Naver Pay will work with Korea Credit Guarantee Fund and Codebox to expand fundraising opportunities for promising startups and venture firms.

Naver Pay said on Wednesday it signed a memorandum of understanding with KODIT and Codebox to activate the Npay Startup platform and build a venture capital ecosystem.

Npay Startup is an investment platform that connects startups and venture firms with securities companies, venture capital firms and other investment institutions, including new technology finance companies. It has been in a trial run since July. It provides company information, AI-based summaries and IR information.

Under the agreement, Npay Startup will be linked to KODIT's corporate database, management diagnosis information and network of companies backed by its guarantees. The data will be used for company and investment information services on the platform to help investors search for companies and review investments.

The parties will also build a data cooperation system so information gathered on target companies and investors can be used for KODIT's support for sourcing and diagnosing firms and linking them with investment.

The three organisations will identify platform participation and fundraising demand among KODIT-guaranteed firms and others. They will create a KODIT-dedicated section and curated company listings within Npay Startup. They will also push ahead with joint IR events and promotions.

Cho Jae-bak (조재박), Naver Pay's CBO, said, "We will expand investment opportunities for startups and venture firms by combining the platform with investor touchpoints." He added, "We will energise it as a platform connecting companies and investors and contribute to building a venture capital ecosystem."