Lotte Accelerator and Korea Credit Data Support Early Infrastructure for Outstanding Startups

Business Agreement Ceremony Held on the 3rd
Future Investments Also Under Review

Lotte Accelerator and Korea Credit Data signed a "Partnership Agreement to Support Startup Market Validation" on the 3rd, agreeing to support startups by utilizing the various infrastructures of both companies. The photo shows Jinseong Lee, CEO of Lotte Accelerator (left), and Dongho Kim, CEO of Korea Credit Data (right), posing for a commemorative photo at the Lotte Accelerator headquarters in Gangnam-gu, Seoul. Photo by XXX

[Asia Economy Reporter Minyoung Cha] Lotte Accelerator has partnered with Korea Credit Data to provide infrastructure support for startups to establish themselves in the early market.

On the 3rd, Lotte Accelerator and Korea Credit Data signed a business agreement at the Lotte Accelerator headquarters to operate the "Data Startup Incubation and Partner Program" based on this content.

The program operated by Korea Credit Data aims to verify the marketability of early startups, with Lotte Accelerator supporting as a partner company. Participation applications were accepted from startups until mid-May. Selected startups after screening will receive support starting early next month.

Founded in 2016, Korea Credit Data provides management services such as "Cash Note" and "Pay Note." In particular, Cash Note is currently used at over 600,000 business locations. Korea Credit Data is a startup gaining attention in the data business field, having achieved a corporate value of 300 billion KRW within four years of its founding. The company plans to assist startups in verifying business models and securing early users by utilizing business locations and consumer panels that use its services.

Lotte Accelerator will support startups by enabling them to use Lotte Group’s various distribution infrastructures as test markets, and help strengthen startup capabilities through follow-up investment connections and expert matching. Since its establishment in February 2016, it has nurtured over 120 startups domestically and internationally centered on the comprehensive startup support program L-Camp, and plans to provide various coaching based on this know-how.

Through this support, startups are expected to verify the effectiveness of their business models and specify target customer segments through marketing simulations.

Jinseong Lee, CEO of Lotte Accelerator, said, “Through this business agreement, we expect to create synergy in supporting startups based on the expertise of both Lotte and Korea Credit Data,” and added, “We plan to actively consider investment in outstanding startups.”