Korean FinTech startup Korea Credit Data, operator of business management software CashNote, has raised an undisclosed amount of investment in the latest funding round. The funding is led by existing investor Quad Asset Management and backed by Yukyung PSG Asset Management and Shinhan Investment.
The fresh investment brings the total funds raised by the firm to date to 20 billion won ($17.2 million) and raised its enterprise value to about 300 billion won (about $260 million). The fresh capital infusion comes as Korea Credit Data seeks to further strengthen its leadership in the business data ecosystem through its proprietary platform CashNote.
CashNote was launched in 2017 to provide management solutions to small and medium-sized businesses. It started with sales management service but has evolved to now include general information analysis, tax invoice management, marketing, and other B2B solutions. The app is easy to install and characterized by its ability to use all functions with KakaoTalk. It also features ease of use without requiring users to install separate apps.
CashNote is now used by more than 500,000 businesses nationwide. In 2019 alone, the company secured more than 350,000 new customers, with its cumulative managed sales reaching 150 trillion won ($130 billion) since its launch.
“We expect that 2020 will be the first year to create a data business ecosystem that encompasses more than one million businesses and millions of consumers. We will make it easy to solve all the business management tasks of the workplace with one service,” said Korea Credit Data CEO Kim Dong-ho.
Korea Credit Data has raised funds in at least six rounds, starting with its Angel Round in 2016, which raised $ 100,000 from venture investor Daniel Shin. It went on to raise $1 million in its Seed Round led by Kakao Ventures and US$4 million in its Series A Round anchored by Kakao.
Quad Asset Management, the lead investors in the recent funding round, also invested in Korea Credit Data’s Series C round in 2019. The amount raised in the said round was not disclosed. Established in 2009, Quad Asset Management manages more than 1 trillion won in assets. Yukyung PSG Asset Management, which participated in the funding round as a Quad LP in the previous round, also made direct investments in the latest round.