Tokyo-based P2P(peer-to-peer) lending service company Exchange Corporation (in short, ExCo) announced today that they had fundraised several hundred thousand US dollars – exact number not disclosed – from Silicon Valley-based fund 500 Startups which is known for being led by venture capitalist Dave McClure. This is the second case for the fund to invest in Japanese start-ups following myGengo (refer to this story for more about myGengo’s fundraising).
The company was founded in 2008 and launched a P2P lending service called Aqush[J] (that pronunciation reminds us of the meaning of “shaking hands” in Japanese). About 3,500 users have signed up as of today, and their transaction volume has exceeded JPY1.1B (approx. USD13.75M) by mediating between lenders and borrowers online. In average, the annual investment yield for the lenders is 7.55%, and the annual conventional interest rates for the borrowers is 9.05%.
“This fundraising helps us catch up new trends in financial services which are advanced in foreign countries. It also contributes to spreading our name out in the overseas.”, the company’s vice president Kazunori Ohmae says.
The company expects to pitch the money to strengthen marketing, acquire more employees and develop further services.
- Press Release: Japanese Peer-to-Peer Lending Service, AQUSH, Raises Capital from Silicon Valley Venture Capital Fund, 500 Startups [pdf]
Via: Venture Now [J]