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May 31, 2022

Evering secures backing from Japanese financial giants

Japanese fintech startup Evering has secured investment from financial giants including Itochu, and Mitsubishi UFJ Financial Group, reported Bloomberg News citing people privy to the development.

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Evering, which is backed by Japanese health and beauty company MTG, offers a chip-embedded smart ring that can act as a wallet.

Last year, MTG struck a contract with Visa to roll out near-field communication (NFC) rings in Japan. These rings are said to cost around $158 (JPY20,000) apiece, including tax. 

Following the pandemic, merchants and retailers around the world explores ways to offer the best possible contactless shopping and payment experience to their customers.

Evering’s smart ring, which is made of zirconia and can be worn on the finger, allows users to lock and unlock doors in addition to paying for their purchases, when held near the payment terminal.

According to a recent secuerities filing by MTG, Evering is seeking to raise up to JPY1bn from investors.

The sources said that the financing round may have participation from more than a dozen investors and the firm may eventually seek a public listing.

Potential investors include Daiwa House Industry and Toppan.

Itochu and Daiwa House confirmed their participation in the round to the news agency while others, including MTG, declined to comment.

Daiwa House plans to leverage Evering’s technology into homebuilding, the report said.

In September last year, Evering launched its new NFC ring in collaboration with French company Thales.

This waterproof, battery-less smart ring can be directly connected to the prepaid bank account of the user.

Free Report
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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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