Earlier this week Kakao announced an investment of 4 billion won (USD $3.53m) in Korea Credit Data (KDC) along with an official partnership with the company.
KDC is a fintech startup which operates the simplified accounting service Cashnote. First launched in April this year, Cashnote has managed to attract over 23,000 clients in the space of six months. The growth over that time has been an average of 90% per month, the platform responsible for managing 4 trillion won in funds. Cashnote also has the advantage of not needing a separate app to use the service and can be accessed through Kakao Talk.
Kakao says that its investment in KDC was due to the growth potential and competitiveness of the platform and KDC will act as Kakao’s official partner for financial and accounting solutions aimed at small and medium sized businesses. The two companies plan to work together to create synergy, with plans to expand KDC’s mobile business by creating “Kakao Plus Friend” accounts for clients.
“In the midst of innovating processes for the large offline market and having been welcomed by a partner as wonderful as Kakao, we have big expectations,” says Korea Credit Data CEO Kim Dong-ho. “Through this strategic partnership, we will do our best to offer the most integrated experience to SMEs on mobile.”