Japan-based fintech developer Folio has raised ¥1.8bn ($16m) in a funding round backed by Rakuten Fintech Fund, a subsidiary of e-commerce and internet company Rakuten, The Bridge has reported.
The round also included Mitsui Sumitomo Insurance Venture Capital, the corporate venturing arm of insurance provider Mitsui Sumitomo Insurance, as well as Monex Ventures, Jafco, DCM Ventures and Draper Nexus.
Founded in 2015, Folio is working on an asset management platform that uses robo-advisors. It aims to make asset management more accessible to consumers by simplifying stock investments to the point where users merely pick a theme rather than selecting individual companies.
The cash will go towards marketing efforts and the strengthening of Folio’s product development team. The startup is currently awaiting regulatory approval for its platform, which is expected to launch in spring 2017.
DCM Ventures and Draper Nexus had previously provided $2.7m in seed capital for Folio in March 2016.