As we reported SBI Holdings entered into capital and business alliances, a Japanese FinTech firm, MoneyForward has experienced rapid growth with many developments. Regarding SBI Holdings’ press release, SBI Holdings will invest in MoneyForward and the group’s Sumishin SBI NetBank and SBI Benefit Systems formed business alliances with the FinTech firm.
In MoneyForward’s announcement released on the same day as SBI’s release, we learned more alliances the FinTech firm made and the amount of investment. In addition to Sumishin SBI NetBank and SBI Benefit Systems, MoneyForward formed a business alliance with Shizuoka Bank to co-develop new FinTech services for small and middle-sized companies and solo proprietors and Personal Financial Management service and to cooperate in expanding MoneyForward’s MF cloud services utilizing the bank’s network.
MoneyForward also disclosed the total amount of investment. The company will raise about 1 billion JPY from SBI Holdings, Shizuoka Bank and the existing stock holder, JAFCO.
MoneyForward aims to create new innovation in the FinTech Industry by partnering with the financial institutions.