KB Kookmin Card Co. Ltd. signed a memorandum of understanding with Wadiz Corp., which operates a crowdfunding platform in South Korea, to jointly launch a 1 billion South Korean won startup fund, Maeil Business Newspaper reported June 4, citing the card company.

Under the agreement, the KB Financial Group Inc. unit will also market credit cards targeting Wadiz's crowdfunding investors.

As of June 4, US$1 was equivalent to 1,180.35 South Korean won.