Japanese fintech firm Money Forward gets US$13.3M in Series C round


The startup has raised around US$30.5 million to date from a range of investors

Japan-based finance management platform Money Forward today announced raising JPY 1.6 billion (about US$13.3 million) in a Series C round, according to Tech in Asia.

The same report noted that the investment was raised from SBI Holdings, Shizuoka Bank, Yamaguchi Financial Group, Toho Bank, Fenox Venture Capital, Mitsubishi UFJ Trust and Banking Corporation and Mitsui & Co.

Led by CEO Yosuke Tsuji, Money Forward targets consumers, small and medium organisations and big firms.

Its CFO Naoya Kanesaka claims that the various products — a personal finance management solution and a cloud accounting solution — have attracted 2.5 million individual customers and 400,000 enterprise customers respectively.

Kanesaka also spoke about Money Forward’s ‘track record’ in working with banks like SBI Sumishin Net Bank and Yamaguchi Financial Group.

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Money Forward’s suite of services can be used for different purposes, from managing daily expenses to breaking down assets to creating income statements. Its interface design has taken on a visual approach to help users better understand — at a glance — what is going on.

The three-year-old company has raised around US$30.5 million to date, including this latest injection of funds, US$12.6 million from its Series B round from Credit Saison, Sourcenext, JAFCO, Mitsui Sumitomo Insurance Venture Capital, GMO Venture Partners and Dentsu, and US$4.1 million from its Series A round led by JAFCO.

Money Forward services are available on the web, iOS and Android devices.

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