SBI Holding’s subsidiary, SBI Investment set up FinTech Fund with an aim of investment in FinTech promising ventures.
Since its inception, SBI Holdings has been developing financial business utilizing internet as a FinTech pioneer. The group’s SBI Securities accounts for 40% of individual stock trading and deposit balance at SBI Sumishin Net Bank exceeded 3.5 trillion JPY for 8 years. Also SBI Investment, as an emerging industry creator, has invested in private companies in next-generation industries such as IT field, totaled 365 billion JPY.
As FinTech has been gaining a lot of attention from not only financial firms but also governmental agencies in Japan, SBI Investment decided to create the fund for booming FinTech ventures by utilizing the group’s insight and expertise gained through its online financial business.
Investors in this fund so far include Yokohama Bank, SAN-IN GODO Bank, Sumitomo Mitsui Trust Bank, Sony Financial Holdings, and Softbank. According to Yokohama Bank’s press release, the bank decided to invest 2 billion JPY to the fund. The fund plans to complete to be set up by next March and raise 30 billion JPY. The period of the fund’s management is 9 years and 7 months.
The fund will support open innovation between investors and investment destination companies and improve the value of the destination companies along with promoting and facilitating the introduction of FinTech by the investors.
(Source: SBI Investment)
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