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Block, led by Jack Dorsey, has invested $41 million in Japanese fintech Kyash

Kyash now has a market capitalization of around $107.7 million as a result of this new round of funding.

Kyash, a digital wallet based in Tokyo, has raised $41.2 million USD (4.9 billion yen) in a Series D investment. Since its inception in 2015, the cashless mobile app and credit card has raised an estimated $108 million, or 12.8 billion yen, in total fundraising.

Japan Post Investment Corporation, Jack Dorsey’s Block, which was once known as Square, as well as Altos Ventures Goodwater Capital and StepStone Group in the United States, were among the worldwide investors and Japanese banks who participated in the round. Greyhound Capital in the United Kingdom, SMBC Nikko Securities, JAFCO Group, Mitsui Sumitomo Insurance Capital, and others also contributed. Kyash is the first Asia-based startup in which Block has invested, according to a Nikkei report.

The funds will be used to hire more personnel, increase the company’s product offerings, and boost its service operations, according to the company. Kyash’s President and CEO, Shinichi Takatori, stated that “creating a viable business model based primarily on the payment and settlement business has been tough,” and that he expects that these funds will position the company for “high capital efficiency.” He was particularly grateful for Block’s new investment, which he described as “a leader in financial innovation in the United States and other nations.”

“Kyash’s user-first, mobile-first concept and design is a significant component of the global, irreversible trend toward unbundling traditional financial institutions and rebundling them with technology,” said Taikuma Baba, Managing Director of Japan Post Investment Corporation.

Kyash is a neobank, or online bank, in the same way as Robinhood, Chime, SoFi, and Revolut are. In 2020, it raised $45 million in a Series C financing.

In November, Jack Dorsey announced his departure from Twitter. Square rebranded to Block in December, announcing the acquisition of many bitcoin firms as part of its portfolio. Square, CashApp, and Tidal, the music platform, are all still run by Block. Since then, Dorsey has concentrated on growing Block’s crypto activities.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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