Funding Boost for Kyash
Kyash, a sleek mobile wallet from Tokyo that’s making cashless transactions as easy as a push of a button, has just bagged a cool $41.2 million in its Series D funding round. That’s roughly 4.9 billion yen for those keeping score at home! Since its inception in 2015, the app and credit card combo has raised a jaw-dropping total of around $108 million (or 12.8 billion yen). With numbers like that, you’d think they were launching a satellite.
Investor Powerhouse
This funding round saw a mix of global investors and local Japanese banks, proving that cashless options are a universal draw. Notable participants included:
- Japan Post Investment Corporation
- Jack Dorsey’s Block (formerly known as Square)
- Altos Ventures
- Goodwater Capital
- StepStone Group
- Greyhound Capital
- SMBC Nikko Securities
- JAFCO Group
- Mitsui Sumitomo Insurance Capital
With Block having its eye set on Kyash, it marks the first investment in an Asia-based company for Dorsey’s brainchild. Looks like Kyash is the belle of the ball!
Plans for Expansion
So, how will Kyash put this fresh influx of cash to work? According to the company’s bold plan, they aim to:
- Recruit more talent to keep the innovation going
- Expand their funky range of products
- Enhance their service operations to keep users smiling
Shinichi Takatori, the bright mind at the helm of Kyash, mentioned the challenge of crafting a sustainable business solely on payments. Let’s face it; it’s tough out there. But with this new capital, they’re looking to hit that elusive ‘high capital efficiency’ home run!
Words from the Wise
Taikuma Baba, managing director at Japan Post Investment Corporation, chimed in with insights about Kyash’s approach to growth. “Kyash’s user-first, mobile-first philosophy ties in beautifully with the ongoing global trend of unbundling traditional financial institutions,” he said. These people sure talk a lot; they must have a gifted pen and great coffee!
Digital Banking in the Spotlight
With a reputation as a neobank, Kyash joins the ranks of digital banking trailblazers like Robinhood and Chime. Its previous funding, a Series C round, tallied $45 million back in 2020, proving that growth is the name of the game. While the cash keeps flowing, will Kyash rise to the occasion or be lost in the shuffle of digital competition? Only time will tell!
