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- Korea Credit Data
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
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
Website
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| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jun 2024 | Series D | $943M | - |
| Aug 2023 | Series D | $1B | 22.7x |
| Oct 2022 | Series 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
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Aug 2023 | $44M | $1B | 22.7x | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2024 | Series D | Hanwha Life Insurance (lead) | $36M | $943M | - |
| Aug 2023 | Series D | Morgan Stanley Tactical Value (lead) | $76M | $1B | Korea 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 2022 | Series D | LG Uplus (lead); Fiserv | $25M | $776M | Korea 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 2021 | Series D | RKPSG; 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 2021 | Series C | Pavilion 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 2020 | Series B | QUAD Investment Management (lead); RKPSG | $8M | - | - |
| May 2019 | Series B | QUAD Investment Management (lead) | $4M | - | - |
| Oct 2017 | Series A | Kakao (lead) | $4M | - | - |
| Nov 2016 | Seed | Kakao Ventures (lead); D·CAMP; TIPS Program | $1M | - | - |
| Jul 2016 | Angel | Daniel 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Jan 2020 | ||
| 2 | Lead | Nov 2016 | ||
| 2 | Participant | Apr 2021 | ||
| 2 | Participant | Apr 2021 | ||
| 2 | Lead | May 2019 | ||
| 1 | Lead | Jul 2016 | ||
| 1 | Participant | Nov 2021 | ||
| 1 | Lead | Oct 2017 | ||
| 1 | Participant | Jul 2016 | ||
| 1 | Lead | Oct 2022 | ||
| 1 | Lead | Aug 2023 | ||
| 1 | Participant | Oct 2022 | ||
| 1 | Participant | Nov 2016 | ||
This data is available for Pro users. Sign up to see all 19 Korea Credit Data investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions 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
| 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 Country | |||
| HQ City | Seoul | Seoul | Daegu |
| Deal Date | 6 Oct 2022 | 28 Mar 2022 | 4 Aug 2021 |
| Valuation | $64M | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Korea Credit Data acquisitions and their M&A valuation multiples. Start Free Trial | |||
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
| 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 Country | ||
| HQ City | Seoul | Seoul |
| Deal Date | 13 Jan 2025 | 7 Mar 2024 |
| Round | Seed | Seed |
| Raised | $1M | $4M |
| Investors | KEB Hana Bank | Industrial Bank of Korea; KB Kookmin Bank; DGB Daegu Bank; Seoul Guarantee Insurance; Hyundai Capital South Korea; Jeonbuk Bank; KakaoBank; Welcome Bank |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Korea Credit Data investments and their VC round multiples. Start Free Trial | ||
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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $130M | $67M | $1.6B | - | ||
| Private | - | - | $1B | - | ||
| Private | $77M | - | $1.1B | 13.8x | ||
| Publicly listed | $3.8B | $329M | $2.2B | 0.7x | ||
| Private | - | - | $900M | - | ||
| Private | - | - | $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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $317M | $64M | 2.8x | 2.6x | 13.8x | 12.7x | |||
| $258M | ($69M) | 2.4x | 2.2x | (8.8x) | 27.8x | |||
| $280M | $86M | 2.7x | 2.6x | 8.8x | 7.0x | |||
| $608M | $221M | 1.9x | 1.9x | 5.3x | 4.8x | |||
| $1.1B | $82M | 0.7x | 0.7x | 9.4x | 9.2x | |||
| $201M | $55M | 4.9x | 4.9x | 17.9x | 17.0x | |||
| $3.1B | $84M | 0.2x | 0.2x | 8.2x | 6.6x | |||
| $214M | $95M | 4.6x | 4.4x | 10.3x | 9.7x | |||
This data is available for Pro users. Sign up to see all Korea Credit Data competitors and their valuation data. Start Free Trial | ||||||||
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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