Tokyo-based Moneytree, which offers an asset management app, announced on Tuesday that it has raised 1 billion yen ($8.9 million ) in its latest funding round led by SBI Investment.
Other investors participating in this round were Mizuho Capital, SMBC Venture Capital, Salesforce Ventures, Fukuoka Technology Partners, Hiroshima Venture Capital, Senshu Ikeda Capital, and UK’s asset management firm Baillie Gifford.
The latest investment reflects growing interest in fintech among Japanese institutions.
The mobile app connects to users’ bank accounts and credit cards, permitting real-time tracking of money flows and notifying users of large transactions, low balances, soon-to-expire loyalty points and miles, and upcoming bills.
Moneytree’s founder and CEO Paul Chapman commented: “We are accelerating Moneytree’s growth to deliver seamless access to Japan’s financial services. In coming months, we will expand beyond the Japanese market and become a regional player.”
Moneytree’s previous funding round was a Series A financing in October 2015 led by Salesforce Ventures with participation from VC arms of Mizuho Bank, Bank of Tokyo-Mitsubishi UFJ, and Sumitomo Mitsui Banking Corporation.
Data compiled by Crunchbase puts publicly disclosed equity funding raised by Moneytree at $10.48 million as at March 2017.
According to Moneytree, proceeds from this round of investment will see them add new features to their personal asset management app.
Additionally, it will be expanding its cloud-based account management service, MT Link, which connects financial institutions with corporations and individuals. To date, this service has been adopted by 20 companies that include big banks, regional banks, and accounting software industries.