Tokyo based billing and accounting software platform Money Forward has completed a $11m Series D financing round led by Isetan Mitsukoshi Holding and Mizuho Capital's finetch fund. Money Forward provides fintech services such as automatic household accounts and asset management services, and various software that covers accounting, billing, payroll, payment, expense, among others.
Money Forward spokesperson Aya Kashiwagi told DEALSTREETASIA that they will mostly spend the new fund on recruiting and marketing. “We already launched branches in Osaka, Nagoya, Fukuoka, Sapporo and Sendai besides Tokyo Head Office. [We plan to] increase employees at each office to accelerate our business,” Kashiwagi said. “Also, we are seeking a chance to expand our business to a global market.” Founded in 2012, Money Forward is estimated to have received investments of up to $40 million. Last October 2015, the company raised about $13 million in a Series C round participated in by Fenox Venture Capital, Mitsubishi UFJ Financial Group, Mitsui & CoVenture, Shizuoka Bank, Toho Bank, and Yamaguchi Financial Group.