Kakao Announces $3.5M Investment in KCD

kakao-credit-data

Kakao Corp (CEO: Ji-hoon Rim) announced Wednesday that it has funneled over $3.5 million into finance technology firm Korea Credit Data.

KCD runs a mobile accounting service ‘CashNote,’ which is available via KakaoTalk, a free mobile instant messaging application. Since its inception in April, CashNote has reached over 23,000 customers and $3.5 billion in management revenue, with its monthly average revenue growth rate up to 90 percent. The company has also received positive reviews for providing an innovative paradigm for small and medium businesses to manage their firms simply through Kakao Talk.

Kakao Corp’s recent investment decision was largely due to KCD’s competitiveness and growth potential in the industry. By creating a KakaoTalk ‘Plus Friend’ feature for CashNote, Kakao Corp hopes to support both small and medium firms expand their businesses and manage their sales revenues. KCD also plans to continue its work with Kakao as an official partner that delivers finance and accounting solutions.

“We are excited to cooperate with Kakao Corp especially when we are in the midst of making our way through a massive offline market,” Korea Credit Data CEO Dong-ho Kim said. “With our strategic alliance, we hope to provide the best mobile experience for small and medium businesses.”

KakaoTalk’s Business Strategy Manager Jung-ho Park also commented: “KCD is a fast-growing startup that has built its mobile accounting service on KakaoTalk.” He added, “Through our technological and marketing cooperation, we hope to solidify CashNote’s status in the industry as a leading accounting service for various businesses.”

Furthermore, Kakao Corp plans to take further initiatives in expanding its investments into other startups with great potentials.

 

Image source: kcd.co.kr

Kelly is a student at Georgetown University studying English and Spanish. You can always find her drinking coffee, reading latest articles and watching netflix. Kelly can be reached at kelly.park@techforkorea.com.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *