Japan-based mobile payment software provider Pring has received ¥1.28bn ($11.4m) in a series A round featuring diversified trading group Itochu and financial services group SBI Holdings.
Itochu and SBI unit SBI Investment were joined by Japanese energy supplier Nippon Gas Corporation, convenience store operator Uni FamilyMart Holdings’ fintech-focused UFI Futech subsidiary and SMBC Venture Capital, part of financial services firm Sumitomo Mitsui Banking Corporation.
Pring’s mobile app is linked directly to a user’s bank account and enables them to exchange money, make payments and receive free remittance through the use of QR codes.
The company also provides a business-to-consumer remittance service that allows businesses to transfer funds to cover employee expenses, customer refunds, cash back campaigns and remuneration.
By using the remittance function Nichigas said it will be able to pay compensation to stakeholders without going through a bank account, and will introduce the application to about 1,800 of its employees.