Japanese fintech startup Kyash nets $41.2 Million for financial payment service
Kyash, a Tokyo-based fintech startup raised $41.2 Million (4.9 billion JYP) Series D funding.
A Tokyo-based mobile financial app Kyash was founded in 2015 by Shin Takatori. Different investors include Japan Post Investment Cooperation, Altos Ventures, Block (previously known as Square), SMBC Nikko Securities, Greyhound Capital, Goodwater Capital, JAFCO Group, Mitsui Sumitomo Insurance Capital, StepStone Group, and others invested in the round.
A report by Nikkei reveals that Kyash receives investment from the Block which was its first investment in an Asia-based company. Since its establishment in 2015, the Series D funding closes to approximately $107.7 million (12.8 billion JYP).
What is Kyash basically designed to do?
Kyash features a mobile banking application that allows users to fulfill different financial needs such as remittance, online and offline payment, and ATM withdrawals service. Moreover, the issuer of Visa Card, Kyash also offers flexibility when it comes to issuing virtual and physical pre-debit cards.
In an interview with TechCrunch, the founder of Kyash Shin Takatori shares that the target market is the Japanese retail market which is the third-largest economy worldwide. Kyash is continuing to expand overseas. The mobile financial app Kyash has acquired two licenses. Fund transfer license in 2017 and prepaid debit cards license in 2020, from the government of Japan to make its financial services operable to customers.
As fintech technology is flourishing in the financial and banking sector, different fintech startup are now opting for fintech software development services to leverage maximum benefits.
How Kyash made a progress?
The global COVID pandemic situation has made cashless payments quite very normal. However, this payment method has greatly impacted the growth rates of the banking sector globally. According to a report by Fincog, Kyash growth rate increased to 22% from January through May 2020. Despite the pandemic, Kyash raised $45 million Series C back in March 2020.
Partner at JAFCO, Atsushi Fujii shared “JAFCO made the first investment in Kyash before the service was launched, and this round marks its fifth investment,”.
The founder and CEO Shin Takatori shared, “We will continue to expand our business by creating new alliances and increasing collaborations and garner further trust from our customers”.