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.

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

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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.

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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.