Rakuten to establish company for banking operations in the United States

TOKYO: Rakuten Card Co., a wholly owned subsidiary of Rakuten Inc. has resolved to establish a company titled Rakuten Bank America to commence a banking operation in the United States, with an investment of USD 400 million.

Rakuten Bank America would undertake credit card issuing and acquiring, personal loans, business loans and deposits.

Since the launch of an affiliate service in 2005, Rakuten established an E-Commerce service in 2010 and has expanded its business into various areas such as, membership-based online cash-back site, e-books, and more in the United States.

Rakuten has formed a strong ecosystem in the United States centered around E-Commerce, making it one of the most important regions within its overseas business.

To further strengthen the ecosystem within the United States, Rakuten resolved to establish an industrial bank in the State of Utah to commence a banking operation, pending approval from authorities.

Rakuten Card will follow necessary procedures to provide banking services in the United States.

Edited by Kiran Khan

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