Japanese fintech company Kyash has raised JPY1.5bn ($14m) in a Series B funding to support its plan to become a challenger bank in the country.

The funding round was led by Goodwater Capital, a global consumer technology firm. Toppan Printing, JAFCO, Shinsei Corporate Investment and SMBC Venture Capital also joined the round.

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The latest round takes Kyash’s total funding to JPY2.8bn ($26m).

Kyash funding: Background

Kyash, which has developed Kyash wallet app and payment platform Kyash Direct, now aims to foray into banking. A bank licence will enable the company to offer checking accounts, money remittance and ATM withdrawal services.

The fintech’s overall plan also includes boosting digital and card transactions in Japan, where only 20% payments are cashless.

The plan is aligned with the government’s strategy to increase cashless payments to 40% by 2025.

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Kyash founder and CEO Shinichi Takatori said: “Kyash has created a platform that will take Japanese consumers into the cashless era and beyond.

“I am delighted that investors both in Japan and abroad have recognised our achievements over these past two years.

“We believe Goodwater will provide immensely valuable insight as we evolve our platform to provide more financial freedom and flexibility to the people, which will in turn have a positive global impact.”