Korea Credit Data, the company that provides business management software (CashNote) to small and medium-sized businesses in Korean and Japan, announced on May 17, 2019 that it has raised funds from Quad Asset Management Co. and Shinhan Card Co. to surpass 10 billion won (about $8.4 million) in accumulated investments.
Since the launch of the CashNote service in April 2017, Korea Credit Data has rapidly grown into a management solution company for small and medium businesses. CashNote, which was introduced to 270,000 businesses nationwide, started with a sales management service and continues to grow rapidly by expanding its review and monitoring of tax invoices to marketing solutions.
Making business dealings easier
The FinTech startup’s Cash Note, which is an easy to install app, is characterized by its ability to use all functions with KakaoTalk. Cash Note helps business owners to schedule card payments, revisit customer analysis, do tax invoice inquiry, etc. It is popular because it is easy to use without having to install a separate app. It is widely used in all ages, including more than 40 users.
The number of new customers per month has increased from an average of 10,000 per month in 2018 to an average of 30,000 per month this year. The transactions of CashNote with the current accumulated management and sales used by one of the three restaurants across the country has reached 65 trillion won (about $55 billion).
“It is very impressive that CashNote has been receiving positive responses at unprecedented speed by providing necessary information to small businesses,” said CEO Hwang Ho-seong of Quad Asset Management. “CashNote is expected to be introduced to more than 500,000 businesses nationwide this year,” said Kim Dong-ho, CEO of Korea Credit Data.
Meanwhile, Korea Credit Data was selected by government authorities as a “MiData Demonstration Service” operator on May 16 and began building data cooperation relationships with financial institutions through APIs.