Japanese FinTech company Bloomo, an asset building app based on US stocks and ETFs, has reportedly raised JPY 800m ($7m) in its seed round.
The investment was backed by Global Brain, SMBC Venture Capital, Mitsubishi UFJ Innovation Partners, Spiral Capital, Scrum Ventures, Insignia Ventures Partners and Mizuho Capital, according to a report from Tech in Asia.
Bloomo is on a mission to become Japan’s first securities firm that is focused on long-term asset building by offering users asset-based building opportunities through investments in US stocks and ETFs.
Through its mobile app, users can select US stocks and ETFs and create a portfolio for regular investments. The investment platform is designed for people of all investing experience and fosters a community where users can interact and share useful information.
According to the report from Tech in Asia, Bloomo has applied for the registration for securities companies, with plans to launch its product in the summer. A waitlist is available for people to join.
Global Brain stated it will support Bloomo’s product development efforts.
Last year, Japan’s FinTech sector dropped to its lowest level in five years. Data from FinTech Global found that just $360m was raised across 32 FinTech deals during 2022, which is a 70% drop from 2021’s funding volume of $1.2bn.
The country’s FinTech sector has seen a gradual decline each year, dropping from the heights of 2018 where $4.8bn was raised through 215 deals.
One Japanese FinTech company to raise capital in 2023 is Habitto. The company, which aims to alter money habits through a mobile bancassurance platform, recently raised $3.9m in its pre-Series A round.
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