22 September 2017
visit www.avoka.com

Rakuten moves into European banking market

11 January 2017  |  11590 views  |  0 digital banking

Japanese e-commerce conglomerate and prominent fintech investor Rakuten is to launch a commercial banking operation in Europe from its Luxembourg headquarters.

Initially focusing on providing payment, deposit and loan services for merchants on the PriceMinister e-commerce platform in France, Rakuten Europe Bank plans to expand these services to provide banking-as-a-service facilities to high growth fintech businesses across the region.

The company already operates an online banking service on its home turf, providing personal and commercial banking service to some 3.8 million account holders.

Masayuki Hosaka, head of Rakuten’s fintech businesses, says: “With Rakuten Europe Bank, we aim to provide banking services in Europe that will parallel the successes of the Rakuten Group’s Fintech businesses in Japan.”

Rakuten established a $100 million fintech fund in late 2015 and since taken stakes in a multitude of disruptive startup operations across Europe and North America. Prominent companies in the group's portfolio include Currency Cloud, Azimo, Payoneer, BlueVine and Kreditech.

The company in August also opened a blockchain development lab in Belfast to cater for its expanding portfolio of investments in the fintech arena.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Rakuten establishes blockchain lab in Belfast

Rakuten establishes blockchain lab in Belfast

18 August 2016  |  6989 views  |  0 comments | 4 tweets | 8 linkedin
Azimo wins backing of Rakuten Fintech Fund for Asian expansion drive

Azimo wins backing of Rakuten Fintech Fund for Asian expansion drive

05 May 2016  |  6106 views  |  0 comments | 8 tweets | 4 linkedin
PayPal leads $30m round in spare change investment app Acorns

PayPal leads $30m round in spare change investment app Acorns

21 April 2016  |  10826 views  |  1 comments | 19 tweets | 11 linkedin
Rakuten establishes $100 million fintech fund

Rakuten establishes $100 million fintech fund

12 November 2015  |  8403 views  |  0 comments | 13 tweets | 9 linkedin
CurrencyCloud scores $18 million funding round

CurrencyCloud scores $18 million funding round

23 June 2015  |  4369 views  |  0 comments | 7 tweets | 7 linkedin
WePay raises $40m

WePay raises $40m

20 May 2015  |  5548 views  |  0 comments | 5 tweets | 3 linkedin
Rakuten launches Transfer by Facebook

Rakuten launches Transfer by Facebook

07 August 2014  |  7292 views  |  0 comments | 12 tweets | 11 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.euvisit www.vasco.comvisit www.capgemini.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
12891 views comments | 27 tweets | 42 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
8635 views comments | 13 tweets | 27 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8376 views comments | 19 tweets | 27 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
7802 views comments | 16 tweets | 1 linkedin
European Commission makes fintech a priority in supervisory shakeupEuropean Commission makes fintech a priori...
7672 views comments | 31 tweets | 45 linkedin

Featured job

circa £250K total package
London

Find your next job