Home News Jack Dorsey’s Block Backs Japanese Based Kyash in a $41M Fundraise

Jack Dorsey’s Block Backs Japanese Based Kyash in a $41M Fundraise

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Kyash, a financial services firm based in Tokyo, Japan has raised the sum of $41.2 million (4.2 billion Yen) in a funding round backed by Block, a virtual payment platform owned by Jack Dorsey. According to the report, Block alongside Japan Post Investment Corporation and Greyhound amongst others are key investors that backed the challenger bank.

Block, also known for hosting Square, Tidal, Cash App, and others, all Jack Dorsey-affiliated companies are investing in an Asian-based fintech firm for the very first time.

Kyash commenced operations in 2015 and this raise dubbed Series D added to other fund-raising that the Asian financial technology firm has amassed since inception which now sums up to approximately $108 million (12.8 billion Yen). In Q1 2020, the Asian bank announced that it achieved $45 million with the backing of a couple of Venture Capital companies.

As pointed out by Kyash CEO, Shinichi Takatori in the media release,

“This matter aims to strengthen the financial base for further accelerating business expansion in the future.” he said, adding that, “with this funding, we will expand the organization by further hiring human resources, expand the business domain and strengthen the service operation system.”

The challenger bank has developed its services in recent times, which has put it at the forefront amongst financial services firm that has embraced the use of emerging technology. The company has an app that enables users to connect their account with a Visa card upon registration, making cashless payment very convenient. Account-holders can shop with Visa online merchants and the app also supports Apple Pay and Google Pay.

A business partner for one of the investors, JAFCO Group, Atsushi Fujii commented on the fundraise saying “Kyash is a company that has believed in the grand concept of creating a new financial business. JAFCO made its first investment before the service started, and this is the fifth investment in this round. With a further leap, we believe that we will be the next generation of financial companies.”

As global financial services firms improve their mode of doing business, taking advantage of the endless possibilities in embracing technology, they have often met the assistance of investors in achieving their business goals. Last week, a Nordic bank, Lunar also raised the sum of $77 million in funding from a group of old and new venture capitalists partners.

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