SmartBank, a Tokyo-based startup, has secured $26 million in funding for its personal finance management app.
The majority of the aging population in Japan still prefers using cash for transactions, with cashless transactions accounting for 39.3% of all spending in the country.
SmartBank aims to encourage cashless transactions in Japan and offers a prepaid card and finance management app to make it easier for people to switch to cashless payments.
The startup plans to use the funding to expand its workforce and further develop its platform, which includes new features like AI receipt reading and connecting credit cards and bank accounts.