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SmartBank secures $26M for its personal finance management app
Nov 13, 2024
A Tokyo-based startup has garnered $26 million to advance its personal finance management app. They aim to promote cashless payments in Japan, a country still fond of cash transactions. The rise of digital finance tools is set to transform how people manage their money. With plans to enhance technology and expand their team, this innovative company is embracing AI to streamline financial services. The future of finance in Japan is looking tech-savvy and exciting!
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Quick takeaways
- SmartBank aims to modernize personal finance management in Japan by simplifying cashless payments for younger demographics and couples.
- The startup has raised 4 billion yen to enhance its app's capabilities, integrating AI features and enabling P2P transfers and cash withdrawals.
Deep dives
The Shift Towards Cashless Transactions in Japan
The increasing preference for cashless transactions among the aging population in Japan is highlighted, with a significant portion still utilizing cash for daily purchases. In 2023, cashless transactions accounted for 39.3% of all spending, with the government aiming for 40% by 2025. SmartBank, a Tokyo-based startup, has emerged to facilitate this transition by offering an app designed to simplify cashless payments for users. By focusing on younger demographics and couples, SmartBank aims to tap into the existing cash reliance while providing innovative solutions to modernize personal finance management.
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