Rakuten Group announced that its credit card subsidiary, Rakuten Card, and Mizuho Financial Group are in discussions to establish a capital and business alliance.
The partnership aims to accelerate growth and enhance collaboration between the two companies, with a focus on pursuing opportunities in both the consumer and corporate sectors.
Mizuho’s broad customer base is seen as a significant factor that could help drive this growth.
Rakuten Card, a core part of Rakuten’s fintech operations, will remain a crucial subsidiary within the group and continue to play a key role in the Rakuten fintech ecosystem.
This alliance will not affect Rakuten Card’s position within the Rakuten Group.
However, Rakuten Insurance Holdings, a fully owned subsidiary, will not be included in this alliance.
Specific details of the alliance are yet to be finalised, with further updates expected in due course.
This follows the November 2023 announcement of a similar strategic alliance between Rakuten Securities Holdings and Mizuho Securities, which focused on building a consumer business model that combines both online and offline elements.
The new alliance between Rakuten Card and Mizuho FG is seen as part of this broader collaboration effort between the two groups.
In a separate development, Rakuten Group and Rakuten Bank have decided to cancel a planned reorganisation of their fintech business, which was initially announced in April 2024.
The companies determined that proceeding with the reorganisation was not the optimal path for future growth, competitiveness, and structure.
Featured image credit: Edited from Freepik