Habitto raises 1.8 billion yen in Series A funding

Habitto, a Singapore-based fintech company that operates a digital bank, announced on the 27th that it had raised 1.8 billion yen in its Series A round. The company will use the funds to hire financial advisors and increase the number of users.

VCs included QED Investors, DG Daiwa Ventures, and US-based Scrum Ventures.

Habitto provides financial services such as savings accounts, insurance and investment through its app. Users can ask questions and seek advice from advisors via chat. The app has been downloaded 42,000 times and has 20,000 registered users.

In addition to investing in the development of the app and advertising, Habitto will also increase the range of financial products it offers, including investments and insurance. The company aims to have 100,000 downloads of the app by 2025.

Habitto's approach to Japan's unique financial market

Habitto provides a financial platform based on the goal to “end financial anxiety.”

The company sees the main issue for young people in Japan being unable to take the first step towards investing due to a lack of knowledge, and so it provides services with the mission of helping young people to achieve financial freedom. As a “digital bank that provides advice,” it supports the money strategies of the younger generation with the highest level of deposit interest rates in the country, carefully selected partner insurance and investment trusts, and free, personalized advice.

Users can consult via text-based chat or video call through the smartphone app, and can ask questions about investment, savings, and insurance to certified financial planners.

The business model is based on sales commissions from investment and insurance partners, as well as debit card usage fees.

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Habitto Official HP：https://www.habitto.com/

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