Japan’s SmartBank secures $27m in mix of equity funding and debt financing
Tokyo-based fintech SmartBank has secured around $27 million in a Series B round consisting of a mix of equity funding and debt financing.
SmartBank bags $27 million Series B
The firm has raised JPY 2.93 billion (around $19.6 million) in equity funding, led by SMBC-GB Growth No. 1 Investment Limited Partnership. The investment also includes contributions from existing shareholders and new backers, such as Seven Bank and Japan Post’s Spiral Regional Innovation No. 1 Investment Limited Partnership.
Additionally, SmartBank has secured JPY 1.15 billion (approximately $7.7 million) in debt financing from several financial institutions, including Shoko Chukin Bank, Mitsubishi UFJ Bank, and Kiyo Bank.
Founded in 2019, SmartBank provides a financial management app designed to help users effectively manage their household spending, offering deposit accounts with budgeting tools and prepaid cards.
SmartBank’s Series B funding has been earmarked for “marketing activities” aimed at attracting new users by promoting the “development of household finance improvement services that utilise generative AI”.
Moreover, the funds will support a significant hiring push, with SmartBank “actively recruiting” for roles in marketing, compliance, data analysis, and engineering.
