April 17, 2024

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[THE INVESTOR] Kakao stated on Oct. 25 that it has invested 4 billion won (US$3.55 million) in financial startup Korea Credit Data.

The company provides mobile accounting software CashNote for small and medium enterprises. It has been growing rapidly as the software has gained more than 23,000 customers since its launch in April 2017. 

Kakao said it decided to invest in the startup after evaluating its competitiveness and growth potential.

Moving forward, among various collaboration efforts, Kakao will encourage CashNote customers to open up a KakaoTalk Plus Friend account and will provide CashNote to SMEs who use the app to help manage their sales.

“Korea Credit Data has been expanding exponentially by establishing its convenient accounting service model. Kakao will strengthen the company’s technology and marketing initiatives to position CashNote as an essential service for SMEs,” said Park Jung-ho, director of business strategy at Kakao.

By Alex Lee (alexlee@heraldcorp.com)