Japan-based online financial factoring service provider Olta has raised ¥2.5bn ($23.3m) in equity and debt financing from investors including financial services firms SBI and Shinsei Bank.
The round involved $16.8m of equity funding from participants that also included investment firm Jafco and venture capital firm Beenext, while SBI participated through venture capital subsidiary SBI Investment.
Financial institutions including Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation and Mizuho Bank supplied an additional $6.5m in the form of debt financing.
Olta provides a crowdfactoring platform where companies can sell their accounts receivables for short-term cashflow.
The platform notifies users electronically as to whether they have received approval, within 24 hours, and Olta said it has received $93m worth of applications since its inception.
The company had previously raised $4.7m from Jafco, Beenext and angel investor Nobuhiro Ariyasu, meaning it has received a total of approximately $28m since it was founded in 2017.
