Japan: Money Forward raises $11m, seeks global expansion of fintech biz

Visual from company website

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.

Also Read:

Japan Digest: Paidy raises $15m Series B; Abeja secures $5m funding

Japan looking to embrace ‘fintech’ revolution by easing investment restrictions

Japan’s Rakuten launches $100m fintech-focussed global investment fund

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.