Rakuten Group announced its plan to consolidate its fintech operations into one group to enhance cooperation and attract more customers. This move aims to streamline operations across various sectors, such as online banking, credit cards, securities, and insurance.
Rakuten Group and Rakuten Bank have signed a memorandum of understanding regarding this reorganization, which is scheduled to be implemented in October.
They added that Rakuten Bank would remain listed on the Tokyo exchange following the integration.
Since launching a mobile carrier in 2020, Rakuten’s parent company, centered on the Rakuten Ichiba e-commerce platform, has faced financial challenges, experiencing 14 consecutive quarters of operating losses.
Rakuten has utilized various strategies to raise funds, including issuing equity and debt and divesting assets. For instance, Rakuten Bank was listed in April 2023.
Additionally, Rakuten applied to list its securities arm in July 2023. However, this process was delayed until November, when Rakuten opted to sell a 30% stake in the company to Mizuho Financial Group.
The group stated that it may reconsider its plans to list Rakuten Securities following the reorganization.
