Japan-based digital banking platform operator Kyash has received $14m in a series B round featuring financial services firms Sumitomo Mitsui Banking Corporation (SMBC), Mitsubishi UFJ and Shinsei Bank, as well printing services provider Toppan Printing.
Goodwater Capital led the round, which was filled out by fellow investment firm Jafco. The banks took part through investment subsidiaries SMBC Venture Capital, Mitsubishi UFJ Capital and Shinsei Corporate Investment respectively.
Founded in 2015, Kyash provides a mobile wallet app that allows users to complete payments and peer-to-peer money transfers, as well as notify and collect outstanding payments from other users.
The company has partnered payment services firm Visa, marketing firm Dentsu, trading group Itochu and SMBC for the mobile app.
Jafco led the company’s $8.5m series A round in 2016, investing alongside Itochu, financial services firms Mizuho Financial Group and Sumitomo Mitsui Financial Group, and Dentsu Digital Holdings, a corporate venturing subsidiary of Dentsu.
Kyash had previously raised $1.4m in a 2015 seed round backed by Mitsui Sumitomo Venture Capital, the VC arm of insurer Mitsui Sumitomo Insurance, and two undisclosed additional investors.