Korean fintech startup Korea Credit Data (KCD) raises $100 million in funding from Morgan Stanley Tactical Value
Reading Time: 2 minutes
Korean fintech startup Korea Credit Data (KCD) has successfully secured $100 million in funding from Morgan Stanley Tactical Value (MSTV), marking a significant milestone in its journey.
Korea Credit Data (KCD), a prominent fintech startup based in South Korea, has managed to raise an impressive $100 million in funding, courtesy of the esteemed investment support provided by Morgan Stanley Tactical Value (MSTV). This substantial injection of funds has propelled KCD’s valuation to an impressive $1 billion.
At the core of KCD’s operations is its flagship offering, Cashnote. Initially conceived as a daily accounting application catering to small-scale enterprises, Cashnote has undergone an evolution, expanding its scope to encompass an array of services. These now include tailor-made financial solutions for businesses, a dynamic B2B marketplace, comprehensive information regarding government assistance available to small enterprises, and an interactive community tailored for business proprietors. In addition to these services, the company also plays a crucial role in furnishing essential service infrastructure to small businesses. This infrastructure spans point-of-sale (POS) systems and payment management networks, all delivered through the various subsidiaries under the KCD umbrella.
KCD has established itself as a frontrunner in catering to the needs of small businesses within the Korean landscape. The company proudly serves over 2 million businesses by leveraging its network of five subsidiaries, including its headquarters. This achievement represents a notable increase of 300,000 businesses since its previous funding round in October 2022. Notably, the company’s revenue has experienced rapid growth, with its first-half earnings in 2023 surpassing its complete revenue for the entirety of 2022. This remarkable expansion amounts to more than a fourfold increase when compared to the corresponding period from the previous year.
Dong-ho Kim, the CEO of KCD, expressed his satisfaction, stating, “We are thrilled that KCD’s business model, which places a strong emphasis on supporting small business proprietors, has garnered recognition from a distinguished global financial investor.” Kim emphasized the company’s commitment to innovation and continued service enhancement, combining the resources, expertise, and data of global investors with KCD’s own data to facilitate business owners in effectively managing their stores and financial operations.
Hyun-sung Kim, Managing Director at MSTV, shared his insights, mentioning, “Investors have been keenly interested in KCD’s business.” He emphasized the dual significance of KCD’s operations, both in terms of providing social benefits to small businesses and contributing to the broader Korean economy from a macroeconomic standpoint. Kim highlighted the investment’s role in empowering small business owners in Korea and positioned it as a crucial step for MSTV to support this segment’s growth.
Kim also conveyed his excitement about the partnership, stating, “We are delighted to collaborate with the KCD team.” He expressed his anticipation for the ongoing growth of the company, built upon its well-established infrastructure and comprehensive toolkit.
MSTV, a private credit and equity investor based in New York, operates as part of Morgan Stanley Investment Management (MSIM). The organization boasts a diverse portfolio of investments spanning global assets and industries, achieved through adaptable investment structures that navigate the rapidly evolving market landscape. This investment venture signifies MSTV’s inaugural foray into the realm of Korean enterprises, solidifying its commitment to supporting dynamic business growth.
- 서울시-로슈진단, 스프린트 데모데이 개최.. “진단 분야 혁신 스타트업 발굴”
- Solarize Secures 300 Million KRW Funding to Drive Solar and Hydrogen Energy Solutions
- CULTURE THINK Secures a 2 billion KRW funding from Sony Music
- Homes Company Secured Investment from Aqaralife to Enhance Co-living Smart Solutions
- DeepSmartech Secures 4.3 Billion KRW in Pre-Series A Funding for Nano-Coating Tech
- [Korean Startup Interview] Medicaretec: Pioneering Advanced Surgical Devices for Global Market Expansion
- Sweet-bio Secures Series B Bridge Investment to Accelerate Expansion into Japanese Market
- PulseAd Secures Seed Funding from SparkLabs to Launch Global Retail Media Platform
- [Korean Startup Weekly News #24] Paywatch Raises KRW 20 Billion in Series A to Expand Salary Advance Services
- [Korean Startup Interview] BION LIQUID: Leading the Way in Ionic Liquid Innovation for a New Bio-Ecosystem
