Fintech startup Money Forward IPO expected September
Budgeting app has more than 5 million users
TOKYO -- Fintech startup Money Forward could go public on the Tokyo Stock Exchange's Mothers market by September.
The funds raised from the initial public offering will be spent on boosting sales offices and expanding operations and the company's market capitalization is expected to be between 10 billion yen to 20 billion yen.
Founded in 2012, Money Forward provides an automated household accounts and asset management service platform. By registering bank and brokerage accounts, credit cards and electric money, users can check cash flows, shopping records and account balances.
The app has gained enormous popularity, with user numbers topping 5 million.
The company also provides online services helping companies file taxes and prepare financial statements.
For the year ended last November, Money Forward logged sales of about 1.54 billion yen ($14.1 million) and a net loss of about 880 million yen. Currently, the cost of opening sales offices and advertising are weighing on profits.
It is estimated that some 80 to 90 companies will go public this year. Flea market app operator Mercari is also expected to debut later in 2017.