Tokyo-based mobile financial platform Kyash has raised US$41.2 million (about 4.9 billion yen) in its Series D funding joined by Jack Dorsey’s Block.

See related article: After Facebook’s name change to Meta, Square has now become Block

Fast facts

  • Kyash has accumulated a total funding of about US$107.7 million since its launch in 2015, which the payment startup will use to increase its workforce and develop its products and services.
  • Other investors in Kyash include Japan Post Investment Corporation, Greyhound Capital, JAFCO Group, SMBC Nikko Securities, Altos Ventures, Goodwater Capital, StepStone Group and Mitsui Sumitomo Insurance Capital.
  • Kyash is one of Japan’s few challenger banks that provide mobile banking and payment services. 
  • Kyash is Block’s first investment in an Asia-based company, according to Nikkei.
  • Block is preparing to launch its own decentralized Bitcoin exchange platform through its new business venture TBD, which released its white paper last November.
  • Longtime crypto enthusiast Jack Dorsey rebranded his digital payments company Square into Block in December last year after resigning from Twitter as CEO.

See related article: Square releases white paper for DEX to allow exchange of crypto, fiat and more