Tokyo-based WealthNavi, the company offering a technology-based asset management service under the same name, announced on Monday that it has secured 1.5 billion yen (approximately $13.5 million US) in funding from Mirai Creation Fund, Global Brain, Sony Innovation Fund, DBJ Capital, SMBC Venture Capital, and Mizuho Capital with 3 billion yen ($27.5 million US) in loans from multiple financial institutions.
Mirai Creation Fund is a limited partnership backed by Toyota Motor and Sumitomo Mitsui Banking Corporation (SMBC) while DBJ Capital is the investment arm of Development Bank of Japan.
The latest funding follows the company’s previous 1.5 billion yen (about $15 million at the exchange rate then) funding in a series B round back in October of 2016. This means the company has secured a total of about 6.7 billion yen (about $61 million) in funding and loans since the company’s launch back in April of 2015.
The company says it will use the funds to strengthen management foundation, while enhancing and improving functions of their flagship robo-advisor platform WealthNavi as well as Mametasu, the latter a mobile app that lets users connect their credit cards or other mobile payments in Japan to automatically round up the change from every purchase, adding to their investment portfolio.
In this space, we’ve seen other leading robo-advisory services like Money Design, Rakuten Securities and Monex-Saison-Vanguard in Japan, but WealthNavi is taking the lead among these competitors by gaining 70,000 account applications and keeping over 60 billion yen ($550 million US) in customer assets.
Edited by “Tex” Pomeroy