freee registers as Financial Services Intermediary, launches on GMO Aozora Net Bank BaaS
freee has completed its registration as a Financial Services Intermediary, allowing it to begin offering "freee Branch" accounts for corporate customers by leveraging the Banking as a Service (BaaS) platform of GMO Aozora Net Bank.
Under its mission to "Make small businesses the protagonists of the world," freee has long supported the back-office operations of numerous small businesses. In recent years, the diversification of work styles has contributed to an increasing trend in new business incorporations. However, opening a bank account remains a cumbersome task for newly established companies. freee's entry into the financial services intermediary business allows it to mediate deposit services, enabling simultaneous application for a GMO Aozora Net Bank "freee Branch" account when incorporating a company through "freee Company Establishment," freee's online company formation service.
Because the information entered in "freee Company Establishment" is directly used for the bank account application, users don't need to re-enter all the necessary information, significantly improving efficiency.
Typically, bank account applications are only possible after company incorporation. However, with "freee Company Establishment," applications can be submitted even before incorporation. This allows businesses to apply for an account during the approximately two-week period required for articles of incorporation notarization, potentially expediting the account opening process and enabling faster business operations.
Furthermore, applications for GMO Aozora Net Bank "freee Branch" accounts will also be possible through "freee Accounting," with application status updates viewable within the software.
About the Financial Services Intermediary Business
Financial Services Intermediary is a new license established by the "Act on Provision of Financial Services," promulgated in June 2020 and enacted in November 2021. It enables one-stop intermediation of financial services across banking, securities, insurance, and lending. By eliminating affiliation with specific financial institutions, it expands the potential for user-centric financial services and is expected to benefit users, financial services intermediaries, and financial institutions alike. freee's registration covers "Deposit Intermediation," which mediates deposit services and financing from financial institutions such as banks.
About GMO Aozora Net Bank
Founded in July 2018 as a new internet bank with the corporate vision of "Everything for our customers. Aiming to be the No.1 technology bank," GMO Aozora Net Bank provides customer-focused financial and payment services quickly by internalizing system development.
Due to online account opening applications, speed from application to usage, low fees, convenient financing services, and comprehensive bank APIs, usage has rapidly increased, primarily among small and startup businesses.
Based on this, the bank has established three core pillars for its mid- to long-term strategy: "1. No.1 bank for small and startup businesses," "2. No.1 embedded finance service provider," and "3. No.1 tech-first bank." With the philosophy that "customer business growth = our growth," all employees are committed to developing new systems and providing services to achieve mutual growth.
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