Japanese finance app Moneytree raises $9 million to grow enterprise business
By Masara Ikedu for VB
Tokyo-based Moneytree, the Japanese startup offering an asset managing app and cloud-based accounting soutions, announced on Tuesday that it has raised a total of 1 billion yen (nearly $9 million US) in their latest funding round.
The round was led by SBI Investment with participation from Mizuho Capital, SMBC Venture Capital, Salesforce Ventures, Fukuoka Technology Partners, Hiroshima Venture Capital, Senshu Ikeda Capital, and the UK’s leading asset management company Baillie Gifford. This round follows that of the company’s series A round from October 2015.
With the latest funds, Moneytree plans to roll out new features to three products: their self-titled personal asset management app, the “Moneytree Work Keihi Seisan (Expense Reimbursement)” service that allows users to easily determine their expenses, as well as their “Moneytree Work Houjin Kouza (Corporate Accounts)” that lets users browse their corporate accounts and calculate expenses on mobile.
In addition, the cloud-based account management service MT Link, which connects financial institutions with corporations and individuals, and has been in service for more than two years now, has been adopted by 20 companies including megabanks, regional banks, and accounting software industries. Together with this funding, Moneytree has also revamped the MT Link website, and is aiming to further expand and accelerate the business.
First appeared at VB