Cafe24 and KB Kookmin Bank offer unsecured loans to online merchants

Press release

Korea’s major e-commerce platform and top-tier bank roll out their first joint loan
Biz of all sizes and sales volume can apply and increase loan limit as biz grows
Quick registration via app helps SMBs grow even faster

E-commerce merchants without collateral or guarantor can now apply for a loan from a top-tier bank. Previously overlooked for financial services, merchants will now be able to generate steady cash flow.

Global e-commerce platform Cafe24 announced on April 6 its unsecured loan service with KB Kookmin Bank to support online businesses. It is the first loan service that an e-commerce company and a top-tier bank have rolled out exclusively for e-commerce merchants in Korea.

Until now, online merchants couldn’t utilize loan services from top-tier financial institutions because they didn’t have physical stores to put up as collateral. They only had access to loans with higher interest rates and lower limits. Hence, Cafe24 and KB bank prepared a service specifically for merchants that reviews sales data to determine their repayment capabilities.

The two companies have made eligibility requirements much more lenient for merchants looking for business opportunities. Merchants operating a Cafe24 online store with a payment system for more than a year can apply for the loan. There are no requirements in terms of business size and sales volume. All businesses – from one-person operations to companies – are eligible to apply.

Merchants can also conveniently adjust their loan size as their business grows. Once sales volume starts climbing, they can apply to increase their loan limit whenever they want. The loan’s high limit is another benefit. Solo entrepreneurs can borrow up to 100 million won. A corporation can borrow up to 300 million won.

Applying for a loan is very simple. Merchants only need to download the loan app from the Cafe24 Store to proceed.

From now on, e-commerce merchants who didn’t have access to financial services that catered to their needs can generate a smooth cash flow and grow their business. Merchants looking to expand to international markets can also utilize the service as a stepping stone to further growth.

Lee Jaesuk, CEO of Cafe24, said, “Together, we are making top-tier bank services more accessible to businesses, offering them a chance for greater growth.” He added, “We will continue to provide more financial services that help e-commerce businesses to succeed.”

Meanwhile, the two companies signed an MOU in July 2020 to provide e-commerce merchants with financial assistance. They will continue to collaborate in various areas to roll out services for online merchants.


About Cafe24
Cafe24 is a global success platform that provides a one-stop business environment for e-commerce merchants so that they can achieve continued growth by focusing on their creativity.
Cafe24 has established an e-commerce ecosystem with Direct-to-Consumer (DTC) merchants and various global partners in areas like payment, shipping, and marketing. Cafe24 is poised for growth as more DTC brands and e-commerce participants continue to join the burgeoning industry.

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