KCS Accelerates with $4.2M Investment for CreditNote Advancements
Korea Credit Service (KCS), a credit bureau for individual entrepreneurs based in South Korea, has secured a $4.2M(5 billion won) investment from DGB Daegu Bank, Industrial Bank of Korea (IBK), and Korea Credit Data. This latest investment brings KCS’s total funding to over 20 billion won.
KCS, with shareholders including Kakao Bank, SGI Seoul Guarantee, KB Kookmin Bank, Hyundai Capital, JB Jeonbuk Bank, and Welcome Savings Bank, serves small business owners. Through its credit evaluation service, “CreditNote,” entrepreneurs can now check their credit rating within 3 minutes with just a home tax authentication, eliminating the previous wait for credit rating verification documents.
CreditNote also offers a pre-diagnosis service for entrepreneurs to assess their eligibility for policy funds, guarantees, and policy funds before applying, aiding in evaluating success possibilities.
KCS plans to expand its services beyond public institution submissions to private sector reports, including those for apartment bidding and sales verification for local governments. It aims to maximize synergy with Korea Credit Data (KCD), develop in-depth business performance analysis through data integration, and launch specialized indices for loans.
In addition to expanding its pre-diagnosis service for individual entrepreneurs, KCS actively collaborates with external organizations to diversify pre-diagnosis services with the goal of expanding partnerships with government agencies, local governments, and public institutions based on its previous experiences.
Kim Sang-woo, CEO of KCS, stated, “This investment reaffirms KCS’s competitiveness as the only dedicated credit bureau for individual entrepreneurs in the country.” He added, “With a model based on distinctive data, we will collaborate with traditional financial institutions to enhance credit evaluations for individual entrepreneurs, realizing our vision of expanding financial opportunities within the regulatory framework for them.”
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