Japan's Moneytree raises $9m Series B
Japan-based SBI investment has led a JPY1 billion ($9 million) Series B funding round for domestic financial technology services company Moneytree.
Fukuoka Technology Partners, Hiroshima Venture Capital, Senshu Ikeda Capital and UK asset manager Baillie Gifford also participated. Series A round investors Mizuho Capital, SMBC Venture Capital and US-based cloud computing company Salesforce re-upped as well.
The capital will be used in part for a near-term expansion into Australia. It will also be applied to technology development and hiring additional staff across the organization, including development, platform, sales, marketing and back office divisions.
“We are accelerating Moneytree’s growth to deliver seamless access to Japan’s financial services,” Paul Chapman, CEO of Moneytree said in a statement. “In coming months, we will expand beyond the Japanese market and become a regional player, working for positive change, and cementing a position as the most trusted financial data portability platform.”
Founded in 2012, Moneytree provides tools and services that enable individuals and businesses to manage all their financial data in a single mobile and desktop app. The company’s Link product is considered the leading platform for Japan’s accounting industry, having secured more than twenty customer and partner companies since 2015.
Growth in Japan’s fintech sector is broadly supported by an underdeveloped local market for cashless spending due in part to slow innovation among legacy financial institutions. Recent venture activity in this space includes a JPY1.8 billion round for stock-trading app developer Folio.
SBI has made a number of Japanese fintech investments, including participation in a $15 million round for credit card services provider Paidy. Last month, the firm contributed to a JPY800 million investment in Coiny, a mobile payments company that also offers business evaluation services for companies seeking bank loans.
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