MoneyForward, a Japanese Fintech startup has raised $13.3 million (JPY 1.6 billion) in Series C round of funding led SBI Holdings, Shizuoka Bank, Yamaguchi Financial Group, Toho Bank, Fenox Venture Capital, Mitsubishi UFJ Trust and Banking Corporation and Mitsui & Co.
Founded in 2012, the startup MoneyForward provides online tools that help its users with their finances and expenses. They are allowed to link all kinds of accounts – banks, credit cards, securities, etc and gets a portal with analytics that show the health of their wealth. It can combine a bunch of data and estimate the future financial trajectory. Led by CEO Yosuke Tsuji, it has apps for iOS and Android apart from the website. The startup targets customers from small, medium and big organizations.
Tsuji said, “With 1300 corporate clients using the cloud accounting service, they realize they have succeeded to improve their operations, BPO and also cut software costs dramatically by using MoneyForward cloud services.Naoya Kanesaka, CFO of MoneyForward said, ” As a fintech startup in Japan, we are the only player who has a track record in terms of fintech business with banks.” Quite recently, the startup added SBI Sumishin Net Bank, the largest online bank in Japan, to its list and now it announced Yamaguchi Financial Group becoming a customer as well.
Till date, MoneyForward has raised $30.5 million including the new funds. It raised $12.6 million in its Series B round of funding from Credit Saison, Sourcenext, JAFCO, Mitsui Sumitomo Insurance Venture Capital, GMO Venture Partners and Dentsu and $4.1 million in is Series A round of funding led by JAFCO.
With the fresh funds, MoneyForward plans to invest in improving its products and services for its customers.