Jack Dorsey’s financial service company has participated in a Series D funding for the upcoming Japan-based FinTech company.
Based on a local business news outlet, Kyash has reached a total funding value of almost $108M after the recent investment. With Block becoming one of the most known players in the crypto industry, other investors chimed into the Series D fund including the Japan Post Investment Corporation, Greyhound Capital, Goodwater Capital, Mitsui Sumitomo Insurance Capital, SMBC Nikko Securities, Altos Ventures, and StepStone Group.
Kyash will be using the investment fund to expand its team, and further the development of its financial services in order to become one of the leading cashless neobanks in Japan.
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CEO of Kyash Shinichi Takatori spoke on the recent investment and the platform’s rise to success, stating that it was "difficult to create a sustainable business model based solely on the payment and settlement business."
However, he hopes that the Series D fund will put Kyash on the right track, praising investors like Jack Dorsey’s Block. In fact, this was Block’s first investment into a company in Asia.
By having the third-largest economy in the whole world, Kyash will mainly focus on its local investors, especially after securing a Japanese fund transfer license and earning a license to distribute debit cards. However, Takatori does not run from the idea of expanding its business further in the future.
According to the Managing Director of Kyashi Takuma Baba, Kyash will become a top customer-focused mobile banking platform in Japan, with a goal of bringing "traditional financial institutions" towards blockchain technologies.