Kyash, a Tokyo-based technology company that provides financial services to the public, has raised $41.2million in Series D financing. Participation was also made by Square (formerly Block). The investment into the Japanese mobile financial app firm is the Block’s first investment in the Asia Pacific region, according to the announcement.
Fintech firm Kyash receives capital boost from the Block
According to Nikkei’s report, Kyash raised $41.2 Million in a Series-D financing round. Kyash is a fintech platform which provides users with digital wallets and mobile banking services. It was started in 2015 by Kyash. According to the Nikkei Shinbun, Kyash received $107.7 Million (12.8 Billion JPY) of funding in this round.
While Jack Dorsey’s Block participated, the firms’ Japan Post Investment Corporation, Stepstone Group (formerly Greenspring Associates), JAFCO Group, Greyhound Capital, Mitsui Sumitomo Insurance Capital, Altos Ventures, Goodwater Capital, Yitu Capital, and SMBC Nikko Securities also joined in on the Kyash funding round. The president of Kyash explained that the Block was a “leader in financial innovation in the U.S. and other countries.” In the Nikkei Shinbun report, the managing director at Kyashi stated:
Kyash’s user-first, mobile-first philosophy and design is a key component of the global, irreversible trend toward unbundling traditional financial institutions and rebuilding them using technology.
According to the official press release, Kyashi explains the firm plans to increase product growth and the company’s number of employees. “Challenger banks are a core theme in fintech and the unbundling of traditional banking has become an irreversible trend globally,” the managing director of Japan Post Investment Corporation details in the press release.
The business firmly believes that “rebundling financial services with technology” will bolster the company’s growth. “[The Series D financing] will greatly contribute to strengthening the financial base for further accelerating business expansion in the future,” Kyashi’s announcement concludes. “With this funding, we will further expand the organization by hiring human resources, expand the business domain and strengthen the service operation system, and strive to contribute to the financial success of as many people as possible.”
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