Kyash will use the proceeds from the Series C round to advance its overall growth strategy and business domain expansion, particularly into the banking space
Kyash secures $45m in Series C financing round. (Credit: aymane jdidi from Pixabay)
Kyash, a Japanese financial startup, has secured $45m in a Series C Funding round to speed up its mobile banking business in Japan.
The Series C round was co-led by US-based venture capital firm Greenspring Associates and consumer technology investor Goodwater Capital. Other venture capital firms from across the world also took part in the funding round.
Goodwater Capital had initially invested in the Japanese firm’s Series B Round. Other investors in the latest funding round are Greyhound Capital, Altos Ventures, Partech Partners, Broadhaven Ventures, Tekton Ventures, and DST Global managing partner Rahul Mehta.
Previous investor JAFCO also took part in the funding round and is said to remain committed to supporting Kyash’s objectives.
Till date, Kyash has raised a capital of $73m.
Kyash’s payment processing technology is said to help deliver better unit economics and increased flexibility around product development. The Japanese fintech company is also said to have made its APIs available to other business partners for their payment services by issuing Visa cards.
Proceeds from the Series C funding round will be used by the company to advance its overall growth strategy and business domain expansion, especially into the banking space.
According to the fintech company, Japan, since October 2019, has gone through a nationwide cashless transformation pushed by the government’s subsidisation of a portion of cashless payments.
The transformation has become even more pressing following the outbreak of coronavirus pandemic, said the Japanese fintech firm. The company further said that with social distancing protocols being put into force across the world due to coronavirus, cashless payments are fast becoming the norm by reducing physical contact.
Kyash CEO comments on the Series C round
Kyash founder and CEO Shinichi Takatori said: “I am delighted to announce Kyash’s partnerships with these global investors as a result of the company’s progress in product development and significant user traction in Japan amid the uncertain market conditions resulting from the widespread effects of the pandemic.
“We are confident that our focus on developing proprietary payment technology and strategic merchant network partnerships continues to bring value to users and addresses the need for remote financial transactions in a digital economy.”