Fintech company, Korea Credit Data (KCD), announced on October 25 that it raised USD 3.7 million from Kakao. KCD is a fintech company that operates Cash Note, a simple accounting service for small and medium-sized enterprises. Cash Note acquired 23,000 B2B customers and reached USD 4 billion in sales in just six months after launching the service in April 2017. Their average monthly growth rate is around 90%.
Kakao decided to invest in KCD due to its competitiveness and high potential for future growth. Cash Note is expected to have a synergy effect with Kakao because Kakao will support features like KakaoTalk Plus Friend to help small to medium-sized enterprises manage their sales or expand their business to mobile services. Through this investment, KCD will join as an official partner of Kakao, in the field of financial and accounting services for small to medium sized enterprises.
Dong-Ho Kim, CEO of KCD, mentioned, “We are excited to welcome Kakao as a great partner in the process of transforming the huge offline market. We will do our best to provide the best user experience in mobile, for small to medium-sized enterprises”.
Jung-Ho Park, Head of KakaoTalk Strategy and Business, said, “KCD is a fast-growing startup that developed its own easy-to-use accounting service model based on KakaoTalk. Kakao will strengthen its technology and marketing so that we can help Cash Note to grow as the essential service for small to medium-sized enterprises”. Kakao will continue to invest in startups like KCD to help them grow.
（Top photo from Korea Credit Data ）
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This article, entitled “Fintech startup Korea Credit Data raises USD 3.7M from Kakao”, was written in Korean by Margot Jung of Platum, edited by AllTechAsia.