Japanese investment platform bags $26.4m in JIC-led round

Toranotec, a Japanese fintech platform, announced that it has raised 2.9 billion yen (US$26.4 million) in a new financing round led by JIC Venture Growth Fund 1, which is managed by JIC Venture Growth Investments, the venture capital arm of Japan Investment Corporation.

Photo credit: Toranotec

Investors like Seven Bank, Aslead Capital, AG Capital, and Sumisei Innovation Fund also took part in the funding round.

Toranotec will invest the fresh funds in marketing activities and to create new products and services in a bid to expand its existing client base.

Toranotec aims to lower the barriers to entry when it comes to investing through cash, loyalty points, and airline miles, among other modes. It also aims to bridge the gap between financial services and sectors such as retail, telecom, and entertainment.

“In this age of longevity in which many live to be a hundred, the importance of individuals’ engagement in steady long-term wealth creation to support their future is paramount,” said Justin Balogh, CEO and president of Toranotec.

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The company said it has helped users open up to 300,000 accounts to date.

According to Crunchbase, Toranotec had previously raised over US$18 million from Seven Bank in January 2019. The firm also counts Daiko Securities Business, Rakuten, Tokyo Electric Power, Tokai Tokyo Financial Holdings, and Tepco Frontier Partners as its investors. 

Currency converted from Japanese yen to US dollar: US$1 = 109.78 Japanese yen.