Japan VCs back domestic fintech start-up
Innovation Network Corporation of Japan (INCJ), SBI Investment and Dentsu Digital Holdings have contributed to a JPY800 million ($7.1 million) funding round for Tokyo-based financial technology company Coiney.
INCJ, which initially invested in the start-up in 2013 alongside local credit card company Credit Saison, will contribute up to JPY200 million. Seibu Shinkin Bank also participated in the investment, according to a statement.
Established in 2012, Coiney provides credit card payment services for smart phone and tablet terminals via both in-store and online channels. It also offers business evaluation services for companies seeking bank loans.
The capital will be used to strengthen the sales and marketing staff while introducing new payment services. Work will include collaboration with regional banks and credit unions to advance in-store services as well as development of an artificial intelligence-enabled analysis of transaction data to support financial screenings. INCJ will dispatch external directors to the company as part of the effort.
Japan is considered behind other developed markets in cashless spending due to slow innovation among legacy financial institutions and relatively high consumer hesitancy about online shopping security. Recent investment in this space includes a $15 million Series B round for Paidy led by Eight Roads Ventures.
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