Japan-based online payment service Kanmu raised ¥1.13bn ($10.6m) from financial services firm Seven Bank yesterday to take its total funding to nearly $42m.
Founded in 2011, Kanmu’s core business is concentrated on a prepaid card dubbed Vandle Card which users can top up using a mobile app.
The app has been downloaded 2.5 million times since it was launched in 2016 and payment volumes reached their highest point ever earlier this year during the Covid-19 pandemic, the company said.
Kanmu entered into a financial and business partnership with marketing technology producer Freakout Holdings in early 2018, having raised $440,000 five years earlier from Anri, East Ventures and three private investors.
The company’s existing backers include media company Adways, iSGS Investment Works, Entre Preneur (then Kronos Fund), TLM and five individuals including Nobuhiro Ariyasu and Yūma Umeda, though it is unclear when they invested.
