Digital banking startup Kyash raises USD 45 mln

Tuesday 31 March 2020 13:46 CET | News

Kyash, a Japan-based digital banking startup, has raised USD 45 million from investors at a time the coronavirus outbreak threatens to dry up venture capital funding.

The Series C round was co-led by Greenspring Associates Inc. and Goodwater Capital, bringing the total raised by the company to date to USD 73 million, Kyash, which also counts Jafco Co. and Japanese banks Mizuho Financial Group Inc., Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. among its investors, will use the funds to expand its digital banking offerings.

Kyash has developed a payment platform that links directly to Visa’s system, allowing it to issue cards to consumers as well as tailor services to businesses. The company is part of the growing universe of so-called challenger banks, a group of mostly online operators that aim to use technology to reduce costs and lure customers away from established competitors. 

Kyash launched a peer-to-peer money transfer app in 2017 and added a Visa-linked payment wallet a year later. It declined to disclose user numbers and other figures and only said its systems currently process about one transaction per second.

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Keywords: Kyash, digital banking, funding, Japan
Categories: Banking & Fintech
Countries: Japan
This article is part of category

Banking & Fintech