Korea Credit Data (KCD) announced on November 10 that it has received strategic investment from KT. KCD is a fintech company that operates Cash Note, a simple accounting service for small and medium-sized enterprises. The revenue managed by Cash Note reached USD 4.1 billion just seven months after the service launched, and they expect to have over 30,000 B2B customers by the end of this month. This October, KCD received strategic investment amounting to USD 3.6 million from Kakao.
KT decided to invest in KCD for the competitiveness and expandability of the Cash Note service. It is expected that small and medium-sized enterprises that use KT and BC Card products can manage their sales more easily by using the Cash Note service, or they can enjoy benefits that arise from using the subscription service of fixed-line products. However, the amount for this investment round was not disclosed, according to the agreement between the two companies.
Dong Ho Kim, CEO of KCD, said, “I am looking forward to working with a great partner, KT, in the to increase contacts with small and medium sized enterprises. Through this investment, we will do our best to make it easier for the businesses to the utilize Cash Note service”.
Chae Hee Kim, managing director of KT’s strategy department, stated, “Cash Note is a great service for small and medium sized enterprises and it is receiving a lot of great feedback. KT will pursue various cooperation with KCD in order to expand our business area for small to medium sized enterprises”.
(Top photo from 699pic.com)
This article, entitled “Fintech startup KCD lands investment from KT to expand accounting service to small businesses”, was written in Korean by Minjung Kim of Platum, edited by AllTechAsia.