acquires e-commerce solution CASH in $62m deal

fintech insurtech wealthtech regtech ai cybertech esg news
fintech insurtech wealthtech regtech ai cybertech esg news

Web services group has completed the acquisition of Bank Corp’s online item marketplace CASH.

The acquisition was worth JPY 7bn ($62.2m), and will see CASH become a new subsidiary of DMM.

Launched in June 2017, the platform allows a user to sell an item digitally and instantly receive money for the item. A user simply takes a picture of a product, the platform creates a value and transfers funds, following this the user sends the item to the company.

Following the investment, DMM hopes to further the expansion and growth of the platform. DMM has a range of services available including an online lottery website, animation video distribution platform, internet cable solution and a housekeeping business, among others.

Last month Japan-based real estate investment platform BitProperty is set to launch its ICO next month, with the company now looking to start the raise on December 1st. The sale has a hard cap of 100,000 ETH, and will last for 30 days.

Japan has had very little activity in the FinTech space, with last year it representing one of the smallest amounts of capital deployed to the region. The country only saw $93m invested, but while this is small, there are many countries in the region to have not complete any transactions in FinTech.

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