Korea Credit Data Revenue, Valuation, Funding & Investors

Korea Credit Data is valued at $943M as of June 2024.

Last Korea Credit Data valuation

$943M

Series D · Jun 2024

Last Korea Credit Data funding round

$36M

Series D · Jun 2024

Korea Credit Data revenue

$44M

Series D · Aug 2023

Key investors in Korea Credit Data

  • Kakao Ventures
  • Kclavis
  • GS Holdings
  • QUAD Investment Management
  • RKPSG
  • TIPS Program

Korea Credit Data Overview

About Korea Credit Data

Korea Credit Data is a Seoul-headquartered fintech provider serving over 2 million merchants with business management, customer analytics, POS systems, payment processing, and marketplace services. Through subsidiaries like Korea Payment Networks, IMU for POS, and Korea Credit Service as a credit bureau, it holds the first CB license issued in 17 years. Backed by investors including Temasek's Pavilion Capital, Morgan Stanley Tactical Value, Kakao, KB Kookmin Bank, Hanwha Life, Shinhan Card, Dunamu's Upbit, GS25, and Fiserv, the group has raised over $220 million.


Founded

2016

HQ

South KoreaSeoul

Website

kcd.co.kr

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$44M (Aug 2023)

Valuation

$943M (Jun 2024)

Korea Credit Data Valuation

Korea Credit Data is currently valued at $943M, based on its Series D in June 2024.

The $36M round was led by Hanwha Life Insurance.

Korea Credit Data's valuation has grown 1.2x from $776M at its Series D in October 2022 to $943M in June 2024, across 3 priced rounds.

Korea Credit Data valuation by funding round

Revenue multiple
Korea Credit Data valuation by funding round
DateStageValuationRevenue Multiple
Jun 2024Series D$943M-
Aug 2023Series D$1B22.7x
Oct 2022Series D$776M-

Korea Credit Data Revenue

Korea Credit Data's latest recorded revenue is $44M, as of its Series D in August 2023. At a $1B valuation, that implies a 22.7x revenue multiple.

Korea Credit Data revenue by funding round

Korea Credit Data revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Aug 2023$44M$1B22.7xSeries D

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Korea Credit Data Funding History

Korea Credit Data has raised a total of $223M across 10 funding rounds.

Korea Credit Data's first fundraising round was a $100K angel round in July 2016. The most recent completed round was a $36M Series D in June 2024.

Korea Credit Data funding rounds

Korea Credit Data funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2024Series DHanwha Life Insurance (lead)$36M$943M-
Aug 2023Series DMorgan Stanley Tactical Value (lead)$76M$1BKorea Credit Data (KCD), founded in 2016, operates the super-app 'Cashnote' as a leading SMB-enabling ecosystem in South Korea, serving approximately two million small and medium-sized merchant users with services including store management, financial services, B2B marketplace, payment enablement, merchant credit ratings, and data analytics. On August 24, 2023, KCD secured KRW 100 billion (about USD 77 million) from Morgan Stanley Tactical Value (MSTV), a New York-based private credit and equity investor, in a Series D-III round, bringing total capital raised to over KRW 260 billion. This investment elevated KCD's post-money valuation to USD 1 billion (KRW 1.3 trillion), up from KRW 1.1 trillion in its October 2022 round, marking it as a unicorn and a 25-fold valuation increase over five years. KCD demonstrated strong growth traction, adding 300,000 users since October 2022 to reach two million nationwide, positioning it as the dominant player in Korea's merchant solutions space. Its H1 2023 revenue quadrupled from H1 2022 and exceeded the full-year 2022 revenue of approximately KRW 65 billion. The funding will accelerate the digital transition of Korea's SME financial systems, with plans to leverage data from Cashnote to establish an SME-specialized bank and introduce new services for self-employed business owners' store and cash flow management. Morgan Stanley Tactical Value highlighted KCD's pivotal role in the Korean SMB market and wider economy, viewing it as a strong investment opportunity. Prior fundings included KRW 35 billion from investors like LG Uplus in 2016 and rounds in October 2022 valuing the company at about USD 780 million. KCD's rapid ascent underscores its impact on South Korea's fintech landscape amid a startup funding winter.
Oct 2022Series DLG Uplus (lead); Fiserv$25M$776MKorea Credit Data (KCD), a Seoul-based fintech startup founded in 2016, provides digital financial services to small and medium-sized enterprises (SMEs) in South Korea, including a bookkeeping app called Cash Note for tracking cash flow, revenues, credit card sales, and expenditures, alongside SME-focused lending services connecting merchants to capital loans. The company has built a super app for over 1.7 million registered merchants and acquired startups like ImU (POS provider) and Persona (government subsidy alerts) to expand its offerings. In October 2022, KCD raised $24.7 million in a Series D extension round from strategic investors Fiserv and LG Uplus (lead), valuing the company at approximately $776 million (1.1 trillion KRW) post-money, up from $563 million in its prior November 2021 Series D1 round of $28.1 million. This brought total Series D funding to about $70 million and cumulative funding since inception to $112 million, with previous backers including KB Kookmin Bank, KB Securities, GS Holdings, KT Investment, Pavilion Capital, Shinhan Card, Samsung Fire & Marine Insurance, Kakao, and Kclavis. KCD plans to use the capital to expand its team of 230 employees and pursue additional acquisitions, including later acquiring Fiserv Korea as part of the strategic partnership. The company achieved unicorn status with a valuation exceeding 1 trillion KRW following this round. Subsequent developments include a $75.7 million (100 billion KRW) investment from Morgan Stanley Tactical Value in 2023, pushing valuation to $1 billion (1.3 trillion KRW), and further funding bringing total raised to $182.91 million across multiple rounds.
Nov 2021Series DRKPSG; KB Securities; GS Holdings; Kclavis$34M-Korea Credit Data is a South Korean fintech company operating the Cashnote app, a business management platform for small business owners offering bookkeeping, settlement, sales management, POS systems, and AI-powered features like sales forecasting and customer insights. Founded in 2016, it has raised over $182.91M across 12 funding rounds as of 2023, with its Series D round on November 18, 2021, raising $33.88M from GS Group, KB Kookmin Bank, KB Securities, KCLAVIS Investment, and Ryukyung PSG Asset Management—matching the queried investors. A later Series D-II extension in October 2022 raised $24.7M at a $780.33M valuation, followed by Series D-III in August 2023 for $75.46M led by Morgan Stanley. By 2025-2026, Cashnote grew to over 2 million business sites (3 million including POS/card networks), managing 677 trillion KRW in annual transactions, achieving first monthly operating profit in December 2025 after 9 years, with projections for annual profitability by 2026. Total funding reached 310 billion KRW by early 2026, amid expansions in AI services (14 of 86 features), B2B marketplaces, and subscription plans.
Apr 2021Series CPavilion Capital (lead); Kakao Ventures; GS Holdings; Kclavis; KT Investment$36M-Korea Credit Data (KCD) is a South Korean fintech company founded in 2017 that develops business management software and data products for small and medium-sized enterprises. The company's flagship product is CashNote, which provides SMEs with tools for managing their finances, along with CashNote Credit Bridge, a B2B data product that allows financial institutions to incorporate SMEs' operating status in their credit rating assessments. KCD has built strategic partnerships with major Korean firms including Kakao Corp., Shinhan Card, and KT, positioning itself as a critical bridge between small businesses and the broader financial ecosystem. In April 2021, Korea Credit Data raised approximately $36 million (40 billion won) in a Series C funding round led by Pavilion Capital, the Singapore-based private equity subsidiary of Temasek Holdings. The round included participation from GS Holdings, Kakao Ventures, KT Investment, and KB Bank as strategic investors. By that point, KCD had accumulated approximately 60 billion won in total funding with an enterprise value exceeding 400 billion won ($360 million). The company planned to use the proceeds for new business ventures, M&A activity, and talent acquisition to support inorganic growth.
Jan 2020Series BQUAD Investment Management (lead); RKPSG$8M--
May 2019Series BQUAD Investment Management (lead)$4M--
Oct 2017Series AKakao (lead)$4M--
Nov 2016SeedKakao Ventures (lead); D·CAMP; TIPS Program$1M--
Jul 2016AngelDaniel Shin (lead); Benjamin Joe; Kisik Bae; Jay Eum$100K--

Who has invested in Korea Credit Data?

19 investors have backed Korea Credit Data across its funding rounds, including Kakao Ventures, Kclavis, GS Holdings, QUAD Investment Management, RKPSG and TIPS Program.

Lead investors include Hanwha Life Insurance, Morgan Stanley Tactical Value, LG Uplus, Pavilion Capital, QUAD Investment Management and 3 other investors.


Korea Credit Data Investors

Investors in Korea Credit Data by funding rounds participated
InvestorHQRoundsRoleFirst check
RKPSGSouth KoreaSeoul2ParticipantJan 2020
Kakao VenturesSouth KoreaSeongnam2LeadNov 2016
GS HoldingsSingaporeSingapore2ParticipantApr 2021
KclavisSouth KoreaSouth Korea2ParticipantApr 2021
QUAD Investment ManagementSouth KoreaSeoul2LeadMay 2019
Daniel ShinNorth KoreaNorth Korea1LeadJul 2016
KB SecuritiesSouth KoreaSouth Korea1ParticipantNov 2021
KakaoSouth KoreaSeoul1LeadOct 2017
Benjamin JoeSingaporeSingapore1ParticipantJul 2016
LG UplusSouth KoreaSeoul1LeadOct 2022
Morgan Stanley Tactical ValueUnited StatesNew York City, NY1LeadAug 2023
FiservUnited StatesUnited States1ParticipantOct 2022
D·CAMPSouth KoreaSeoul1ParticipantNov 2016

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Acquisitions by Korea Credit Data

Korea Credit Data has acquired 3 companies to date.

Last acquisition by Korea Credit Data was on October 6th 2022. Korea Credit Data acquired Korea Payment Networks for $64M.


Latest Acquisitions by Korea Credit Data

Korea Payment Networks
I’mU
Persona
Description
Korea Payment Networks is a Seoul-headquartered provider of electronic payment gateways for offline POS terminals and online merchants. The company processes credit card, debit, and mobile transactions with value-added services like fraud detection. Korea Payment Networks serves retail chains, e-commerce platforms, and financial institutions across South Korea.
I’mU is a Busan-headquartered developer of point-of-sale hardware and software solutions tailored for Korean retail and hospitality sectors. The company produces touchscreen terminals, payment processing systems, and integrated management software for inventory and sales tracking. It serves thousands of merchants nationwide via partnerships with major payment networks.
Persona is a Seoul-based mobile application developer providing SMEs with tailored information on Korean government subsidies, policies, and support programs. Bizbot aggregates data from ministries like the Ministry of SMEs and Startups, offering eligibility checks, application guides, and deadline alerts. The app covers R&D grants, export incentives, and digital transformation funds, serving 100,000 users in manufacturing and services sectors.
HQ CountrySouth KoreaSouth KoreaSouth Korea
HQ City
Seoul
Seoul
Daegu
Deal Date6 Oct 202228 Mar 20224 Aug 2021
Valuation$64Mundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Investments by Korea Credit Data

Korea Credit Data has invested in 1 company to date.

Latest investment by Korea Credit Data was on January 13th 2025. Korea Credit Data invested in Korea Credit Service in their $1M Seed round.


Latest Investments by Korea Credit Data

Korea Credit Service
Korea Credit Service
Description
Korea Credit Service is a credit rating agency in Seoul specializing in evaluations for individual enterprises and sole proprietors. Its flagship product CreditNote delivers instant credit scores based on financials, transaction history, and public records, serving over 1 million users. Operating since 2018 under a credit bureau license, it integrates with POS systems from partners like Korea Credit Data and supports loan applications for small businesses nationwide.
Korea Credit Service is a credit rating agency in Seoul specializing in evaluations for individual enterprises and sole proprietors. Its flagship product CreditNote delivers instant credit scores based on financials, transaction history, and public records, serving over 1 million users. Operating since 2018 under a credit bureau license, it integrates with POS systems from partners like Korea Credit Data and supports loan applications for small businesses nationwide.
HQ CountrySouth KoreaSouth Korea
HQ City
Seoul
Seoul
Deal Date13 Jan 20257 Mar 2024
RoundSeedSeed
Raised$1M$4M
InvestorsKEB Hana BankIndustrial Bank of Korea; KB Kookmin Bank; DGB Daegu Bank; Seoul Guarantee Insurance; Hyundai Capital South Korea; Jeonbuk Bank; KakaoBank; Welcome Bank
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Korea Credit Data Competitors

Korea Credit Data competitors include listed companies like eFinance and Diebold Nixdorf, and private ones like Huochebang, Rivigo, Globality and Omnio.

Public and private companies comparable to Korea Credit Data
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
eFinanceEgyptEgyptPublicly listed$130M$67M$1.6B-
HuochebangChinaGuizhouPrivate--$1B-
RivigoIndiaGurgaonPrivate$77M-$1.1B13.8x
Diebold NixdorfUnited StatesUnited StatesPublicly listed$3.8B$329M$2.2B0.7x
GlobalityUnited StatesSan Francisco, CAPrivate--$900M-
OmnioUnited KingdomLondonPrivate--$900M-

Korea Credit Data Public Comps

Korea Credit Data is still privately-owned, but its public comps include Intellect Design Arena Ltd, Nextdoor, Web Travel Group, Trainline, UT Group, Bravura Solutions, ATRenew, Grupa Pracuj, PEXA Group and Vitec Software.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Intellect Design Arena Ltd$317M$64M2.8x2.6x13.8x12.7x
Nextdoor$258M($69M)2.4x2.2x(8.8x)27.8x
Web Travel Group$280M$86M2.7x2.6x8.8x7.0x
Trainline$608M$221M1.9x1.9x5.3x4.8x
UT Group$1.1B$82M0.7x0.7x9.4x9.2x
Bravura Solutions$201M$55M4.9x4.9x17.9x17.0x
ATRenew$3.1B$84M0.2x0.2x8.2x6.6x
Grupa Pracuj$214M$95M4.6x4.4x10.3x9.7x

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Common questions about Korea Credit Data

When was Korea Credit Data founded?Korea Credit Data was founded in 2016.
Where is Korea Credit Data headquartered?Korea Credit Data is headquartered in Seoul, South Korea.
Is Korea Credit Data publicly listed?No, Korea Credit Data is a private, VC-backed company.
What is Korea Credit Data's valuation?Korea Credit Data was last valued at $943M in its Series D in June 2024.
How much funding has Korea Credit Data raised?Korea Credit Data has raised $223M across 10 funding rounds.
What was Korea Credit Data's last funding round?Korea Credit Data's last funding round was a $36M Series D in June 2024, led by Hanwha Life Insurance.
Who are Korea Credit Data's investors?Korea Credit Data's investors include RKPSG, Kakao Ventures, GS Holdings, Kclavis, QUAD Investment Management, Daniel Shin, KB Securities, Kakao, Benjamin Joe, LG Uplus and 9 others.
What is Korea Credit Data's revenue?Korea Credit Data's latest recorded revenue is $44M (August 2023).
What is Korea Credit Data's revenue multiple?Korea Credit Data's latest valuation implies a 22.7x revenue multiple ($1B valuation on $44M of revenue).
Which companies are comparable to Korea Credit Data?Companies comparable to Korea Credit Data include eFinance, Huochebang, Rivigo, Diebold Nixdorf, Globality and Omnio.
How many companies has Korea Credit Data acquired?Korea Credit Data has acquired 3 companies, including Korea Payment Networks, I’mU and Persona.
What was the largest acquisition by Korea Credit Data?The $64M acquisition of Korea Payment Networks in October 2022 is the largest acquisition Korea Credit Data has made to date.
How many companies has Korea Credit Data invested in?Korea Credit Data has invested in 1 company, including Korea Credit Service.
What was Korea Credit Data's last investment?In January 2025, Korea Credit Data invested in Korea Credit Service's $1M seed round alongside KEB Hana Bank.

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