Mizuho Bank to Acquire AI-Driven Financial Venture Upsider Holdings
Mizuho Financial Group Inc. announced on July 29 that it will acquire a 70% stake in Upsider Holdings Inc., a Tokyo-based financial venture specializing in artificial intelligence applications for credit cards and accounting efficiency services tailored for corporate clients. The deal, valued at approximately 46 billion yen, will make Upsider a consolidated subsidiary of Mizuho Bank, the group's core banking unit.
Strengthening Services for Small Businesses and Startups
This acquisition supports Mizuho Bank's strategy to enhance financial offerings for small and midsize enterprises (SMEs) and startups. A detailed joint business plan is expected to be revealed in the autumn.
Masahiro Kihara, President of Mizuho Financial Group, emphasized the move’s intent to address labor shortages faced by SMEs that are integral to Japan's economy and to improve their access to funding.
Previous Collaboration and Future Outlook
In November 2023, Mizuho Financial Group and Upsider jointly launched a startup debt fund, providing about 13 billion yen in loans. This acquisition appears to extend that collaboration, aiming to leverage AI to streamline financial services and lending processes.
- Key Highlights:
- Mizuho Bank will acquire 70% of Upsider Holdings for 46 billion yen.
- Upsider uses AI to enhance credit card offerings and accounting efficiency for corporate clients.
- Focus on improving financial services for SMEs and startups.
- Joint startup debt fund established in 2023, providing around 13 billion yen in loans.
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