Japanese internet giant Rakuten has unveiled a $100 million global investment fund that will target startups developing disruptive financial technology.
Rakuten said the fund would initially look at making investments in early to mid-stage companies in the US and Europe – specifically in the FinTech hubs of London, San Francisco, New York and Berlin.
Rakuten already has a clutch of financial services businesses including Rakuten Card, Rakuten Securities, Rakuten Bank and Rakuten Life Insurance. It has also previously made investments in FS companies such as Currency Cloud, WePay and Bitnet.
The new venture will be run with Rakuten managing partner Oskar Mielczarek de la Miel acting as the fund advisor. He said: “If you just look at the last couple of years, companies like Currency Cloud, WePay or Bitnet are great examples of disruption changing the landscape in payments and providing innovative solutions that address fundamental needs of global customers. The Rakuten FinTech Fund is dedicated to helping these businesses accelerate disruption and innovation in historically more traditional and conservative markets.”
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