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Fidelity, Arbour lead $8.5m round for Japan fin-tech start-up

  • Andrew Woodman
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Japanese finance technology start-up Accounting SaaS Japan (ASJ) has secured a JPY1 billion ($8.5 million) Series B round of funding from Fidelity Growth Partners Japan, Arbor Ventures and iMercury Capital.

Existing investor Mobile Internet Capital also took part in the round.

Set up in 2009, ASJ develops cloud-based accounting and tax software-as-a-service (SaaS) solutions. The software is designed for certified public tax accountants and currently boasts a user base of 1,600 tax accountant firms and more than 20,000 small- to medium-sized enterprises (SMEs).

The company’s previous investors include Gree Ventures, Salesforce.com and SMBC Venture Capital.

Tetsuro Sano, CEO of ASJ, said the company would use the new funding to further its product development, PR and marketing activities, and to strengthen its business operations. David Milstein, head of Fidelity Growth Partners Japan will join the company’s board of directors.

“Forrester Research predicts that in the coming few years, Japan will witness the fastest adoption growth in the SaaS industry,” said Melissa Guzy, managing partner at Arbor Ventures. “This trend is clearly accelerating for accounting software, and we believe that ASJ’s strong ties to professional tax accountants and unique position to provide cloud-based services for these professionals is a key for success in the Japanese market.”

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