MFS
MFS (株式会社MFS) is a Japanese fintech that operates Mogecheck, an online mortgage comparison platform with 20+ bank partners and 500,000+ users, and INVASE, an AI-powered real estate investment platform for property pricing and refinancing.
- Company typePublic
- Founded2009
- HeadquartersTokyo, Japan
- Headcount51–100
- GTM typeB2C
- OfferingServices
What MFS does
MFS is a Japanese fintech company that operates two consumer-facing online platforms addressing information asymmetry in Japan's mortgage and real estate investment markets. The Mogecheck (モゲチェック) platform is an online mortgage comparison diagnostic service that partners with over 20 financial institutions to provide free mortgage comparison, consultation, and application services to consumers, offering special interest rates exclusive to the platform that are typically lower than direct bank application rates. The company has accumulated over 500,000 cumulative users on Mogecheck. The INVASE (インベース) platform is a comprehensive online real estate investment platform that covers the full investment lifecycle—buy, review, sell, learn—providing AI-powered property pricing, refinancing services, borrowing capacity certification (voucher service), and portfolio cash flow visualization for real estate investors.
The company's technology stack includes Nuxt.js and Vue.js frameworks with SSR optimization, and its proprietary AI capability centers on the "P Score" pricing model—an algorithm trained on actual market transaction data that evaluates property attributes (location, distance from stations, area, building age, floor level, apartment brand, monthly rent) and the gap between listing and actual sale prices to generate risk ratings, recommendation scores, fair prices, and yield calculations. MFS holds Money Lending Business Registration (Tokyo Metropolitan Governor No. 31690) and is a member of the Japan Financial Services Association (No. 005928).
MFS generates revenue primarily through transaction-based referral fees paid by partner financial institutions when users complete mortgage applications through Mogecheck, supplemented by fees from INVASE refinancing services and group company integration revenue following the February 2022 acquisition of Condominium Asset Management Co., Ltd. (CoAM). The company is headquartered in Tokyo (Otemachi, Chiyoda-ku), employed 66 full-time staff (consolidated) as of June 2025, and listed on the Tokyo Stock Exchange Growth Market (ticker: 196A) on June 21, 2024. MFS has been featured in over 500 media appearances across major Japanese outlets including NHK, TV Asahi, Nikkei Shimbun, and Toyo Keizai.
MFS firmographics
Firmographics- Name
- MFS
- Legal name
- 株式会社MFS
- Website
- https://mortgagefss.jp
- Company type
- Public
- Founded year
- 2009
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- MFS (株式会社MFS) is a Japanese fintech that operates Mogecheck, an online mortgage comparison platform with 20+ bank partners and 500,000+ users, and INVASE, an AI-powered real estate investment platform for property pricing and refinancing.
- Ownership category
- akta.pro rank
MFS industry classification
Industry- Product category
- Online Mortgage Brokerage
- NAICS
- Mortgage and Nonmortgage Loan Brokers (522310), Mortgage and Nonmortgage Loan Brokers (52231)
- SIC
- Loan Brokers (6163), Mortgage Bankers & Loan Correspondents (6162)
- akta.pro primary industry
- Loan Servicing & Special Servicing (Delinquency Management) (FSAKAJAG)
- akta.pro secondary industry
- Debt & Capital Advisory (Debt Raising, Refinancing, Private Credit) (BPAHAOAD)
Keywords
Where MFS is headquartered
LocationHeadquarters
- HQ city
- Tokyo
- HQ country
- Japan
- HQ region
- Asia
Offices1 record
Markets served
MFS business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations
Revenue model
- Mogecheck Mortgage Referral Fees: MFS acts as an online mortgage broker, earning referral fees from financial institutions when users successfully complete mortgage applications through the Mogecheck platform. The platform offers special interest rates that incentivize users to apply through MFS rather than directly at bank websites.
- INVASE Platform Services: Revenue generated from the real estate investment platform INVASE, including refinancing services with special rates and various loan consulting services for real estate investors. The platform provides comprehensive support from property purchase to management and sale.
- Group Company Integration Revenue: Following the acquisition of Condominium Asset Management (CoAM), MFS now generates additional revenue through the integration of property sales with loan services, providing a one-stop service from borrowing capacity assessment to property sales.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Others | Free platform access for all users |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels4 records
MFS product offering
Product offeringCore offering
MFS operates two flagship online platforms: Mogecheck, an online mortgage comparison diagnostic service that aggregates offerings from 20+ partner financial institutions for individual home buyers; and INVASE, a real estate investment platform providing loan origination, refinancing, pre-approval vouchers, and portfolio management tools for property investors. The company monetizes primarily through referral fees paid by partner banks when users complete mortgage applications through Mogecheck, plus transaction fees from INVASE refinancing and consulting services.
Product overview
MFS operates two distinct online platforms: Moge Check is an online mortgage broker service enabling comparison and application across 20+ partner financial institutions with over 500,000 cumulative users; INVASE is a real estate investment platform providing loan origination, refinancing, and portfolio management tools for investment properties. Both platforms leverage AI for property pricing (P-score) and cash flow prediction. The company went public on the Tokyo Stock Exchange Growth Market in June 2024 (stock code 196A) and targets both consumer mortgage borrowers and real estate investors.
Differentiator
Problem solved
Functional benefit
Products and services
- Mogecheck (モゲチェック) Free online mortgage comparison diagnostic service partnering with over 20 Japanese financial institutions. Enables users to compare, consult on, and apply for mortgage products online, with access to special interest rates exclusive to Mogecheck. Served 500,000+ cumulative users.
- INVASE (インベース) Online real estate investment platform covering the full investment lifecycle — property sourcing with AI-powered fair-value pricing (P Score), pre-purchase borrowing capacity vouchers, loan refinancing at special rates, multi-property loan management dashboard, and portfolio cash-flow visualization for Japanese real estate investors.
Quantifiable outcome
- 500,000+ cumulative users have used Mogecheck services
- +2 more outcomes
Companies that use MFS
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles3 records
MFS technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability4 records
Feature3 records
MFS partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Condominium Asset Management Co., Ltd. (CoAM)coreCondominium Asset Management (CoAM) became a group company of MFS in February 2022, enabling MFS to expand from pure loan services into comprehensive real estate investment services. This integration allows MFS to provide one-stop services from borrowing capacity assessment to property sales, combining loan expertise with property transaction capabilities.
- 20+ Partner Financial InstitutionscoreMogecheck partners with over 20 financial institutions nationwide that distribute their mortgage products through the MFS platform. Partner banks include major Japanese banks and regional financial institutions that benefit from MFS's digital distribution capabilities and access to a large pool of pre-screened borrowers. MFS offers special interest rates exclusive to the platform.
Scale indicators8 records
Recent moves1 record
Expansion highlights5 records
MFS competitors and assessment
Company assessmentDirect peers
- LendingTree: US-based online loan marketplace that aggregates lender offers and earns referral fees. Closest international analog to Mogecheck's business model of free consumer comparison with lender-paid referral economics.
- Credible: US online financial marketplace that lets consumers compare personal loans, mortgages and other credit products from multiple lenders. Closely mirrors MFS's freemium, lender-paid comparison flywheel.
- iYell: Japanese mortgage-tech and online home loan brokerage platform. Directly comparable to Mogecheck as a digital intermediary connecting consumers with multiple Japanese mortgage lenders.
- ARUHI: One of Japan's largest independent mortgage lenders and a major Flat 35 originator. Comparable customer base to Mogecheck's home-purchase borrowers, with overlapping rate products and special-rate programs.
- SBI Aluhi (formerly SBI Mortgage): Japanese mortgage lender with deep digital distribution and prior relationship to MFS's CEO (Nakayamada previously CFO of predecessor entity). Competes for the same borrower segments MFS serves.
Broad incumbents
- Money Forward: Leading Japanese fintech platform spanning personal finance, SaaS accounting, and financial product comparison. Broader incumbent that overlaps MFS at the consumer financial-decision layer.
- Zillow: US real estate marketplace with integrated mortgage and refinancing services. Comparable end-to-end home-buy/invest journey, though broader real-estate content and listing platform rather than pure broker.
- Rocket Mortgage: Largest US direct-to-consumer online mortgage lender. Comparable online-first mortgage origination model but as a balance-sheet lender rather than a pure broker — useful scale and unit-economics benchmark.
- NerdWallet: US consumer financial product comparison platform monetized via lender referrals. Closely analogous freemium comparison-and-referral business model across mortgages and other credit products.
Others
- SUUMO (Recruit): Japan's largest real estate listing and comparison portal, owned by Recruit. Adjacent ecosystem player that captures the home-buy consideration set upstream of Mogecheck's mortgage comparison funnel.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
MFS social profiles
Digital presenceMFS compliance and trust
Trust signalCompliance3 records
MFS financial estimates
Financial estimateRevenue estimate
Valuation estimate
MFS leadership team
Management profileNumber of profiles
Profiles9 records
MFS subsidiaries and ownership
Company hierarchySubsidiaries1 record
MFS funding detail
Funding detailFunding overview
Funding rounds8 records
Investors17 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
MFS M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about MFS
What does MFS do?
MFS operates two flagship online platforms: Mogecheck, an online mortgage comparison diagnostic service that aggregates offerings from 20+ partner financial institutions for individual home buyers; and INVASE, a real estate investment platform providing loan origination, refinancing, pre-approval vouchers, and portfolio management tools for property investors. The company monetizes primarily through referral fees paid by partner banks when users complete mortgage applications through Mogecheck, plus transaction fees from INVASE refinancing and consulting services.
Is MFS a public or private company?
MFS is a public company. It is classified as public and is currently operating.
When was MFS founded?
MFS was founded in 2009. It employs 51 to 100 people.
Where is MFS based?
MFS is headquartered in Tokyo, Japan, in the Asia region.
How does MFS make money?
Three revenue lines are on record. Mogecheck Mortgage Referral Fees are the primary driver. The others are INVASE Platform Services and group Company Integration Revenue.
Who are MFS's main competitors?
Direct peers on record are LendingTree, Credible, iYell, ARUHI and SBI Aluhi (formerly SBI Mortgage). Broad incumbents are Money Forward, Zillow, Rocket Mortgage and NerdWallet. SUUMO (Recruit) is listed as an others.
Does MFS have an API?
No public API is recorded for MFS.
What industry is MFS in?
MFS's product category is Online Mortgage Brokerage. Its primary akta.pro industry code is FSAKAJAG, Loan Servicing & Special Servicing (Delinquency Management), with a secondary code of BPAHAOAD, Debt & Capital Advisory (Debt Raising, Refinancing, Private Credit). Its NAICS code is 522310 and its SIC code is 6163.