Kyash, a Japan-based banking technology developer backed by marketing firm Dentsu, trading group Itochu, insurer Mitsui Sumitomo and printing services provider Toppan, secured ¥4.7bn ($43.6m) in series C funding yesterday.
Venture capital firms Goodwater Capital and Greenspring Associates co-led the round, which included Altos Ventures, Broadhaven Ventures, Greyhound Capital, Jafco, Partech Partners, Tekton Ventures and private investor Rahul Mehta.
Founded in 2015, Kyash has developed a digital payment system that enables users to conduct mobile transactions.
The company operates Kyash Card, a prepaid card management tool for private customers, and a web-based platform dubbed Kyash Direct that allows corporate customers to issue Visa cards for its business partners.
The latest round took Kyash’s total funding to more than $67m and the proceeds will support the expansion of its digital banking business.
Kyash had most recently received $14m in a July 2019 series B round led by Goodwater Capital and backed by Toppan, Jafco, Mitsubishi UFJ Capital, Shinsei Corporate Investment and SMBC Venture Capital: respective subsidiaries of banks Mitsubishi UFJ, Shinsei Bank and Sumitomo Mitsui Banking Corporation.
Jafco led an $8.5m series A round for the company in 2016, investing alongside Dentsu’s corporate venturing unit, Dentsu Digital Holdings, in addition to Itochu and financial services firms Mizuho Financial Group and Sumitomo Mitsui Financial Group.
Kyash’s earliest funding took place the previous year, when it raised $1.4m in seed capital from Mitsui Sumitomo Insurance’s VC vehicle, Mitsui Sumitomo Venture Capital, and two undisclosed backers.
