South Korean B2B Fintech Webcash Group Receives $20.9M Funding from KT, a Main Telecom Agency

KT, one in every of South Korea’s largest telecom corporations, reveals that it is going to be investing KRW 23.6 billion (appr. $20.9 million) into the operations of Webcash Group. The funding shall be a part of a plan to type an alliance relationship for the B2B sector.

Webcash Group is a serious B2B Fintech firm that provides an embedded monetary administration system, an embedded bookkeeping platform, an expenditure administration service, and a tax administration software program utility.

In 2020, KT launched the B2B answer, known as “KT Enterprise” and in addition centered on the enlargement of the B2B market. In the meantime, the Webcash Group supplies completely different B2B Fintech providers.

By means of this newest fairness funding, KT shall be focusd on enhancing its digital transformation technique within the B2B area.

Webcash shall be leveraging KT’s AI, Large Knowledge, and Cloud-powered platform together with its community infrastructure. Webcash shall be introducing “KT Kyungrinara” and “KT Bizplay” providers by integrating KT’s expertise into the present “Kyungrinara” service – which is a bookkeeping administration answer.

A SaaS platform based mostly on KT’s Cloud may also be supplied to handle B2B prospects’ necessities. “KT Semo gagae,” which is the built-in service of KT’s Large Knowledge platform for the evaluation of business energy, may also be supplied to small companies in South Korea.

As lined in late Might 2021, F10, a number one Fintech startup incubator and accelerator program, had teamed up with Seoul Fintech Lab which is supported by the Seoul Metropolitan Authorities and Ok accelerator, a Fintech help middle headquartered in Seoul. By means of the partnership, each organizations will goal to broaden their incubation program into South Korea.

This system will primarily concentrate on helping early-stage South Korean Fintechs with enhancing their product choices in an effort to be well-prepared for worldwide markets and company purchasers.

F10 shall be selecting 10 of probably the most promising or high-potential startups to take part in a 6-week lengthy program, starting on July 26, 2021.

This system is scheduled to run in a hybrid format, with four weeks of on-line lessons and an in depth 2-week in-person workshop carried out in Seoul. The classes will conclude with a Demo Day, the place startups can pitch their enterprise concepts to a global viewers.