# UPSIDER

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/upsider

- Industry: Financial Services
- Headquarters: Tokyo, Japan
- Website: www.up-sider.com/
- Total disclosed funding: $107M
- Latest round: Series D (Nov 20, 2024)
- Investors on record: 18

## About

Based in Japan, UPSIDER, Inc. designs and implements innovative corporate credit card solutions that enhance financial management for businesses poised for IPOs, while focusing on operational efficiency and fraud prevention. Founded in 2018 and based in Tokyo, Japan, UPSIDER, Inc. specializes in corporate credit card solutions for businesses. The company has successfully completed 8 deals, the most recent being a Series D funding round in November 2024, where it raised JPY 5.5 billion. The funding was co-led by Tencent Investment and Global Brain, with additional investments from Japan Airlines, QR Investment, and others. Toru Miyagi serves as both the founder and CEO, guiding the company's strategic vision and growth. UPSIDER, Inc. specializes in providing corporate credit card solutions tailored for businesses preparing for IPOs and managing operational efficiencies. Central to its offerings is the UPSIDER Card, which enables companies to streamline financial operations, enhance spending visibility, and mitigate fraud risks. Designed with flexibility in mind, the card accommodates various transaction needs, including both prepayment and post-payment options, catering to a diverse clientele including startups, mid-sized companies, and established enterprises across sectors such as advertising, logistics, and technology. The platform supports integration with popular accounting software, ensuring seamless financial tracking and reporting, primarily within Japan's urban business hubs where corporate governance and financial efficiency are essential. UPSIDER generates revenue primarily through transaction fees associated with its corporate credit card services. The relationship with clients typically involves service agreements that may include subscription models for ongoing access to the credit card and associated financial management tools. Clients utilize the UPSIDER Card for various business expenditures, enhancing their financial operations while paying a fee based on transaction volume or card usage. The transaction structure is B2B, focusing on solutions that cater directly to corporate clients, with specific pricing plans varying based on selected features and limits. This model allows UPSIDER to establish a recurring revenue stream while providing value-added services that improve financial management for its users. In November 2024, UPSIDER, Inc. raised JPY 5.5 billion in Series D funding, co-led by Tencent Investment and Global Brain, with participation from new investors such as Japan Airlines and QR Investment. The company plans to utilize the funds to strengthen recruitment efforts and accelerate business growth. As part of its strategy, UPSIDER is focused on launching new products designed to enhance its corporate credit card offerings. Additionally, the company is targeting expansion into international markets, with specific plans to enter Southeast Asia by 2025, leveraging its innovative solutions to reach a broader clientele.

## Funding rounds

- Series D, Nov 20, 2024, $36M — AG Capital, Mitsubishi UFJ Capital, SMBC Venture Capital, Global Brain, DNX Ventures, Mizuho Capital, SBI Investment, Japan Airlines, ANRI, QR Investment, Wil, Tencent Investment
- Series C, Jul 13, 2022, $3.8M — Mitsubishi UFJ Capital, SMBC Venture Capital, Mizuho Capital
- Series C, May 11, 2022, $38M — Mitsubishi UFJ Capital, DST Global, Global Brain, World Innovation Lab, ANRI, Saison Ventures, Arena Holdings, Tybourne Capital Management
- Series B, Oct 12, 2021, $18M — Greenoaks Capital, Global Brain, World Innovation Lab
- Series B, Mar 15, 2021, $9.2M — Global Brain, DNX Ventures, ANRI
- Series A, Jun 30, 2020, $2.8M — Global Brain, DNX Ventures, ANRI

## Investors

- Global Brain (https://capitalatlas.ai/funds/global-brain) — Series A, Series B, Series C, Series D
- DNX Ventures (https://capitalatlas.ai/funds/dnx-ventures) — Series A, Series B, Series D
- ANRI (https://capitalatlas.ai/funds/anri) — Series A, Series B, Series C, Series D
- Greenoaks Capital (https://capitalatlas.ai/funds/greenoaks-capital) — Series B
- World Innovation Lab — Series B, Series C
- Mitsubishi UFJ Capital (https://capitalatlas.ai/funds/mitsubishi-ufj-capital) — Series C, Series D
- DST Global (https://capitalatlas.ai/funds/dst-global) — Series C
- Saison Ventures (https://capitalatlas.ai/funds/saison-ventures) — Series C
- Arena Holdings (https://capitalatlas.ai/funds/arena-holdings) — Series C
- Tybourne Capital Management (https://capitalatlas.ai/funds/tybourne-capital-management) — Series C
- SMBC Venture Capital (https://capitalatlas.ai/funds/smbc-venture-capital) — Series C, Series D
- Mizuho Capital (https://capitalatlas.ai/funds/mizuho-capital) — Series C, Series D
- AG Capital — Series D
- SBI Investment (https://capitalatlas.ai/funds/sbi-investment) — Series D
- Japan Airlines — Series D
- QR Investment (https://capitalatlas.ai/funds/qr-investment) — Series D
- Wil — Series D
- Tencent Investment — Series D