MoneyForward, a Japan-based accounting startup, raised JPY 1.6 billion in a Series C funding round.
Backers included Fenox Venture Capital, SBI Holdings, Shizuoka Bank, Yamaguchi Financial Group, Toho Bank, Mitsubishi UFJ Trust and Banking Corporation, and Mitsui & Co..
The company intends to use the funds to continue to develop the product.
MoneyForward provides online tools for individuals and companies to manage their finances and expenses. It recently launched a cloud-based payroll service for small and medium sized enterprises.
The company, which counts over 2.5 million users on the personal finance product and over 400,000 users on the enterprise side of the product, currently employs more than 100 employees.
Clients include Japanese banks SBI Sumishin Net Bank and the Yamaguchi Financial Group, among others.