Korea Credit Data bags $24.7m to serve SMEs


Korea Credit Data (KCD), which provides business management services to self-employed and small business owners nationwide, has raised $24.7m in an extension of its Series D round.

FinTech company Fisverv and LG Uplus partipated in the extension round.

In total KCD has raised about $70m in its Series D round and about $112m since its 2016 inception, according to a report from TechCrunch.

The latest financing values the company at approximately $776m. KCD was valued at about $563m in November last year when it raised $28.1m in its Series D1.

KCD is on a mission to address small merchant’s pain points by providing them with digital financial services.

In 2017, the company launched a bookkeeping app for SME’s called Cash Note, which helps small and mid-sized enterprise owners track a comprehensive overview of cash flow, including revenues, credit card sales and expendtiture.

KCD claims that it has more than 1.7 million registered merchants in South Korea and its app has grown into a super app among small and mid-sized business owners.

Hwang Hyun-sik, CEO of LG Uplus, said, “Through an equity investment in Korea Credit Data and business alliances, we are able to provide more differentiated products and services to SOHO customers. We will create a new standard for

Kim Dong-ho, CEO of Korea Credit Data, added “Being a unicorn is just the starting point of making every moment of business easier, faster, and smarter. We will do our best to make this easier.”

CredAble, which aims to help SMEs tackle working capital and credit challenges, recently raised $9m.

The capital came from Axis Bank and CredAble’s existing investor OAKS Asset Management.

CredAble says it is “reimagining working capital financing” by providing liquidity programmes for enterprise eco-systems using state-of-the-art technology platforms, digital KYC and onboarding, deep ERP and bank integrations, along with digital documentation and transaction management.

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