Japan-based financial technology developer Gojo & Company has secured ¥2.33bn ($21.6m) from investors including financial services firms Seven Bank and SBI Group for a first close of its series D funding.
The tranche included preferred shares and convertible bonds and was also backed by undisclosed individuals. Payment services provider Credit Saison had supplied debt financing for the round in February this year.
Founded in 2014, Gojo provides microfinance services targeting developing markets such as Cambodia, India, Myanmar and Sri Lanka. It aims to increase its user base to 100 million people by 2030.
The series D proceeds will be used for improving the seven group companies through which Gojo currently participates, and to grow its presence across Asia and Africa.
Gojo’s overall funding now stands at roughly $92.8m. It expects to reach a final close of the series D round by the end of June 2020 and it is likely to draw investors from Japan and elsewhere.
The company completed a $38.8m series C round in October 2019 that included insurance firm Dai-ichi Life, retail group Marui, Seven Bank and TransLink Capital Partners, an investment fund co-sponsored by insurance provider Sompo Japan Nipponkoa.
SBI and securities brokerage Aizawa Securities also took part in the series C round, through their Aizawa Investments and SBI Investment vehicles, along with 15th Rock Ventures, Dream Incubator, Tokyo University of Science Investment Management Company and various private investors.
Dai-ichi Life had also taken part in the company’s $17.2m series B round, which closed in mid-2018, investing alongside consulting firm Link and Motivation and insurance provider Nippon Life’s Nissay Capital unit as well as Nippon Venture Capital and Jafco.
