Japan-based online asset manager Money Design has raised an undisclosed sum in a funding round featuring taxi and limousine services provider Nihon Kotsu, TechinAsia reported on Monday.
Financial institution Kyoto Bank and professional services firm Recruit Holdings also participated in the round.
Established in 2013, Money Design’s main offering is robo-adviser Theo, an artificially intelligent financial adviser accessible via a smartphone app.
Starting with a minimum investment of ¥100,000 ($885) and using a customer’s responses to a risk assessment survey, Theo generates a customised investment portfolio made up of about 40 exchange-traded funds (ETFs) selected from a total of 6,000 ETFs.
Corporates keen to move into the fintech market have been flocking to Money Design over the past 12 months.
Conglomerate Itochu, advertising agency Dentsu’s corporate venturing unit and business education provider Globis Corporation’s investment arm all participated in a ¥1.5bn round in December 2015. Tokyo Universty’s investment unit, Edge Capital, took part as well.
Just two months ago Money Design collected another ¥810m by issuing new shares to third parties, JF Today reported on September 15.
These shareholders include the venturing units of several financial services companies, such as Chibagin Capital, a unit of Chiba Bank, and Fukuoka Technology Partners, a unit of Fukuoka Financial Group.
Credit card and consumer loans company Marui Group, outsourcing services company Benefit One, brokerage services provider Tokyo Tanshi and venture capital firm VC firm Shizuoka Capital also acquired shares in Money Design.