Tokyo-based Crowd Credit, the Japanese startup behind a cross-border peer-to-peer (P2P) lending platform under the same name, announced on Thursday that it will be fully acquired by Osaka-based Bankers Holding for an undisclosed amount. Bankers operates a lending platform for business owners in Japan. The Initial startup database estimates Crowd Credit’s market cap is 10.6 billion yen (about $80 million US) when the company secured the last funding round back in April last year.
Crowd Credit was founded in 2013 by Tomoyuki Sugiyama who previously managed investments in Japanese government bonds at Daiwa Securities SMBC followed by managing assets with investing in bonds at Lloyds Bank. In the form of funds with set yields, the Tokyo startup offers funds collected from Japan individual investors to businesses in developing countries in the South America and Eastern European regions. Crowd Credit will maintain its current brand name and management structure after the acquisition.
Bankers Holding was founded in December of 2019 by Tsuyoshi Shibuya who previously managed several investment companies. The company has been running a P2P lending platform since December of 2020, which offers loans of a total of over 10 billion yen (about $75 million) to businesses in Japan. Bankers Holding secured 1 billion yen (about $7.5 million) in April of last year in an unknown round followed by 1.5 billion yen (about $11.3 million) in a Series B round closed last month, which brought their total sum of funding up to approximately 2.6 billion yen (about $19.6 million).
- Japan’s P2P lending platform Crowdcredit raises $1.7 million from trading giant Itochu
- Meet Crowdcredit, Japan’s peer-to-peer lending platform for emerging markets
via PR Times