Block backs Japanese fintech startup Kyash

Kyash, a Tokyo-based mobile finance application, has raised $41.2 million in Series D fundraising (4.9 billion JPY).

Japan Post Investment Corporation, Block (previously known as Square), Greyhound Capital, SMBC Nikko Securities, Altos Ventures, Goodwater Capital, StepStone Group, JAFCO Group, Mitsui Sumitomo Insurance Capital, and other investors participated in the round.

According to a Nikkei report, this is Block’s first investment in a company established in Asia. Since its establishment in 2015, Kyash has raised roughly $107.7 million (12.8 billion JPY) in total capital.

Kyash CEO Shinichi Takatori told TechCrunch that the new funds will be used to quadruple the company’s personnel and accelerate product development.

Kyash is a mobile banking software that allows users to conduct online and offline payments, remittances, and ATM withdrawals. It was founded by Takatori, who previously worked in the banking and consulting industries.