Nikkei reported earlier this morning that Tokyo-based Freee, a Japanese startup behind a cloud-based accounting platform under the same name, is planning to get listed on the TSE Mothers Market in December. Serving over 1 million SMEs all across Japan, the startup is now ranked in the 5th place in valuation among Japanese startups and expects to raise it up to $1 billion through the IPO.
Founded in 2012, the platform allows users to scan and read invoices, sort out them, and even automatically create financial statements. In partnership with 270 banks and other financial institutions in Japan, it also allows users to manage the movement of funds by integrating with their baking accounts.
The accounting startup has secured more than $140 million US to date from many VCs and other businesses such as Line. Nikkei says the company has filed an application for an IPO, and is expected to get approved by TSE soon.
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