Tokyo-based One Tap Buy, which previously operated under the brand of MyBanker, has secured an investment of 1.5 billion yen (~$13.3 million) from Mizuho Capital, Mobile Internet Capital, Softbank and Mizuho Securities.
The venture has been focused on developing a mobile app that is targeted at helping individuals manage their savings and investments in a simple and efficient manner.
Previous funding raised by the venture includes 1 billion yen ($8,802,000) from Softbank in July 2016. as well as an undisclosed sum from Mobile Internet Capital, DBJ Capital and Mitsui Life Insurance’s Sansei Capital in June 2015. This particular deal also saw the participation of other undisclosed VC firms.
The mobile app was evaluated and refined in a closed beta test for almost a year before being launched in June 2016/ According to One Tap Buy, it has acquired in excess of 150,000 downloads to date, with user demographics indicating individuals in their 20s and 30s. 70 per cent of them have previously not engaged in investing before.
This user profile indicates that most of its customers are Millennials, who span a cohort born between 1980 to 2000, broadly making up one of the largest generations in history and surpassing the baby boomer generation (1948-1964).
In terms of financial behaviour, Millennials are investing, lending, and sharing money very differently to their parents and preceding generations, assisted by a growing suite of tools.
The mobile app allows its users to select and purchase US-listed stocks and Japanese exchange traded funds (ETFs) rather than using conventional trading platforms.
Proceeds from the latest funding round will be used to accelerate system development efforts for new services and offerings, in addition to strengthening marketing efforts and boosting brand recognition of the service.
With the emerging fintech opportunities growing in the Asia Pacific, and with Japan seeing significant amounts of personal cash savings and corporate cash present, this will drive the emergence of digital money management solutions catering to individuals and SMEs (small & medium enterprises), as well as investment advisory, robo-advice, and personal financial management tools.