FinTech startup 400F raised JPY 1.14bn in equity and debt financing

400F, which operates “Okaneko,” one of Japan’s largest household financial diagnosis and consultation services, has raised a total of 1.14 billion yen. This funding was secured through a third-party allotment with JP LIFE NEXT FUND, operated by Kampo Next Partners, as the lead investor, along with existing investor Aflac Ventures, Yucho Spiral Regional Innovation Fund (the CVC of Japan Post Bank, operated by Spiral Innovation Partners), and SUMISEI INNOVATION FUND (the CVC of Sumitomo Life Insurance, operated by SBI Investment). Additionally, debt financing was obtained from Japan Finance Corporation and Mizuho Bank.

This brings the cumulative funding to approximately 3 billion yen, which will be used to enhance “Okaneko’s” product development, expand offered products, strengthen recruitment activities, and actively invest in expanding financial DX promotion services for corporate clients.

With “Okaneko”, by simply answering about 20 questions on your smartphone about your place of residence, age, annual income, family structure, etc., the system will diagnose your household finances in comparison with people in the same area, age, and household composition. In addition, users will receive a simplified life plan estimated from the diagnosis results, as well as individual advice and comments from financial professionals such as FPs (financial planners) and IFAs (financial product intermediaries), and can also receive individual consultations via chat or in person. This is an online service that can be used anonymously, free of charge, and easily.

Recent Business Status and Purpose of Funding

400F, with the mission of “solving financial problems through connections,” has been operating the household financial diagnosis and consultation service “Okaneko” and providing services to major financial institutions as a leading company in the financial DX sector.

“Okaneko” (formerly known as “Money Health Checkup”), which began service in November 2018, has become one of Japan’s largest online services offering anonymous and free household financial diagnoses, money-related consultations, face-to-face meetings, and seminar participation. It has steadily increased its user base, primarily among those in their 20s to 40s building assets, surpassing 1 million cumulative users as of the end of June 2024. Furthermore, utilizing data from over 1 million users, 400F has renewed their household financial diagnosis content to provide even more detailed analysis results of users’ situations, for example by comparisons with the same “household composition” or “residential area”.

The know-how gained through “Okaneko” in online customer acquisition and conversion is being provided as a DX support measure, mainly to major financial institutions, and 400F is steadily expanding its business on both B2C and B2B fronts.

The funds raised this time will be mainly allocated to the following, and 400F will continue to provide opportunities to solve financial problems for all people:

1. Product Development
   Develop new advice services and corporate client features utilizing generative AI and proprietary databases in “Okaneko”
2. Expansion of Offered Products
   Expand the range of products that can be introduced on “Okaneko” to address the concerns of a wider range of users
3. Strengthening Recruitment Activities
   Strengthen recruitment of talent to improve data analysis, product development, and delivery quality to corporate clients

Please follow us to read more about Finance & FinTech in Japan, like hundreds of readers do every day. We invite you to also register for our short weekly digest, the “Japan FinTech Observer”, on Medium or on LinkedIn. Our global Finance & FinTech Podcast, “eXponential Finance” is also available through its own LinkedIn newsletter, or via our Podcast Page.

Should you live in Tokyo, or just pass through, please also join our meetup. In any case, our YouTube channel and LinkedIn page are there for you as well.