What Linklusion does

Linklusion Ltd. (リンクルージョン株式会社) is a Japan-domiciled, Myanmar-operating impact venture founded in April 2015 by Managing Director Hidenori Kuroyanagi. The company runs a dual-business platform serving rural Myanmar: (1) JBRAIN, a cloud-based Management Information System (MIS) licensed to microfinance institutions (MFIs) that holds the top domestic market share for MFI core banking software in Myanmar, and (2) a last-mile logistics and wholesale distribution service for micro and small retailers in rural villages, delivering food, beverages, daily necessities, and pharmaceuticals through self-operated logistics centers on regular routes. The platform has reached 1,682 villages, supported 1.032 million cumulative micro-loans through its MFI software, and completed 214,000 cumulative last-mile deliveries, with an 80.2% female shop-owner ratio indicating meaningful women-inclusion outcomes.

The technology stack centers on a proprietary cloud MIS (JBRAIN) tuned for MFI operational workflows and a self-built physical logistics network connecting manufacturers, logistics hubs, and rural retail stores. The company also piloted Myanmar-language automatic speech recognition (ASR) with Hishab in 2019, exploring voice-based financial service interfaces for low-literacy users. Underlying infrastructure is operated almost entirely by ~140 Myanmar-national employees (with only ~3 Japanese nationals), supporting the dual commerce and finance ecosystem from its Yangon operational headquarters and Tokyo corporate office.

The revenue model combines (a) recurring SaaS-style licensing and support fees from MFI clients for JBRAIN, (b) transaction-based margins on goods distributed through the rural commerce network (goods stored at company logistics centers and delivered on regular schedules), and (c) retail-accessible bond financing (e.g., the "Myanmar Rural Last-Mile Delivery Fund") with annual coupons of 5.0–5.2% and 3–4 year tenors used to fund commerce expansion. Go-to-market is direct sales-led: field sales teams build relationships with rural shop owners and MFI clients, complemented by supplier partnerships for upstream product sourcing. The company has raised a pre-seed round of JPY 30M from Pokelabo founder Sasaki Shunsuke (2018) and a pre-series A round (2019), alongside more than 400 individual and 20+ corporate investors participating as shareholders.

Name

Linklusion

Legal name

Linklusion Ltd.

Website

https://linklusion.co.jp

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

Linklusion operates a dual platform in rural Myanmar combining JBRAIN, a top-market-share cloud MIS for microfinance institutions, with a proprietary last-mile logistics and wholesale distribution network serving micro-retailers across 1,682 villages.

Ownership category

akta.pro rank

Product category

Rural Microfinance Technology and Logistics Services

NAICS

General Warehousing and Storage (49311), Support Activities for Transportation (488), Transportation and Warehousing (48-49)

SIC

Transportation Services (4700), Services-Management Services (8741), Public Warehousing & Storage (4220)

akta.pro primary industry

E-commerce & Fulfillment Warehousing (Dedicated/Shared) (TLAIACAJ)

akta.pro secondary industry

Reverse Logistics Coordination (Non-Asset-Based Returns Management) (TLAIANAJ)

Keywords

• Microfinance software
• Last-mile delivery
• Rural logistics
• Cloud MIS platform
• Small retailer distribution

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Commerce/Distribution Services: Revenue from logistics and wholesale delivery services to micro-retailers in rural Myanmar. The company stocks manufacturer products at its own logistics centers and delivers to customer stores on regular schedules, generating revenue from the margin on goods distributed.
2. MFI Cloud Software (JBRAIN): Core software system licensing and support services provided to microfinance institutions. The company holds top market share for MFI systems in Myanmar, providing ongoing software services to financial institutions.
3. Bond Issuance: Company bonds issued to investors for service expansion funding. Multiple bond issuances have been completed with annual interest rates of 5.0-5.2% and repayment periods of 3-4 years.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Linklusion operates two integrated services in Myanmar: (1) JBRAIN, a cloud-based Management Information System (MIS) for microfinance institutions holding the top market share in Myanmar and used by 70+ MFI clients to manage over 1.032 million micro-loans; and (2) a last-mile wholesale commerce service that delivers food, beverages, household goods, and pharmaceuticals from company-operated logistics centers to more than 1,300 micro and small retailers across 1,682 rural villages.

Product overview

Linklusion operates a dual-service platform combining finance and logistics technology to address economic disparities in rural Myanmar. The two core offerings are: (1) JBRAIN, a cloud-based Management Information System for microfinance institutions that holds top domestic market share in Myanmar, providing core banking software that reduces operational costs and enables rural financial service expansion; and (2) a Commerce Service for small retailers, a last-mile logistics and wholesale delivery platform connecting manufacturers to rural micro-retailers through company-operated logistics hubs. Together, these services form an inclusive business infrastructure platform — a 'financial network' combined with a 'commerce network' — serving rural villages with both financial and essential goods access.

Differentiator

Problem solved

Functional benefit

Products and services

• JBRAIN Cloud MIS for Microfinance Institutions
• Commerce Service for Small Retailers (Last-Mile Logistics)

Quantifiable outcome

• 1,682 villages served with economic infrastructure
• +3 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature3 records

Partnerships

One partnership is on record.

• HishabstrategicTechnology or Integration · 1 January 2019Joint partnership for Myanmar language automatic speech recognition technology pilot experiment started in spring 2019. Collaborated on developing voice-based financial services for rural populations.

Scale indicators7 records

Broad incumbents

• BRAC: One of the world's largest development NGOs, running microfinance programs and social enterprises across multiple developing countries. Comparable to Linklusion in combining microfinance with livelihood programs for rural poor, though at vastly greater scale and geographic breadth.
• Grab Financial: Super-app combining mobility, deliveries, and financial services across Southeast Asia. Comparable to Linklusion in the Southeast Asian rural-last-mile and embedded finance nexus, though operating at vastly larger scale and broader scope.
• bKash: Bangladesh's leading mobile financial services platform serving rural and unbanked populations at massive scale. Comparable to Linklusion's financial inclusion focus in an emerging Asian frontier market, with a similar rural agent distribution model.
• Gojek / GoTo Financial: Indonesian super-app integrating ride-hailing, logistics, and financial services. Comparable in the dual logistics-plus-fintech platform model serving emerging-market consumers, though at massively larger scale and different geography.

Direct peers

• OK Dollar: Myanmar-based digital lending and financial services platform targeting underserved segments. Comparable to the JBRAIN-powered MFI ecosystem, with overlap in rural Myanmar financial service delivery.
• Wave Money: Myanmar's leading mobile money and digital finance platform serving unbanked and underbanked populations. Comparable to Linklusion's financial inclusion and rural distribution mission in the same Myanmar market, though Wave Money is a payments-led play rather than MFI SaaS + logistics.

Emerging players

• Mama Money: Remittance and financial services platform focused on underserved migrant and rural populations. Comparable to Linklusion's financial inclusion narrative but in a different geography and remittance-led rather than MFI-SaaS led.
• Mambu: Cloud-native core banking platform sold to MFIs, digital banks, and lenders globally. Comparable to Linklusion's JBRAIN as a cloud core banking vendor for microfinance, though Mambu operates globally and at enterprise scale rather than Myanmar-specialized.
• M-Kopa: Pay-as-you-go solar and financial services provider for off-grid customers in East Africa. Comparable to Linklusion in combining asset distribution with embedded finance for low-income rural customers, though operating in a different geography.
• Frontier Markets: Last-mile distribution and digital commerce platform serving rural retailers in India. Closely comparable to Linklusion's commerce business in building rural retail supply networks with embedded digital services, though in India rather than Myanmar.

Market position

Strengths5 records

Weaknesses5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/linklusion
• Facebookfacebook.com/linklusion
• LinkedInlinkedin.com/company/linklusion-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors2 records

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

M&A

Investments

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

Frequently asked questions about Linklusion