October 2026
Largest FinTech Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
Rakuten Bank, Japan Exchange Group, PayPay, Kakaku.com and GMO Payment Gateway.
 | Rakuten Bank Ltd is engaged in the banking business through an electronic medium. | $38 | -30% | $16B | $16B | 14.8x | - | ||
| Japan Exchange Group is a vertically integrated securities exchange business, which includes the Tokyo Stock Exchange, Osaka Exchange, and Tokyo Commodity Exchange. JPX ranks among the top five largest stock exchange operators in the world by market capitalization, and its Nikkei 225 and Topix derivatives products are some of the most widely traded derivatives products in the world. | $14 | +28% | $15B | $14B | 13.1x | 19.8x | ||
| PayPay Corp is a Japan-based financial technology provider operating a digital finance platform that integrates payments, banking, credit, and investment services for individuals and businesses. Its platform connects users and merchants, facilitating a cashless ecosystem and providing an all-in-one solution for daily financial activities. The company operates in two reportable segments: i) Payment segment and ii) Financial service segment. The majority of the company's revenue is derived from the Financial service segment, which includes internet banking services, securities intermediary services and PayPay Point investment-related services, and loan management services. Geographically, it operates predominantly in Japan. | $16 | -- | $11B | $11B | 4.6x | 14.5x | ||
| Kakaku.com Inc. is a Japan-based internet company operating various web services. The company operates through four segments. The Incubation Business includes real estate and housing site Smity, travel review site Fort Travel, movie information site Movie.com, automotive site web CG, dynamic package systems, and the bus comparison site Bus Comparison Navi. The Job Box Business operates the job search site Job Box and job information site Jobcube. The Kakaku.com Business operates the purchasing support site Kakaku.com and engages in insurance services through Kakaku.com Insurance Co., Ltd. The Tabelog Business operates the restaurant search and reservation site Tabelog. It generates the majority of its revenue from the Tabelog business segment. | $24 | +36% | $4.8B | $4.5B | 7.6x | 26.4x | ||
| GMO Payment Gateway is a major Japanese provider of cashless and online payment infrastructure, serving many sectors including digital content and telecommunications, utilities, retail and hospitality, financial services, healthcare, and education. It serves a wide array of clients, from government agencies and municipalities to enterprises and merchants, across online and offline channels, including e-commerce platforms, physical stores, and unattended machines. Its services encompass payment processing, settlement solutions, and ancillary offerings such as early or deferred settlement services, transaction lending, buy now, pay later, online advertising, and internet security. GMO is expanding into adjacent financial technology operations, and gradually across Asia and North America. | $56 | +3% | $4.3B | $3.3B | 6.4x | 14.8x | ||
| Money Forward Inc provides money-related services for individuals and corporations. Its service portfolio comprises personal financial management services and MF cloud services. Its personal financial management services include economic media that conveys money related themes, automatic savings app and mirai talk channel where customers can resolve their financial concerns together directly with financial planners. Its MF Cloud services comprise cloud accounting software, cloud-based tax return, invoice preparation software, payroll calculation, and cloud-based payment reconciliation. | $43 | +48% | $2.4B | $2.4B | 7.6x | 44.6x | ||
| Matsui Securities Co Ltd is a Japanese online securities broker that provides services and a trading platform for retail investors. The company's main business is stock brokerage targeting individual investors, and provide online securities trading services. Specifically, it provides services such as commissioned trading of stocks and futures/options, underwriting, offering and selling, sales of investment trusts, and FX (foreign exchange margin trading). Since it has a single segment of online securities trading services, and have omitted the description of each segment. In addition, it has omitted the description of affiliated companies as those are of little importance. | $7 | +43% | $1.8B | - | - | - | ||
| Freee KK is a developer of cloud-based software. Its software products include Cloud Accounting software, Cloud HR Labor software, Cloud ERP for Midsize companies, among others. | $23 | +4% | $1.4B | $1.2B | 4.6x | 82.5x | ||
| Monex Group Inc is functional in the financial services domain of Japan. Its core business is that of securities trading. Operating in the capital markets industry, the company renders such services as online securities business, the foreign exchange (FX) trading business, as well as the provision of merger and acquisition (M&A) advisory services. | $4 | -7% | $1.1B | $1.5B | 2.6x | 7.9x | ||
| Digital Garage is a Tokyo-based public technology company that combines payment services, marketing, digital products and investment incubation. Its platform-solutions activities provide payment and marketing infrastructure to merchants and other business customers. The long-term incubation segment develops digital services and supports new businesses over extended operating periods. Its global investment-incubation segment makes equity investments in technology companies directly and through group vehicles such as DG VENTURES. Digital Garage therefore participates in venture rounds as a strategic corporate investor while also generating operating revenue from payment processing, commissions, advertising and subscriptions. The company has been publicly listed since 2000, and its shareholders receive the results of both its operating divisions and investment portfolio. | $15 | -28% | $712M | $519M | 2.0x | 10.4x | ||
| Finatext Holdings Ltd is engaged in providing cloud native infrastructure for wealthmanagement/insurance providers, and support data analysis development. | $10 | +33% | $509M | $490M | 7.0x | 37.7x | ||
| eGuarantee Inc provides services to undertake credit risks that arise in the various business transaction. The company's services include Guarantee services against sales credit, Guarantee services against contractor credit, Guarantee services by debtor's trust, and Guarantee services against a variety of credit. | $11 | +6% | $495M | $423M | 6.1x | 12.8x | ||
| Miroku Jyoho Service Co Ltd offers systems, solutions, and services to accounting firms and their client companies, small and mid-sized companies and data-compatible financial accounting systems. The firm's products include software applications, hardware, and supplies. Its services include tax service, account processing service, management guidance service, IT support and provision of management information services and installation and software and hardware support services etc. | $14 | +22% | $419M | $372M | 1.2x | 6.5x | ||
| GMO Financial Gate Inc is engaged in providing cashless payment infrastructure such as credit cards, debit cards, and electronic money. | $39 | +5% | $326M | $323M | 2.9x | 17.9x | ||
| Avant Group Corp Develops, sells, and maintains software to help customers make timely and appropriate management decisions and promote management reforms based on a variety of information, both financial and non-financial, and provides software-based consulting and BPO services, thereby contributing to DX of Management. | $8 | -25% | $267M | $183M | 1.0x | 5.9x | ||
| Intelligent Wave Inc is engaged in sales of system development services and system products, including hardware and software. It operates in two business segments including the Financial Systems Solutions business, and the Product Solutions business. In the Financial Systems Solutions business, it offers value-added system development, through software and hardware integration, and maintenance services for customers operating primarily in the financial services industry. In the Product Solutions business, it deploys and maintains high value-added systems for data security and other solutions based on the in-house developed product as well as system software procured from third parties for customers operating in a range of industries and fields. | $10 | +47% | $259M | $230M | ||||
| Net Protections Holdings Inc offers payment services. It provides Buy Now Pay Later payment solutions. | BNPL+1 | $2 | -54% | $237M | $153M | |||
| Densan System Holdings Co Ltd is engaged in providing comprehensive information technology services. Its Payment Acceptance Service offers a wide variety of innovative settlement services. | $20 | -12% | $219M | $93M | ||||
| PCA Corp develops and sells computer software. | $10 | -15% | $198M | $80M | ||||
| Temairazu Inc is a Japan-based company engaged in the operation of comparison.com, an overall comparison site. It provides comparison services in the fields of shopping, travel, insurance, asset investment, learning credential, motorbike, and business. | $21 | +1% | $124M | $83M | ||||
| Ateam Holdings Co Ltd an IT company that develops a wide range of businesses centered around the internet, including web services, games, and e-commerce. | $6 | -20% | $107M | $87M | ||||
| Transaction Media Networks Inc is engaged in the development and provision of electronic payment services and information processing services. | $3 | +3% | $79M | $38M | ||||
| Wellnet Corp provides payment services that connect real-time payment of cash by connecting store terminals of convenience stores with the company and business operators. Its service offerings include payment secretary, multipayment service, bus IT solution, convenience store cash receiving service, remittance service, invoice issuance agency service, electronic ticket electronic authentication service, and various other application services. | $4 | -8% | $74M | - | ||||
| Robot Payment Inc is engaged in the provision of online payment gateway services as well as cloud services that optimize or automate billing-related operations. It offers Subscription Pay, Subscription Pay Professional, 1click Pay Later, and 1click Hayamaru in the payment business, and Billing Management Robo, Billing Management Robo for Enterprise, and Factoring Robo for SaaS, etc., in the financial cloud business, solving the problems of companies. The company's reportable segments are Payment and Financial Cloud. The majority of its revenue is generated from the Payment segment, which predominantly represents its Subscription Pay offering, which provides a system to make payments via the internet and also performs other functions such as customer management and regular billing. | $7 | -59% | $56M | $19M | ||||
| Fast Accounting Co Ltd is engaged in AI solution business specializing in the field of accounting. Its services include invoice Automation of input/confirmation, Automated invoice matching, Automate receipt input/confirmation, Automated receipt matching and others. | $4 | -46% | $49M | $39M | ||||
| Uridoki Inc is a matching website for buying used items, and a web site specializing in used items. The company operates as an easy-to-use online platform where people can compare offers from professional buyers to sell their secondhand items. The service helps users quickly find the good prices for their goods and sell them safely and conveniently. The company supports a transparent and efficient reuse market by connecting sellers with buyers directly. | $9 | +21% | $39M | $35M | ||||
| FISCO Ltd is engaged in providing investment support service for asset management. The services offered by the company include market research, information and tools for individual investors, investor relation support service, and perception study. Its segments include: Information service business, providing corporate information, financial information, and cryptocurrency information for corporations and individuals; Advertising agency business involve Advertising agency business, planning, editing, production and publication of advertising publications; sales promotion items; Cryptocurrency Blockchain Business involving Cryptocurrency investment business, Blockchain business; and Other includes Investment banking business. | $1 | -39% | $24M | $23M | ||||
| MFS is a real-estate financial technology company founded in 2009 and based in Japan. MFS developed core online service "Mogecheck" to support new mortgage loan applications and refinancing by providing customers with information on optimal mortgage products (interest rates, supplementary insurance conditions, and loan approval rates), free of charge. Company strength is mortgage finance and analytics know-how and expertise. The company serves business and institutional customers and individual consumers through products and services in the real-estate financial technology market. Its commercial model is built primarily on transaction commissions and investment-management fees, reflecting the way customers obtain and use its offering. JIC Venture Growth Investments classifies the business in its IPO portfolio and records March 2021 for the company. The company maintains its operating website at www.mortgagefss.jp, while JIC VGI's portfolio materials preserve the public record of the investment relationship. | $2 | +28% | $23M | $17M | ||||
| Aucfan Co Ltd provides media management services. The Company is the auction shopping search site. It allows users to compare, search, and analyze auction, and shopping product and price information. | $2 | -5% | $22M | $2M | ||||
| ROXX Inc is engaged in Z Career Platform Business and Back Check Business. | $3 | -- | $21M | $20M | ||||
| Signpost Corp is a Japan-based company engaged in the provision of information technology consulting services. The company operates through three segments namely Consulting business, DX Regional co-creation business and Innovation business. | $1 | -26% | $18M | $9M | ||||
| Median | $10 | +1% | $259M | $183M | 2.6x | 10.0x |
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