Japan fintech start-up Folio gets $16m Series A
Jafco and several other Japanese venture capital firms have joined a JPY1.8 billion ($18.7 million) Series A round for Japanese stock-trading app developer Folio.
Other new investors along with Jafco included Monex Ventures, Mitsui Sumitomo Insurance Venture Capital and Rakuten Fintech Fund, according to a release. Existing backers DCM Ventures and Draper Nexus Venture Partners also participated, after committing JPY300 million to the company in seed funding last March.
Folio will use the capital for marketing and expanding its team ahead of the launch of its product. The company is awaiting approval as an online securities trader, which it expects to receive by this spring, and will launch once it has done so.
Founded in 2015, Folio aims to make wealth management more accessible to inexperienced investors. There are two components to the platform: an automated investor that picks stocks for users based on industry preference and performance, and a passive advisory service intended for more confident customers. Financial education materials are also provided to help users build their understanding of investment principles.
Previous investments by Jafco in the financial technology space include leading Series A round for Singapore-based bitcoin trading platform Quoine last year. The firm is currently raising its fifth global venture capital and buyout fund, which reached a first close of JPY41 billion last September. The vehicle will invest primarily in Japanese companies through minority and buyout deals, with a focus on artificial intelligence and fintech investments.
Rakuten Ventures is the corporate VC arm of Japanese e-commerce giant Rakuten. The firm launched its $100 million debut fund in 2014, aimed at supporting IT companies at the start-up and early stages across Asia Pacific, Israel and the US. In the last year it has backed the likes of Singaporean online flea market shopping app Carousell and e-commerce-focused artificial intelligence company ViSenze.
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