Forex Marketz Daily Forex News – Fully Markets Update
Fintech's rise: Japan's Zuu attracts 400m yen from US fund
TOKYO — Zuu, a startup based in Tokyo that runs asset management websites, will soon receive 400 million yen ($3.3 million) in capital from U.S. investment company Fenox Venture Capital.
The California-based company will buy shares via private placement, through which Zuu will raise 450 million yen in total. Fenox Chief Executive Anis Uzzaman will serve as an outside director at Zuu. The Japanese company will use the funds to expand overseas, starting with the U.S. and Southeast Asia.
Zuu is a “fintech” venture — providing services in finance and information technology. The Fenox deal is part of a wave of fundraising by Japanese companies in that sector.
(Nikkei)
