Japan-based online wealth management platform WealthNavi has received ¥1.5bn ($14.5m) in series B funding from backers including several financial services firms, The Bridge has reported.
SBI Holdings invested alongside its SBI Investment unit, while Mizuho Bank, Development Bank of Japan and Sumitomo Mitsui Financial Group took part through subsidiaries Mizuho Capital, DBJ Capital and SMBC Venture Capital. Investment firm Infinity Venture Partners also participated in the round.
Founded in April 2015, WealthNavi has developed a cloud-based robo advisory platform that helps middle-income users diversify their assets internationally.
In addition to the funding, WealthNavi and SBI have formed a partnership whereby SBI subsidiaries SBI Securities and Sumishin SBI Net Bank will offer the service to their 2.6 million online banking customers and 3.6 million share trading customers.
The round follows a ¥600m series A round in October 2015 featuring SMBC Venture Capital, DBJ Capital, Mizuho Capital, Infinity Venture Partners, Mitsubishi UFJ Capital, which is part of Mitsubishi UFJ Financial Group, and Gree Ventures, a subsidiary of internet media group Gree.