Japanese bank holding company Mitsubishi UFJ Group (MUFG) has invested $20m in Israeli B2B payment and credit network Fundbox.

The Japanese made the investment through its corporate venture capital arm MUFG Innovation Partners.

The Japanese firm, with this latent financing, has tripled its investment in Fundbox’s recent Series C round.

Despite incurring losses due to Covid-19, Fundbox has continued to grow its customer network, originating credit for existing customers, and enabling faster payments for B2B suppliers.

Fundbox founder and CEO Eyal Shinar said: “Our investments in real-time data access, machine learning, and automated credit management have helped us respond very quickly to this crisis, allowing us to continue serving the majority of our customers in addition to adding new customers.

“The funding and support from sophisticated strategic investors like MUFG will enable us to continue investing in our technology platform and customer experience.”

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The latest funding round from MUFG brings the total amount raised by Fundbox to date to $200m.

MUFG Innovation Partners managing director and CIO Akihiko Okamoto said: “We are pleased with how Fundbox’s advanced data science and technology capabilities have contributed to its superior portfolio performance, especially during Covid-19.

“Even in the face of these extraordinary economic conditions, the strength of the business has been impressive.”