# CREPASS

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/crepass

- Industry: Financial Services
- Headquarters: Seoul, South Korea
- Website: www.crepass.com
- Total disclosed funding: $1.3M
- Latest round: Series A (Oct 13, 2020)
- Investors on record: 8

## About

CREPASS, headquartered in Seoul, South Korea, specializes in developing alternative credit evaluation services, leveraging big data analytics to assess creditworthiness through non-financial digital data.CREPASS was founded in 2015 and operates from its headquarters in Seoul, South Korea. The company focuses on providing credit evaluation services aimed at individuals with limited financial transaction histories. The latest funding round occurred in September 2021, where CREPASS raised KRW 700 million from notable investors, including Bespin Global Co., Ltd. and Hanwha Life Insurance, bringing the total amount raised to KRW 700 million. The company has completed seven deals to date. CEO MJ Kim leads the firm, contributing to its strategic initiatives and growth.CREPASS specializes in alternative credit evaluation services, utilizing big data analytics to assess individual creditworthiness through non-financial digital data, such as purchasing history and communication records. This approach enables the company to provide comprehensive credit assessments for thin filers—applicants who lack extensive financial transaction records—and for individuals with similar credit histories. By offering these evaluations, CREPASS aims to connect trustworthy customers to financial institutions while providing improved financial opportunities for thin filers. The company serves clients across various sectors, including financial institutions looking to identify reliable borrowers. Their services are primarily focused within the South Korean market but also target broader Southeast Asian markets, enhancing access to credit for underserved populations.CREPASS generates revenue through partnerships and collaborations with financial institutions that utilize its alternative credit assessment services. These transactions are structured around service agreements where financial entities engage CREPASS to evaluate potential borrowers based on the big data analytics insights provided. This B2B model allows financial institutions to identify creditworthy applicants more efficiently, thus broadening their customer base. Specific pricing plans for services have not been disclosed; however, the company’s flagship service revolves around its big data-driven credit evaluations that facilitate better lending decisions for financial partners. By integrating its solutions into the decision-making processes of financial firms, CREPASS expects to establish a recurring revenue stream as these institutions rely on its services for ongoing credit assessments.CREPASS is focused on expanding its product offerings and geographic reach. The company is actively designing new products for release in upcoming quarters, although specific details and timelines have not been disclosed. In addition to its established presence in South Korea, CREPASS plans to penetrate additional Southeast Asian markets by 2023, aiming to enhance credit access for underserved populations. The recent funding round of KRW 700 million will support these initiatives, enabling the development of new products and the expansion into targeted regions.

## Funding rounds

- Series A, Oct 13, 2020, $1.3M — Shinhan Securities, Shinhan Capital, SparkLabs Accelerator, KAIST Venture Capital, The Wells Investment
- Seed, Feb 1, 2020 — SparkLabs Accelerator, Mirae Asset Venture Investment, Impact Finance Korea
- Seed, Oct 1, 2019 — SparkLabs Accelerator, Korea Tech Incubator for Startup

## Investors

- SparkLabs Accelerator (https://capitalatlas.ai/funds/sparklabs-accelerator) — Seed, Series A
- Korea Tech Incubator for Startup — Seed
- Mirae Asset Venture Investment (https://capitalatlas.ai/funds/mirae-asset-venture-investment) — Seed
- Impact Finance Korea — Seed
- Shinhan Securities (https://capitalatlas.ai/funds/shinhan-securities) — Series A
- Shinhan Capital (https://capitalatlas.ai/funds/shinhan-capital) — Series A
- KAIST Venture Capital — Series A
- The Wells Investment (https://capitalatlas.ai/funds/the-wells-investment) — Series A