Japanese Fintech Startup Kyash raises $14 million in Series B funding

Shinichi Takatori, Founder & CEO of Kyash

Japanese start-up Kyash, a pre-paid debit based digital wallet app which offers P2P payment, as well as payment at Visa merchant globally, has recently announced that it has raised $14 million in their Series B funding. The investment in the Japanese startup was led by Goodwater Capital, a consumer technology firm which has previously invested in Facebook, Twitter, Kakao, Spotify and Monzo, as well as Mitsubishi UFJ Capital Co. Kyash had seen additional investments coming from Tokyo-based firms such as Toppan Printing Co., JAFCO Co., Ltd. This Series B investment round has seen Kyash’s total funding to be recorded at $25.4 million.

Shinichi Takatori, Founder & CEO of Kyash on being asked about the Series B round commented, “I am delighted that investors both in Japan and abroad have recognized our achievements over these past two years. We believe Goodwater will provide immensely valuable insight as we evolve our platform to provide more financial freedom and flexibility to the people, which will, in turn, have a positive global impact.”

Kyash has developed its own payment processing system to reduce costs, which is one reason it took time to launch. Due to its partnership with Visa, it offers both issuing and processing of prepaid Visa cards to fintech companies in Japan that want to go down the payment route.

As Japan is aiming for a cashless society, Kyash could also step its feet in the cryptocurrency segment. The company could go for a Series C funding to accelerate its diversification in the various segments of FinTechs.

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