SoftBank, the massive Japanese multinational conglomerate holding company, warned that it is going to be much “more selective” when investing in the fintech industry. Past multimillion dollar investments have blossomed into big-name startups like Revolut, Klarna, OakNorth, and Zopa through SoftBank’s Vision Fund 2. However, after its Vision Fund unit investment vehicle reported a massive quarterly loss of 2.93 trillion Japanese yen (about US $18 billion) between April and June of 2022, Masayoshi Son, the Chairman and Founder of Japanese parent company SoftBank, and the brains behind all its Vision Funds, announced that SoftBank would be reducing its exposure to fintech investments. The Japanese giant has attributed the drop in share prices of its portfolio companies to having been “mainly caused by the global downward trend in share prices due to growing concerns over economic recession driven by inflation and rising interest rates”.
SoftBank Warns its Fintech Investments Will Be “more selective” Amid US $18 Billion Quarterly Loss
