INSUBCONTINENT EXCLUSIVE:
The new era of tech-enabled banks is coming, even in regulation-heavy Japan
But it is currently applying for a host of licenses in Japan that could allow it to offer banking-style features, including checking
accounts, ATM withdrawals and money remittance
Right now, it is a payment app that offers a connected Visa card in the style of Monzo, N26, Revolut (which has a Japan license) and others
of that ilk.The startup was founded in 2015 by Shinichi Takatori, a former banker and management consultant who saw the potential to merge
quickly tied up with Visa to offer a prepaid debit card that connects to the Kyash app
That provides benefits like instant payment notifications, clear balance and lower fees for overseas spending, while costs are borne by
merchants rather than users
$14 million investment is co-led by Goodwater Capital, a U.S
previously put money into the company
Others that took part in this Series B include Toppan Printing, JAFCO and Shinsei Corporate Investment Limited.So many banks on the cap
to offer full banking services
business.The company developed its own payment processing system to reduce costs, which is one reason it took time to launch
Thanks to a tie-up with Visa, it offers both issuing and processing of prepaid Visa cards to fintech companies in Japan that want to go down
crypto companies, but that it has not made a decision on how to proceed yet
