Singapore Japan Mobile Labs, a new venture focused on Fintech innovation in the Japanese market, has raised a US$ 2.85 million seed round, the group announced this week.
The round was led by Saison Capital with additional participation from Apis Insurtech Fund I and Anthemis Group.
“We are delighted to be backed by a strong Japanese finance brand through Saison Capital and global fintech investors Apis Partners and Anthemis Group,” Singapore Japan Mobile Labs co-founder and chief executive officer Samantha Ghiotti said. “We are now on our way to becoming a trusted presence in Japanese households.”
“In addition to a great lineup of investors, we have convened a world class advisory board with hands-on expertise in banking, asset management, insurance and technology and made key appointments as we focus on building our bench strength in Japan,”
Singapore Japan Mobile Labs had recently appointed Yasunori Kume as its chief operating officer and Koshi Watanabe as its head of legal compliance. They also announced several new advisors, including Masashi Yamashita who was previously at Lawson Bank and Shinsei Bank, and Shigesuke Kashiwagi of EQT, who previously served at Schroders and Nomura Holdings.
Singapore Japan Mobile Labs was created by Ghiotti, Liam McCance and Andre Bose Do Amaral to help Japanese consumers access mobile financial services
“With over USD 18 trillion of zero yielding assets and being ranked world’s second largest insurance market by premium, the Japanese consumer segment represents a huge opportunity for financial technology entrants,” McCance said. “We plan to provide a positive financial experience and appeal to a segment looking for simple products, readily accessible and with radically transparent, genuine, financial advice.”
In a statement on its website the company said Japanese citizens have collectively saved in the area of $18 trillion. Using those funds to their potential could positively impact millions of lives.