SMBC and Gojo & Company cooperate on financial inclusion

Sumitomo Mitsui Banking Corporation (SMBC), a subsidiary of Sumitomo Mitsui Financial Group, signed a Memorandum of Understanding with Gojo & Company to collaborate on financial inclusion in emerging countries. Moving forward, the two companies will work together on sharing insights and co-developing solutions.

As the start of the collaboration, SMBC has decided to invest JPY 1.35bn in the UNLEASH 1st Investment Partnership (the“Fund”), a venture capital fund working on financial inclusion issues in India. The Fund is operated by UNLEASH Capital Partners, established by Gojo and Natsuki Sugai, one of Gojo’s founding members.

The Fund will primarily support FinTech startups working on financial inclusion agenda in India.The Fund also measures social impact created through its investments.

Gojo & Company Founder and Chief Executive Officer Taejun Shin joined a Tokyo FinTech Meetup jointly held with Tenity earlier this year.

In April 2023, SMBC Group identified “Poverty & Inequality” as one of their priority issues to be addressed urgently, along with Environment, DE&I/ Human Rights, Declining Birthrate and Aging Population, and Japan’s Regrowth. India is growing rapidly with a very large financial demand, where FinTech is expected to play a role in promoting financial inclusion. Through the collaboration, SMBC Group aims to create an environment where local people can easily access financial services, contributing to financial inclusion in emerging countries.

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