As first reported by AVCJ, Korea Credit Data (KCD), the operator of a super app aimed at small and medium-sized enterprises (SMEs), has raised $75 million in its latest funding round, reaching a valuation of $1 billion and achieving unicorn status.
The fintech startup has been on a journey to unicorn status since its inception in 2016, and this latest funding round marks a significant milestone for the Seoul-based company.
KCD provides business management services to self-employed and small business owners nationwide in Korea.
The company’s super app offers a range of financial services, including credit scoring, loan origination, and payment processing, all in one platform.
This has made it a popular choice among SMEs in Korea, and the latest funding round will enable KCD to expand its offerings and reach more customers.
Key Takeaways
- Korea Credit Data, a fintech startup in Korea, has raised $75 million in its latest funding round, reaching a valuation of $1 billion and achieving unicorn status.
- KCD’s super app offers a range of financial services, including credit scoring, loan origination, and payment processing, all in one platform, making it a popular choice among SMEs in Korea.
- The latest funding round will enable KCD to expand its offerings and reach more customers, as the company continues its journey towards becoming a leading fintech player in the region.
Korea Credit Data’s Journey to Unicorn Status
Korea Credit Data (KCD), a Seoul-based fintech startup, has raised $75 million in its latest funding round, achieving unicorn status with a valuation of $1 billion.
KCD’s platform provides business management services to self-employed and small business owners across South Korea.
KCD was founded in 2016 by Kelvin Dongho Kim, who previously worked at Samsung Securities. The startup has raised a total of $112 million since its inception.
Its latest funding round was led by existing investor Altos Ventures, with participation from new investors including Q Venture Partners and Stonebridge Ventures.KCD’s platform offers a range of financial services, including credit scoring, loan origination, and debt collection, to help small businesses manage their finances more effectively.
The startup has also developed a super app aimed at SMEs, which provides a one-stop-shop for business management tools and services.
KCD’s success in achieving unicorn status is a testament to the growing importance of fintech in South Korea’s economy.
The country has a highly developed financial sector, with a strong emphasis on technology and innovation. KCD’s platform has helped to fill a gap in the market by providing much-needed financial services to small businesses, which have traditionally struggled to access credit and other financial products.Overall,
KCD’s journey to unicorn status is a reflection of the company’s innovative approach to fintech and its commitment to helping small businesses thrive in an increasingly competitive market.
With $75 million in new funding, KCD is well-positioned to continue its growth and expand its services to even more SMEs across South Korea.
Investors and Funding Rounds
Korea Credit Data (KCD) has raised a total of $111M in funding over 12 rounds. Their latest funding was raised on Oct 6, 2022, from a Series D round, where KCD raised $24.7M.
The round was participated by FinTech company Fiserv and LG Uplus.KCD has a long list of investors, including SoftBank Vision Fund, SoftBank Vision Fund 2, Tiger Global, Index Ventures, Insight Partners, Apis Partners, Norwest Venture Partners, Accel, and Sequoia Capital.
However, it is not clear if any of these investors participated in the latest funding round.KCD’s first funding round was a Series A round in 2016, where the company raised $2.5M. The company’s Series B funding round was in 2017, where it raised $6.6M. In 2019, KCD raised $14.7M in a Series C funding round.KCD’s most recent funding round, the Series D round, was split into two parts. The first part was in May 2022, where the company raised $45M.
The second part was in October 2022, where the company raised $24.7M.KCD’s latest funding round has brought the company’s valuation to KRW 1.3trn (USD 1bn), making it a unicorn company.
The company’s super app is aimed at small and medium-sized enterprises (SMEs) and provides business management services to self-employed and small business owners nationwide.
Company Leadership
Korea Credit Data (KCD) has a strong leadership team that has been instrumental in driving the company’s success. The team comprises experienced professionals with a deep understanding of the fintech industry.The CEO of KCD is Mr. Kim Hyung-jun, who has been with the company since its inception in 2016.
With over 20 years of experience in the financial industry, Mr. Kim has played a critical role in leading the company to achieve unicorn status.
Prior to joining KCD, he served as the CEO of Korea Credit Bureau, where he was responsible for developing and implementing the company’s business strategies.
The founder of KCD, Mr. Kim Tae-hoon, is a seasoned entrepreneur with a track record of building successful businesses.
He has over 30 years of experience in the financial industry and has been instrumental in shaping the company’s vision and strategy.
Mr. Kim Tae-hoon holds a PhD in Economics from the University of Chicago and has authored several academic papers on the subject.The CTO of KCD, Mr. Lee Sang-hoon, is responsible for overseeing the company’s technology and product development.
With over 15 years of experience in the IT industry, Mr. Lee has a deep understanding of software development and has played a critical role in building the company’s proprietary technology platform.
The Managing Director of KCD, Mr. Choi Young-seok, is responsible for overseeing the company’s overall operations. With over 20 years of experience in the financial industry, Mr. Choi has a deep understanding of risk management and has been instrumental in ensuring that the company’s operations are conducted in a safe and sound manner.
Overall, the leadership team at KCD is well-equipped to drive the company’s growth and continue to deliver value to its customers. With a strong focus on innovation and customer satisfaction, KCD is well-positioned to maintain its position as a leading fintech company in South Korea.
Product Innovation and Offerings
Korea Credit Data (KCD) has achieved unicorn status after raising $75m in its Series D round.
This is an impressive feat for a company that was only founded in 2016. KCD provides business management services to self-employed and small business owners nationwide.
In this section, we will explore the product innovation and offerings of KCD.KCD’s product offerings include a range of financial services, such as credit risk assessment, credit management, and debt collection.
The company’s technology platform uses artificial intelligence (AI) and machine learning (ML) algorithms to analyze data and provide insights into creditworthiness. KCD’s cloud-based platform allows for easy access to its services from anywhere in the world.
One of KCD’s key product innovations is its credit scoring system. The company has developed an innovative credit scoring model that uses a range of data sources to assess creditworthiness.
This includes traditional credit data, such as credit scores and payment histories, as well as non-traditional data, such as social media activity and online purchasing behavior.
By using a wide range of data sources, KCD is able to provide more accurate credit assessments and better serve its customers.KCD is also focused on product innovation in the area of debt collection.
The company has developed a range of tools and technologies to help businesses manage their debt collection processes more effectively.
This includes automated debt collection processes, as well as tools for tracking and managing debt collection activities
Overall, KCD’s product innovation and offerings are focused on providing high-quality financial services to self-employed and small business owners.
The company’s use of AI and ML algorithms, along with its cloud-based platform, allows it to provide more accurate and efficient services to its customers.
With its recent funding round, KCD is well-positioned to continue innovating and expanding its product offerings in the years to come.
Global Expansion
With the recent funding round, Korea Credit Data (KCD) is well-positioned to expand its operations globally.
The company has already established a strong presence in its home country, Korea, and has plans to expand into new markets. KCD has been eyeing opportunities in the US, Europe, India, Vietnam, and other regions, and is looking to set up new offices in these regions.KCD has been focusing on expanding its services to new markets, and has been successful in doing so. The company has been able to establish itself as a leading provider of business management services to self-employed and small business owners nationwide.
With its new funding, KCD will be able to expand its services to new markets, and will be able to offer its services to a wider range of customers.KCD is looking to expand its operations in North America, and has been exploring opportunities to set up new offices in the region.
The company has been working to establish partnerships with local businesses and organizations, and is looking to leverage these partnerships to expand its reach in the region.KCD has been exploring opportunities to expand its operations in Europe, and has been working to establish partnerships with local businesses and organizations in the region.
The company is looking to leverage these partnerships to expand its reach in the region, and to offer its services to a wider range of customers.
In India, KCD has been exploring opportunities to expand its operations, and has been working to establish partnerships with local businesses and organizations in the region.
The company is looking to leverage these partnerships to expand its reach in the region, and to offer its services to a wider range of customers
.In Vietnam, KCD has been exploring opportunities to expand its operations, and has been working to establish partnerships with local businesses and organizations in the region.
The company is looking to leverage these partnerships to expand its reach in the region, and to offer its services to a wider range of customers.
Overall, KCD is well-positioned to expand its operations globally, and is looking to set up new offices in new markets.
The company has been successful in expanding its services to new markets, and is looking to leverage its partnerships with local businesses and organizations to expand its reach in new regions.
Partnerships and Collaborations
Korea Credit Data (KCD) has formed several partnerships and collaborations to expand its services and reach more small and medium-sized enterprises (SMEs).
In 2018, KCD partnered with Shinhan Bank, one of the largest banks in South Korea, to provide Shinhan Bank’s SME customers with access to KCD’s credit scoring and business management services.
This partnership has enabled KCD to reach a wider audience and has helped Shinhan Bank to better serve its SME customers.KCD has also collaborated with financial institutions such as Fiserv and LG Uplus to raise funds and expand its services.
n October 2022, KCD raised $24.7 million in a Series D extension financing round, with Fiserv and LG Uplus participating in the funding.
This collaboration has helped KCD to further develop its super app and provide more comprehensive services to SMEs.In addition to financial institutions, KCD has also partnered with technology companies such as Salesforce, Microsoft, and Google to integrate their services into KCD’s super app.
For example, KCD has integrated Google’s G Suite to provide SMEs with access to productivity tools such as Gmail, Google Drive, and Google Calendar.
These collaborations have helped KCD to provide a more comprehensive suite of services to SMEs, making it easier for them to manage their businesses.Overall, KCD’s partnerships and collaborations have helped the company to expand its services and reach more SMEs.
By working with banks, financial institutions, and technology companies, KCD has been able to provide a more comprehensive suite of services to its customers, making it easier for SMEs to manage their businesses and access the resources they need to grow.
Future Plans and Prospects
Korea Credit Data (KCD) plans to use the $75 million raised from its recent funding round to accelerate its growth and transformation into a leading fintech company.
The company is now valued at approximately $1.1 billion, achieving unicorn status.KCD has been expanding its business management services for self-employed and small business owners nationwide.
The company is expected to further develop its platform and expand its services to reach more customers. The funding will also be used to improve the company’s technology and infrastructure to provide more efficient and secure services.
KCD’s future plans include a possible IPO. The company has not confirmed the timing of the IPO, but it has been reported that KCD is considering going public in the near future.
An IPO could provide further growth capital for the company and increase its visibility in the market.In addition to an IPO, KCD is also exploring other growth opportunities.
The company is looking to expand its services to other countries in the region, including Southeast Asia. KCD is also considering strategic partnerships and acquisitions to further enhance its capabilities and offerings.
Overall, KCD is confident in its future prospects.
The company has a strong track record of growth and innovation in the fintech industry, and its recent funding round demonstrates the confidence of investors in its potential.
With its continued focus on technology and customer service, KCD is well-positioned to transform the financial services industry in Korea and beyond.
Conclusion
Korea Credit Data has achieved unicorn status after raising $75 million in a recent funding round. The fintech start-up provides business management services to self-employed and small business owners nationwide. The super app aimed at small and medium-sized enterprises (SMEs) has seen significant growth in recent years, leading to this latest funding round.
The successful funding round was led by a group of investors, including Hana Financial Investment, KB Investment, and NongHyup Financial Group.
The company’s valuation has now reached KRW 1.3trn (USD 1bn), making it one of the most valuable fintech start-ups in Korea.Korea Credit Data’s success can be attributed to its innovative approach to serving the SME market.
The super app provides a range of services, including credit scoring, business management tools, and financial services. These services are designed to help SMEs overcome the challenges they face in accessing credit and managing their finances.
The company’s success also reflects the growing importance of fintech in Korea. With the government actively promoting fintech innovation, Korea is becoming a hub for fintech start-ups. Korea Credit Data’s success is a testament to the potential of the Korean fintech market and the opportunities it presents for innovative start-ups.
Overall, Korea Credit Data’s achievement of unicorn status is a significant milestone for the company and the Korean fintech industry.
The company’s innovative approach to serving the SME market has paid off, and its success is likely to inspire other start-ups to follow in its footsteps.
Frequently Asked Questions
What is Korea Credit Data and what do they do?
Korea Credit Data (KCD) is a Seoul-based fintech startup that provides business management solutions to small and medium-sized enterprises (SMEs) in Korea. KCD’s flagship product, Cashnote, helps SMEs manage their finances, including accounting, invoicing, and inventory management.
Who invested in Korea Credit Data’s recent funding round?
KCD recently raised $75 million in a Series D funding round, achieving unicorn status with a valuation of over $1 billion. The funding round was led by Fiserv, a US-based financial services technology company, and LG Uplus, a South Korean telecommunications company. Other investors included existing investors such as SoftBank Ventures Asia, Qualcomm Ventures, and Altos Ventures.
What is the significance of achieving unicorn status?
Achieving unicorn status is a significant milestone for startups as it indicates that they have a valuation of over $1 billion. This achievement demonstrates that KCD has a high-growth potential and is on track to become a major player in the fintech industry.
Which other companies have achieved unicorn status in 2023?
As of August 2023, several other companies have achieved unicorn status, including Affinity, HackerRank, Brightline, and Typeform. These companies have all raised significant amounts of funding and are poised for further growth and success.
What is the current state of the unicorn market in India?
The unicorn market in India is currently booming, with several startups achieving unicorn status in recent years. In 2022 alone, India saw the emergence of several new unicorns, including Zeta, Moglix, and CRED. The Indian government has been actively supporting the growth of startups, and the country has become a hub for innovation and entrepreneurship.
What is the process for a startup to achieve unicorn status?
The process for a startup to achieve unicorn status involves several key steps. First, the startup must demonstrate a high-growth potential and attract significant funding from investors. The startup must also have a unique product or service that sets it apart from competitors. Finally, the startup must continue to grow and expand its operations, demonstrating that it has the potential to become a major player in its industry.
Private Equity News Asia
