Japan-based WealthNavi bags $37.6m in funding round

WealthNavi, a robo-advisor based in Japan, has raised 4.1bn JPY ($37.6m) in a funding round to support the expansion of its management base.

The capital injection was supported by Sony Financial Ventures, DBJ Capital, Opt-Ventures, SMBC Venture Capital and Resona Capital.

Proceeds from the round will be used to strengthen the development system, expand its management base and increase marketing.

WealthNavi is an automated service for long-term asset management, which uses a risk management algorithm to provide investing advice. The platform helps middle-income consumers diversify their investments with international assets.

The startup has now raised around 14.8bn JPY ($135.8m) in venture funding.

WealthNavi closed a $15m Series B round back in 2016 from investors including SBI Investment, Mizuho Capital, SMBC Venture Capital, DBJ Capital and Infinity Venture Partners.

Recent research from B2B wealth management platform Nucoro claims that 53% of retail investors would consider using a robo-advisor platform. Age seems to play a big part in willingness for the technology, with 76% of retail investors between the age of 18 and 24 would be happy with a robo-advisor, while only 32% of those aged over 65 would.

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