Mizuho Says Latest Debt Fund for Startups Raises $97 Million

Mizuho Financial Group Inc. raised ¥14.3 billion ($97 million) for its latest startup fund, as Japanese banks delve deeper into arranging credit for new ventures.

The Tokyo-based lender said in a statement Wednesday that the fund, co-managed with payments startup Upsider Inc., closed with investment from seven Japanese financial institutions including Sumitomo Mitsui Trust Bank Ltd. and Fukoku Mutual Life Insurance Co.

Japanese banks have been allocating more resources to supporting fledgling local businesses in recent years. Mizuho and Upsider previously launched a ¥10 billion fund in November 2023 focusing on growth-stage startups.

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