Kyash – a crypto wallet from Tokyo, Japan – reportedly managed to obtain $41.2 million (4.9 billion yen) of capital injection via  a Series D round.

Specifically, since its introduction in 2015, the cashless mobile app and corresponding credit card have reportedly managed to reel in financial support via fundraising for an estimated $108 million, or 12.8 billion yen. 

Both global investors and Japanese banks reportedly participated in the round, including Japan Post Investment Corporation, Jack Dorsey’s Block – previously “Square” – together with Altos Ventures Goodwater Capital and StepStone Group in America. 

Further entities such as Greyhound Capital in the United Kingdom, SMBC Nikko Securities, JAFCO Group, Mitsui Sumitomo Insurance Capital and others also took part in the round. 

Per insights from a report generated by Nikkei, Kyash is the first firm from Asia in which Block has made an investment. 

Per the firm, the startup will reportedly channel the acquired funding towards onboarding more talents, widening the scope of its product offerings, as well as reinforcing its service operations. 

Shinichi Takatori – president and Head of Kyash – reportedly disclosed that “it has been difficult to create a sustainable business model based solely on the payment and settlement business”, with hopes of said funds will help the firm achieve its “high capital efficiency.”

He further displayed gratitude for the new investment from Block, which he referred to as “a leader in financial innovation in the U.S. and other countries.”

“Kyash’s user-first, mobile-first philosophy and design is a key component of the global, irreversible trend toward unbundling traditional financial institutions and rebundling them with technology.” Taikuma Baba, managing director of Japan Post Investment Corporation, further provided a statement regarding his investments.