Japanese fintech startup Kyash managed the funding despite pandemic concerns.

Kyash, a Japanese fintech startup aspiring to be a leading challenger bank, gained $45 million in a Series C funding. Greenspring Associates and Goodwater Capital, a global consumer technology investor co-led the round. Several venture capital firms from around the world also participated.

The startup will use the funds to accelerate its full-stack mobile banking business in Japan. It also plans to advance its overall growth strategy and business domain expansion, mainly into the banking space.

With this round, Kyash has raised an aggregate of $73 million.

Pandemic boosts cashless

“I am delighted to announce Kyash’s partnerships with these global investors as a result of the company’s progress in product development and significant user traction in Japan amid the uncertain market conditions resulting from the widespread effects of the pandemic,” said Shinichi Takatori, Founder & CEO of Kyash. “We are confident that our focus on developing proprietary payment technology and strategic merchant network partnerships continues to bring value to users and addresses the need for remote financial transactions in a digital economy.”

The global investors referred above include Greyhound Capital, a UK growth equity investment firm, US venture capital firm Altos Ventures, global investment firm Partech Partners, US FinTech venture capital fund Broadhaven Ventures, US venture capital firm Tekton Ventures, and Mr. Rahul Mehta, Managing Partner of DST Global.

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