Japan-based financial technology (fintech) company Money Forward has raised $11 million in a Series D round led by Isetan Mitsukoshi Holdings, and Mizuho Capital’s fintech fund, and is now eyeing for global expansion.
The company’s current investors Silicon Valley-based Fenox Venture Capital, and Toho Bank also joined the round along with other domestic banks and new business partners Gunma Bank, Fukui Bank, North Pacific Bank, and Shiga Bank.
Money Forward spokesperson Aya Kashiwagi told DEALSTREETASIA that they will mostly spend the new fund on recruiting and marketing.
“We already launched branches in Osaka, Nagoya, Fukuoka, Sapporo and Sendai besides Tokyo Head Office. [We plan to] increase employees at each office to accelerate our business,” Kashiwagi said. “Also, we are seeking a chance to expand our business to a global market.”
Founded in 2012, Money Forward is estimated to have received investments of up to $40 million.
Last October 2015, the company raised about $13 million in a Series C round participated in by Fenox Venture Capital, Mitsubishi UFJ Financial Group, Mitsui & CoVenture, Shizuoka Bank, Toho Bank, and Yamaguchi Financial Group.
Money Forward provides fintech services such as money forward or automatic household accounts and asset management services, and various software that covers accounting, billing, payroll, payment, expense, among others.
Money Forward has just forged a business alliance with Mizuho FG and Mitsukoshi Isetan group raising funds of up to $107 million (Y11 billion).
The funding was carried out by Mizuho FinTech fund, Mitsukoshi Isetan Innovations, Fenox VC, Toho Bank Ltd, North Pacific Bank, Gunma Bank, Fukui Bank Ltd, from Shiga Bank and the like.