Japan-based finance management technology producer Money Forward has raised $11m in a series D round that featured strategic investments from a raft of financial services firms, Tech in Asia reported today.
Toho Bank, North Pacific Bank, Gunma Bank, Fukui Bank and Shiga Bank were among the investors, as was Mizuho Capital, the venture capital arm of Mizuho Bank.
Retail group Isetan Mitsukoshi Holdings and VC firm Fenox Venture Capital also took part in the round, which Money Forward chief financial officer Naoya Kanesaka said was closed at a higher valuation than the $13.3m series C round it completed in October 2015.
Money Forward provides a range of cloud-based finance management products covering both personal finances and business, its enterprise offerings including accounting, payroll, payment collection, expense reporting, invoicing and financial projections.
The company has now raised almost $48m in total. Its series C round featured Toho Bank, Fenox Venture Capital, conglomerate Mitsui & Co and financial services firms SBI Holdings, Shizuoka Bank, Yamaguchi Financial Group and Mitsubishi UFJ Trust and Banking Corporation.
Mitsui Sumitomo Insurance and internet company GMO’s corporate venturing units, Mitsui Sumitomo Insurance Venture Capital and GMO Venture Partners, backed Money Forward’s $12.5m series B round in 2014, as did software producer Sourcenext, marketing firm Dentsu, payment services provider Credit Saison and investment firm Jafco.