Kakao invests 4 billion won in finance tech firm KoreaCreditData

Kakao invested 4 billion won ($3.5 million) in financial technology firm KoreaCreditData, the mobile service provider said Wednesday.

The technology firm is known for its lightweight accounting service dubbed “CashNote,” frequently used by small and mid-sized enterprises. While the service was launched only six months ago, in April, it handles accounting for over 23,000 companies, which made over 4 trillion won in sales revenue altogether, KoreaCreditData said.

The service operates on Kakao’s famed messenger app KakaoTalk rather than through a separate app, so managers can use the service more conveniently. It has its own Kakao ID, dubbed CashNote, and users only have to text orders to the ID to get accounting information.

Kakao said the partnership with the tech firm is expected to create synergy as its service already works effectively using Kakao’s platform for business.

By Kim Jee-hee