Japan-based accounting platform developer Freee has raised ¥1bn ($8.4m) in funding from investors including FinTech Fund, a subsidiary of financial services firm SBI Holdings, The Bridge reported on Saturday.
Freee operates a cloud-based accounting platform it claims is used by more than 400,000 companies in Japan. It has also formed partnerships with 11 Japanese banks, supplying them with data sourced from users in order to help them provide new services.
The round increased Freee’s overall funding to about $53m since it was founded in 2012, and comes in the wake of a $30m series C round backed by human resources provider Recruit Holdings, DCM and Japan Co-Invest Limited Partnership in August 2015.
Freee had previously secured $12m in series B funding in 2014 from Recruit’s Recruit Strategic Partners corporate venturing vehicle, DCM, Infinity Ventures and Pavilion Capital, a subsidiary of Singaporean state-owned investment fund Temasek.