Automotive component manufacturer Denso has led a ¥1.7bn ($16m) series D round for Japan-based automotive finance provider Global Mobility Service (GMS).
The round also featured payment services firm Credit Saison, financial services firm Ogaki Kyoritsu Bank, living assistance product supplier Nippon Care Supply and asset manager Sumitomo Mitsui Trust Investment.
Founded in 2013, GMS offers financing to customers looking to buy a car, targeting those who are unable to access traditional sources of capital. It fits remote control systems to the vehicles in question, meaning they can be rendered inoperable if the customer does not make a payment.
SBI Investment, financial services firm SBI’s venture capital arm, invested $2.4m in GMS in 2015 before joining Denso, Credit Saison, telecommunications group SoftBank, conglomerate Sumitomo and Globis Capital Partners, education provider Globis’s investment vehicle, for a $6.4m series B round in 2017.
GMS added $10m in a July 2018 series C round featuring motorised vehicle producer Kawasaki Heavy Industries, car parts supplier G-7 Holdings, semiconductor maker Vitec Global Electronics, trading group Sojitz, printing services providers Toppan and Dai Nippon, and financial services firm Aeon.
