions to its employees’ financial security, health & safety, wellness, career development, and engagement & satisfaction. In addition, this section recognizes business models designed to benefit workers, such as companies that are at least 40% owned by non-executive employees and those that have workforce development programs to support individuals with barriers to employment.

Financial Security12.7
Health, Wellness, & Safety6.8
Career Development3.7
Engagement & Satisfaction4.9

Community 10.1

Community evaluates a company’s engagement with and impact on the communities in which it operates, hires from, and sources from. Topics include diversity, equity & inclusion, economic impact, civic engagement, charitable giving, and supply chain management. In addition, this section recognizes business models that are designed to address specific community-oriented problems, such as poverty alleviation through fair trade sourcing or distribution via microenterprises, producer cooperative models, locally focused economic development, and formal charitable giving commitments.

Diversity, Equity, & Inclusion4.0
Economic Impact5.0
Civic Engagement & Giving0.7
Supply Chain Management0.4

Environment 2.6

Environment evaluates a company’s overall environmental management practices as well as its impact on the air, climate, water, land, and biodiversity. This includes the direct impact of a company’s operations and, when applicable its supply chain and distribution channels. This section also recognizes companies with environmentally innovative production processes and those that sell products or services that have a positive environmental impact. Some examples might include products and services that create renewable energy, reduce consumption or waste, conserve land or wildlife, provide less toxic alternatives to the market, or educate people about environmental problems.

Environmental Management0.9
Air & Climate0.6
Water0.0
Land & Life1.0
+ Green Lending0

What is this? A company with an Impact Business Model is intentionally designed to create a specific positive outcome for one of its stakeholders - such as workers, community, environment, or customers.


Customers 37.3

Customers evaluates a company’s stewardship of its customers through the quality of its products and services, ethical marketing, data privacy and security, and feedback channels. In addition, this section recognizes products or services that are designed to address a particular social problem for or through its customers, such as health or educational products, arts & media products, serving underserved customers/clients, and services that improve the social impact of other businesses or organizations.

Customer Stewardship2.4
+ Portfolio Reporting0
+ Targeted for Investment4
+ Leadership & Outreach0.5
+ Investment Criteria2.3
+ Portfolio Management4.4
+ Serving in Need Populations21.5

What is this? A company with an Impact Business Model is intentionally designed to create a specific positive outcome for one of its stakeholders - such as workers, community, environment, or customers.



Previous Overall B Impact Scores

2023 Overall B Impact Score95.6

B Labs Logo - Home Link

Sign up to our Insights newsletter, a monthly digest of the latest news on economic systems change from B Lab Global.

We take the security of your data seriously, read our privacy policy for further information. For newsletter communications relating to your local region, please visit Global Partner sites to subscribe.

Copyright © 2024 B Lab. All rights reserved.