Money Forward, a Japan-based financial management app developer backed by several domestic corporates, has raised approximately $25m in its initial public offering, Tech in Asia reported yesterday.
The offering took place on the Tokyo Stock Exchange’s Mothers Index Futures market and valued Money Forward at $505m. It followed $48m of equity funding that the company had raised since it was founded in 2012.
Money Forward has built app-based financial management platforms for personal and business accounting, and is the first Japan-based fintech developer to float, according to Money Forward CEO Yosuke Tsuji. It aims to increase its revenue to $24m this year, from $13.6m in 2016.
The company’s last funding was an $11m series D round in October 2016 featuring retail group Isetan Mitsukoshi, financial services firms Toho Bank, North Pacific Bank, Gunma Bank, Fukui Bank, Shiga Bank and Mizuho Bank, the latter through its Mizuho Capital subsidiary, and Fenox Venture Capital.
Toho Bank and Fenox VC had previously joined conglomerate Mitsui and financial services firms SBI Group, Shizuoka Bank, Yamaguchi Financial Group and Mitsubishi UFJ Trust and Banking Corporation for Money Forward’s $13.2m series C round in 2015.
Money Forward had raised $12.5m in a 2014 series B round backed by insurer Mitsui Sumitomo and internet company GMO’s Mitsui Sumitomo Insurance Venture Capital and GMO Venture Partners units, software supplier Sourcenext, marketing firm Dentsu, payment services firm Credit Saison, Jafco and an affiliate of Mizuho Bank.