Moneytree Sees Green with $9 Million Funding Round
By Julie Muhn (@julieschicktanz) for Finovate
Japanese personal finance app Moneytree has landed $9 million (¥ 1 billion) in a series B round recently. This is the company’s third round of funding and brings its total raised to $10.5 million. SBI Investment led the round. Mizuho Capital, SMBC Venture Capital, Salesforce Ventures, Fukuoka Technology Partners, Hiroshima Venture Capital, Senshu Ikeda Capital, and Baillie Gifford also participated.
The Tokyo-based company will use the funds to expand its personal asset management, expense reimbursement, and corporate account apps. Moneytree’s founder and CEO, Paul Chapman, explained the big picture plans for the new capital, saying, “Moneytree will be moving on to the next stage of growth… More than ever, we will focus on maintaining the security of our services, protecting privacy, and transparency of information.” Chapman added, “In addition, while supporting the conversion of the financial industry to digital banking, and while contributing to the foundation of the accounting industry’s cloud accounting system, we will continue to devote our efforts to constructing an industry-wide ecosystem based on users. Furthermore, we have set our sights on the globalization of our services through deploying Japanese technology overseas.”
Moneytree was founded in 2012. At FinovateAsia 2016 in Hong Kong, the company debuted Moneytree LINK. Moneytree’s head of platform, Mark Makdad and Chief of Marketing, Zach Taub, demonstrated how the new mobile SDK connects their MT LINK aggregation platform to third party products and services. MT Link is in use with 20 financial institutions, including megabanks, regional banks, and accounting software firms, which helps it reach more than 200,000 businesses.