Rakuten Card Co., Ltd. (CEO: Masayuki Hosaka, hereinafter “Rakuten Card”), a wholly owned subsidiary of Rakuten, Inc. (Chairman and CEO: Hiroshi Mikitani, hereinafter “the Company”) announced today that it has resolved to establish a company to commence a Banking Operation in the United States, pending approvals.
1. Purpose and background
Since the launch of an affiliate service in 2005, the Company established an E-Commerce service in 2010 and has expanded its business into various areas such as, membership-based online cash-back site, e-books, and more in the United States. Rakuten has formed a strong ecosystem in the United States centered around E-Commerce, making it one of the most important regions within our overseas business.
To further strengthen our ecosystem within the United States, we have resolved to establish an industrial bank in the State of Utah to commence a Banking Operation, pending approval from authorities.
Rakuten Card will follow necessary procedures to provide banking services in the United States.