Tokyo-based digital banking startup Kyash has raised USD 45 million in Series C funding, bringing their total funding amount to USD 73 million. This is despite multiple forecasts warning that COVID-19 would see venture capital fundraising dry up over the next two quarters.

The funding round was co-led by Greenspring Associates (which also invested in Kyash’s Series B round), Monzo and Spotify backer Goodwater Capital. Kyash, which also counts Greyhound Capital, Altos Ventures, Partech Partners, Broadhaven Ventures, Tekton Ventures and KAFCO among its investors, will use these funds to expand its mobile offerings.

Founded in 2015 by CEO Shinichi Takatori, Kyash is part of the growing universe of so-called ‘challenger banks’ leading Japan’s transition to a cashless society – a growing necessity in the wake of COVID-19 and worldwide social-distancing orders. Their ‘digital wallet’ solution, which offers a prepaid-debit based function is directly linked to Visa’s platform, allowing it to issue prepaid cards and tailor services to businesses. With Japan’s reputation of having the best technology innovations globally, this will guide Japan to become an even more digital economy.

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