FinTech Firm Dunamu Partners With Korea Credit Data On Blockchain Solution For SMEsbr>
KCD provides mobile accounting software (Cashnote) to SMEs operating under the Korean taxation system. It has raised over $5 million in funding so far, largely from Kakao, KT, and Korea Federation of Banks. It is growing rapidly and now serving over 65,000 businesses after its initial launch in April 2017.
Founded in 2012, Dunamu started as a news aggregator, but quickly pivoted to FinTech. It attracted Kakao in 2013, when it won $187,000 in backing from its holding company K Cube Ventures, and then $3.8 million directly from the firm two years later. The alliance led to the creation of KakaoStock, a mobile stock trading app which now has more than 300,000 users and leverages Kakao’s instant messaging base of 50 million. Dunamu is also the operator of cryptocurrency exchange Upbit.
Under the partnership, Dunamu will coordinate with KCD to develop the blockchain solution to lower procurement cost and help SME operators get easier access to structured securities.
KCD CEO Kim Dong-ho said that the project will be on the back of investment from Dunamu & Partners, a venture capital subsidiary of Dunamu announced in March.
“Cashnote has already become a strong platform for securing business contacts and data,” said Kang-jun, CEO of Dunamu & Partners. “We will actively collaborate with Korea Credit Data in the development of business banking products based on blockchain technology.”
Last month, Dunamu announced plans to invest 100 billion won ($92.5M USD) toward blockchain technologies over the next three years. The company will be investing in startups and firms pursuing areas that can be integrated with blockchain, including data analytics and management, artificial intelligence (AI), and financial technology (FinTech) via mergers and acquisitions, as well as equity investment.