TOKYO -- Japanese banks are moving to supply more capital to late-stage startups before they go public, looking to address a dearth of funding at this phase that tends to stymie growth and may contribute to Japan's lack of unicorns.
Sumitomo Mitsui Trust Bank plans to provide a total of 50 billion yen ($350 million) between fiscal 2023 and fiscal 2025 to later-stage startups -- those that have a firmly established business model and are within sight of an initial public offering.
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