Upsider

What Upsider does

UPSIDER is a Tokyo-based B2B fintech founded in May 2018 by Miyagi Toru and Mizuno Tomonori that operates an AI-powered corporate payment and financial services platform for Japanese startups, SMEs, and listed enterprises. Its core product is an AI-issued corporate credit card (Visa) that uses a proprietary credit model trained on real-time bank API transaction data to extend credit limits of up to 10 billion yen — well above conventional Japanese corporate cards — with automated initial decisions in seconds and no annual or issuance fees. The platform extends across PRESIDENT CARD (premium executive card with JAL mileage and Dragonpass lounges), Shiharai.com (invoice card payment service jointly operated with Credit Saison that extends payment terms up to 60 days), the UPSIDER BLUE DREAM Fund (a 243 billion yen venture debt fund operated by UPSIDER Capital, the largest independent venture debt fund in Japan), UPSIDER AI Accounting (subscription BPO from 9,480 yen/month), the UPSIDER Coworker chatbot for Slack/Teams, and a white-label external card infrastructure platform launched in July 2025.

The company monetizes through multiple streams: card interchange and point rebate economics on transaction volume (cumulative card volume exceeded 8,500 billion yen by November 2025 across 100,000+ registered companies), transaction fees on Shiharai.com (1,500+ billion yen cumulative), interest and origination fees on venture debt (130+ billion yen disbursed at average ~400 million yen per loan), subscription fees for AI Accounting and PRESIDENT CARD annual fees, and an emerging licensing stream from white-label infrastructure partners. Distribution is hybrid: PLG-style self-serve web onboarding for startups/SMEs, Mizuho Bank's 560,000-client corporate sales network (following Mizuho's July 2025 acquisition of ~70% of UPSIDER Holdings for ~46 billion yen), partner channels through freee-certified accounting firms and Rakus/Rakuten for Shiharai.com white-label, and direct executive sales for PRESIDENT CARD.

As of July 2025, UPSIDER reported an annual revenue run rate of approximately 10 billion yen with 50%+ YoY growth. Founders retain operating control post-Mizuho acquisition and have stated intent toward a future IPO. The company holds PCI DSS v4.0.1, ISMS (IS 799150), and JIIMA electronic invoice certifications, and is supervised as a third-party prepaid payment instrument issuer by the Kanto Finance Bureau.

Name

Upsider

Legal name

株式会社UPSIDER

Website

https://up-sider.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Short description

UPSIDER is a Tokyo-based fintech that provides an AI-powered corporate card with up to 10 billion yen credit limits, alongside invoice payments, venture debt, and AI accounting BPO, serving Japanese startups, SMEs, and listed enterprises.

Ownership category

akta.pro rank

Product category

B2B Fintech / Corporate Card Platform

NAICS

Credit Card Issuing (522210), Credit Intermediation and Related Activities (522), Open-End Investment Funds (525910)

SIC

Miscellaneous Business Credit Institution (6159), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

Corporate Cards & Spend Controls (FSAGAJAF)

akta.pro secondary industries

B2B / Invoice-Based BNPL (Trade Credit at Checkout) (FSAGAIAC), Invoicing, Billing & Accounts Receivable Automation (FSAGAJAC)

Keywords

• Corporate card services
• AI credit assessment
• Venture debt financing
• Invoice payment solutions
• Expense management automation

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Corporate Card Interchange & Point Rebate: UPSIDER earns interchange revenue on every corporate card transaction. Cards are issued free of annual fee and issuance charges. Points are earned at 1.0% base rate (varies by merchant) and can be redeemed for statement credits. Revenue is generated from the merchant discount rate (MDR) on card transactions, with card issuance and annual fees waived as a customer acquisition strategy.
2. PRESIDENT CARD Annual Fee & Rebate: PRESIDENT CARD charges an annual fee of 50,000 yen (tax included). Earns 1.0% point rebate on spending (2 points per 1 yen spent, redeemable for JAL miles at 2:1 ratio without limit, or Amazon gift cards). Higher-value card targeting executives with ancillary revenue from annual fee and premium interchange.
3. Shiharai.com (Invoice Card Payment) — Transaction Fee: Shiharai.com enables businesses to pay bank transfer invoices using credit cards, extending payment terms by up to 60 days. Revenue is generated from transaction fees on the extended payment amount. Jointly operated with Credit Saison. Rapidly growing service with 20x growth in transaction volume and user count over 2 years. Partner companies can offer white-labeled versions with revenue share.
4. UPSIDER BLUE DREAM Fund — Venture Debt Interest & Fees: Venture debt fund (243 billion yen cumulative AUM across Fund 1 and Fund 2) providing growth-stage debt financing of up to 10 billion yen per company at competitive rates. Revenue from interest income and origination fees on loans. Fund 1: 100 billion yen. Fund 2: 143 billion yen. Average loan size ~400 million yen, average review time 10 business days.
5. UPSIDER AI Accounting — Subscription BPO: AI-powered accounting BPO service with subscription pricing starting at 9,480 yen/month (tax excluded) for Core plan on annual billing. Provides full outsourcing of bookkeeping, invoice processing, monthly close, and financial reporting using AI + human hybrid operations. Over 350 companies subscribed as of mid-2025. Delivered through freee certified accounting firm partners.
6. Corporate Card Infrastructure External Licensing: White-label licensing of UPSIDER's corporate card infrastructure (AI credit model, card issuance operations, debt collection, management features, Slack/Teams integration) to financial institutions and enterprises seeking to launch their own branded corporate card. Enables partners to launch in as fast as 2 weeks.

Pricing tiers

Go-to-market motion5 records

Distribution channels7 records

Marketing channels9 records

Core offering

Upsider provides an AI-powered B2B financial platform centered on a corporate card (up to 1 billion yen credit limit) for startups and growth-stage companies, with real-time transaction data, automated receipt/invoice processing, and accounting software integration. The company also offers invoice card payment services (Shiharai.com), venture debt financing through UPSIDER BLUE DREAM Fund, AI-powered accounting BPO services, and a white-label corporate card infrastructure platform for partners.

Product overview

UPSIDER operates as a multi-product financial technology platform providing AI-powered corporate payment and accounting solutions. The core product is the UPSIDER corporate card, complemented by executive-focused PRESIDENT CARD, invoice payment service Shiharai.com, venture debt fund UPSIDER BLUE DREAM Fund, and AI-powered accounting services including UPSIDER AI Keiri and UPSIDER Coworker chatbot. The company offers technology infrastructure externalization for white-label partnerships and maintains strategic partnerships with Life Card (for UPSIDER card), Credit Saison (for Shiharai.com), JAL (for PRESIDENT CARD), and Mizuho Financial Group (for venture debt fund and strategic investment). As of 2025, the platform serves over 100,000 companies with cumulative transaction volume exceeding ¥8.5T.

Differentiator

Problem solved

Functional benefit

Brands

• 支払い.com: Invoice card payment service allowing businesses to pay bank transfers via credit card, extending payment terms by up to 60 days
• PRESIDENT CARD
• UPSIDER BLUE DREAM Fund
• UPSIDER AI経理
• Breakthrough GRID

Products and services

• UPSIDER Corporate Card AI-powered corporate credit card with up to 10 billion yen credit limits, real-time transaction management, merchant restriction controls (260+ categories), receipt collection automation, and accounting software integration. Designed for startups and growth-stage Japanese companies preparing for IPO. Free issuance and no annual fees with 1.0% base point rebate.
• PRESIDENT CARD Premium executive-focused corporate card targeting business leaders and founders. Features include JAL mileage exchange partnership (unlimited), Dragonpass airport lounge access (148 countries), AI credit model with up to 10 billion yen credit limits, and annual fee of 50,000 yen. Campaign promotion offers 1.5% rebate for first-time users.
• Shiharai.com (Invoice Card Payment Service) Invoice card payment service enabling businesses to pay bank transfer invoices via credit card. Extends payment terms by up to 60 days, improving cash flow management. Joint service with Credit Saison. Rapidly growing service with 20x growth in transaction volume and user count over 2 years. Partner companies can offer white-labeled versions with revenue share.
• UPSIDER BLUE DREAM Fund Growth-stage venture debt fund operated by UPSIDER Capital. Provides up to 10 billion yen financing per company at competitive rates with average 10-business-day approval timeline. Japan's largest independent venture debt fund with 243 billion yen combined AUM across Fund 1 (100 billion yen) and Fund 2 (143 billion yen). Average loan size approximately 400 million yen.
• UPSIDER AI Accounting (AI Keiri) AI-powered accounting outsourcing BPO service. Handles bookkeeping, invoice processing, receipt management, monthly closing, and financial reporting using AI and human hybrid model. Core plan starts at 9,480 yen/month (tax excluded) on annual billing, handling approximately 250 accounting entries per month per company. Over 350 companies subscribed as of mid-2025.
• UPSIDER Coworker

Quantifiable outcome

• Maximum corporate card credit limit of 10 billion yen — up to 10x higher than conventional corporate cards for growth-stage companies
• +8 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

AI capability12 records

Feature6 records

Partnerships

Six partnerships are on record, tiered flagship and core.

• Rakus Co., Ltd.flagshipChannel Partner/ Reseller/ Distributor · 13 March 2026Rakus Co., Ltd. provides Shiharai.com (Payment.com brand) through Rakuten Electronic Storage, enabling its SME customers to access invoice card payment services under their own brand. This is the first partner company model for Shiharai.com's white-label external provision, announced March 2026. Revenue share model.
• freee (Free K.K.)coreStrategic or Co-development Partner · 22 August 2025UPSIDER designated as the first 'freee AI BPO partner,' offering UPSIDER AI Accounting through freee's network of certified accounting firm advisors. The partnership leverages freee's open API and automation-first platform philosophy. UPSIDER provides AI + human hybrid accounting BPO services, while freee provides the accounting software ecosystem and advisor network.
• DragonpassflagshipStrategic or Co-development Partner · 31 July 2025PRESIDENT CARD partnership with Dragonpass (148 countries, 1,400+ airport lounges, 700+ airport restaurants) enables cardholders free access to airport lounges and city/work lounges worldwide. Described as the first domestic corporate card in Japan to offer this benefit. Both airport lounges and urban workspaces are included.
• Japan Airlines (JAL)flagshipStrategic or Co-development Partner · 17 February 2025PRESIDENT CARD partnership with JAL enables cardholders to exchange earned points for JAL miles at a 2:1 ratio with no upper limit. This is a key differentiator for the premium executive card, targeting business travelers and frequent flyers. Points are also redeemable for Amazon gift cards and other rewards.
• Credit SaisoncoreStrategic or Co-development Partner · 1 April 2022Credit Saison co-operates the Shiharai.com invoice card payment service with UPSIDER. Credit Saison provides credit card processing infrastructure and regulatory expertise while UPSIDER provides the product platform and AI technology. The service enables businesses to pay bank transfer invoices using credit cards, extending payment terms by up to 60 days.
• Life CardcoreTechnology or Integration · 1 September 2020Life Card is the card issuer (creditor of record) for the UPSIDER corporate card. UPSIDER provides the technology platform, AI credit model, and customer interface while Life Card provides the underlying card infrastructure and regulatory license. This partnership enabled UPSIDER to launch the corporate card without its own credit card license.

Scale indicators14 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Brex: US-based AI-powered corporate card and spend management platform targeting startups and growth-stage companies. Closest international analog to UPSIDER: similar AI credit underwriting, similar customer segment (tech startups), bundled spend management and bill pay, and venture debt adjacent offerings.
• Ramp: US corporate card and finance automation platform with AI-driven receipt parsing, expense automation, and bill pay. Directly comparable to UPSIDER on product breadth (card + AI accounting automation) and SMB/mid-market targeting, though without a venture debt fund.

Broad incumbents

• Stripe Issuing: Stripe's embedded card issuing platform that allows businesses to create and manage branded cards. Directly comparable to UPSIDER's External Corporate Card Infrastructure (white-label platform) launched July 2025, though Stripe Issuing is broader in scope.
• Money Forward: Leading Japanese cloud accounting and fintech SaaS provider. Directly overlaps with UPSIDER's AI Accounting BPO offering and Shiharai.com ecosystem, and is one of UPSIDER's API integration partners. Comparable on the SMB finance automation layer of the stack.
• freee: Japanese cloud accounting SaaS leader and UPSIDER's distribution partner via the freee AI BPO program. Overlaps with UPSIDER AI Accounting service and serves the same SME customer base with complementary accounting and HR products.
• Mitsubishi UFJ Nicos: Major Japanese credit card issuer jointly owned by Mitsubishi UFJ Financial Group. Comparable as an established card issuer for both consumer and corporate customers, providing scale and incumbency benchmarks against which UPSIDER's differentiation must be measured.

Regional players

• Credit Saison: Japanese credit card issuer and Shiharai.com joint operator with UPSIDER. Comparable as a card issuer infrastructure partner and a broader consumer/SME card business in Japan, with overlapping service categories in card issuance and point programs.

Emerging players

• Kyash: Japanese fintech offering consumer and business prepaid/credit card products. Comparable as a Japanese fintech targeting payment modernization and SME expense management, though smaller scale than UPSIDER and more consumer-tilted.
• Net Protections (NP後払い): Japanese BNPL and B2B invoice financing provider, including invoice card payment and post-payment services. Directly comparable to UPSIDER's Shiharai.com invoice card payment service in product and target market.
• Plastiq: US-based B2B payment platform enabling businesses to pay invoices via credit card. Closest international analog to UPSIDER's Shiharai.com, addressing the same pain point of extending payment terms on bank-transfer invoices through card-based financing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/upsider_inc
• LinkedInlinkedin.com/company/upsidergroup

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds7 records

Investors14 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Upsider