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Rakuten sells 15% credit unit to Mizuho for $1.1b
Rakuten Group Inc. sold 15% of its credit card unit to Mizuho Financial Group Inc. for 165 billion yen (US$1.1 billion).
The sale aims to strengthen Rakuten’s capital, impacted by its struggling mobile division, as reported by Nikkei.
Rakuten plans to use the funds to enhance its financial stability. This move comes amid ongoing challenges faced by its mobile service, which has struggled to gain market traction.
Mizuho is expected to benefit from this transaction as it increases its stake in one of Japan’s leading credit card operators.
Recent Rakuten developments
| Timeline |
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06-Dec-2023 💰 Rakuten Group to sell $475m in bank shares to manage losses
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04-Nov-2022 💄 Rakuten Ventures leads $6m round of Indonesia beauty startup
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11-Oct-2021 🌍 Rakuten, Sequoia, and more pour $5.4m into traveltech firm
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20-May-2021 🌾 Rakuten Ventures joins $1.5m round in Malaysian B2B groceries platform
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09-Apr-2017 🏢 Rakuten invests $2.8m in Singapore-based serviced apartment startup
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