Rakuten Group financial businesses (Rakuten FG)
#JapanFG#ec-fg#fintech
On this page
- Wiki route
- TL;DR
- 1. Company overview
- Group scale (based on latest disclosures / consolidated)
- Major subsidiaries / affiliates (financial segment focus)
- Key chronology (financial segment focus / based on public information)
- 2. Business-segment map
- The “Rakuten economic sphere” model
- EC-axis distinctiveness (vs telco-affiliated / megabank-affiliated)
- Mobile loss × financial cross-subsidization structure
- Capital and business alliance with Mizuho FG
- 4. Regulation / policy
- Related
- Sources
Wiki route
This entry sits under payment-firms INDEX. Read it against GMO Payment Gateway for peer / contrast context and Three-Layer Structure of Japan's Stablecoin Regulatory Regime (JPYC, USDC, Project Pax) for the broader system / regulatory boundary.
TL;DR
The fintech segment of Rakuten Group, Inc. (楽天グループ株式会社, TSE PRIME 4755). An EC-axis distinctive model: a cross-sell strategy that, with 楽天市場 (Rakuten Ichiba) + Rakuten Points at the core, bundles banking / securities / cards / insurance / payments as the “Rakuten economic sphere”. Unlike megabank-affiliated FGs (mufg / smfg / mizuho-fg) or telco-affiliated FGs (ndfg / au-FH / paypay-fg), it has a distinctive business assembly of commerce-origin → finance. 2023-04 Rakuten Bank IPO; 2024 Rakuten Securities accepted a 49% investment from Mizuho Securities. FY2024 FinTech segment Non-GAAP operating profit 1,534 億円 (+37.9%), group IFRS operating profit turned positive (530 億円). The Rakuten Mobile loss (Non-GAAP operating loss 2,163 億円) still exceeds the FinTech profit, but on an improving trend. Founder Hiroshi Mikitani (1965-), Chairman & President, has been the representative since the 1997 founding.
1. Company overview
Legal name: 楽天グループ株式会社 (holding company / conglomerate) English name: Rakuten Group, Inc. Securities code: TSE PRIME 4755 (2000-04-19 JASDAQ listing → 2013 Mothers → 2014 First Section → 2022-04 PRIME) Established: 1997-02-07 (as MDM Corporation; Rakuten Ichiba opened 1997-05 ) Head office: 1-14-1 Tamagawa, Setagaya-ku, Tokyo (Rakuten Crimson House) Representative: Hiroshi Mikitani (Chairman & President CEO, founded 1997 )
Group scale (based on latest disclosures / consolidated)
| Item | FY2024年12月 full-year results |
|---|---|
| Consolidated revenue | 2 兆 2,792 億円 (YoY +10.0%) |
| IFRS operating profit | 530 億円 (YoY +2,658 億円, turned positive) |
| Consolidated EBITDA | 3,260 億円 (YoY +120.0%) |
| FinTech segment revenue | 8,204 億円 (YoY +13.1%) |
| FinTech Non-GAAP operating profit | 1,534 億円 (YoY +37.9%) |
| Mobile Non-GAAP operating loss | △2,163 億円 (YoY +850 億円 improvement) |
| Mobile EBITDA | △538 億円 (YoY +987 億円 improvement) |
| Rakuten member IDs | over 1 億 (domestic) |
Source: Rakuten Group FY2024年12月 full-year earnings highlights (2025-02-14). Net income for the period is not in the highlights; per Nikkei reporting, a net loss of 1,624 億円.
Major subsidiaries / affiliates (financial segment focus)
楽天グループ株式会社 (TSE PRIME 4755)
├── 【FinTech segment】2024 revenue 8,204 億 / profit 1,534 億
│ ├── Rakuten Bank (TSE PRIME 5838, 2023-04-21 IPO)
│ │ ├── Accounts 1,683 万 (end of 2025-03 ), deposits 11.4 兆円 (consolidated)
│ │ ├── Standalone deposits surpassed 12 兆円 (end of 2024-12 )
│ │ └── FY2025-03 : ordinary revenue 1,845 億円 / ordinary profit 715 億円
│ ├── Rakuten Securities (unlisted)
│ │ ├── Rakuten G holds 51% / Mizuho Securities (Mizuho FG) 49%
│ │ │ └── 2024 phased increase completed (19.99% → 49%)
│ │ └── NISA accounts among the domestic top tier
│ ├── Rakuten Card
│ │ ├── Cards issued 3,301 万 (end of 2025-09 )
│ │ └── No.1 domestic shopping transaction volume (Yano Research, FY2024 年)
│ ├── Rakuten Payment (operates 楽天ペイ / 楽天 Edy in an integrated manner)
│ │ ├── Rakuten Pay (code payment)
│ │ └── Rakuten Edy (prepaid e-money, former bitWallet → 2009 brought under Rakuten)
│ ├── Rakuten Life Insurance (former Airio Life, 2013 brought under Rakuten)
│ ├── Rakuten General Insurance (former Asahi Fire & Marine, 2018 brought under Rakuten)
│ ├── Rakuten Wallet (crypto-asset exchange business)
│ │ └── Acquired / renamed the former "Minna no Bitcoin" 2018-08
│ └── Rakuten Investment Management (the asset-management company of the Rakuten Securities group)
├── 【Internet Services segment】
│ ├── Rakuten Ichiba / Rakuten Travel / Rakuten Books, etc.
│ └── Rakuten Points base (economic-sphere core)
└── 【Mobile segment】
├── Rakuten Mobile (2019-10 MNO entry)
└── Rakuten Symphony (telecom software, Open RAN overseas offering)Key chronology (financial segment focus / based on public information)
| Date | Event |
|---|---|
| 1997-02 | Rakuten founded (MDM) |
| 1997-05 | Rakuten Ichiba service began |
| 2000-04 | JASDAQ listing (4755) |
| 2003-11 | Rakuten Securities (former DLJ Direct SFG Securities) made a consolidated subsidiary |
| 2004-12 | Acquired Rakuten KC (former Kokunai Shinpan) → later became Rakuten Card |
| 2005 | Rakuten Card established |
| 2008-08 | Rakuten Edy (former bitWallet) made a consolidated subsidiary |
| 2009 | eBANK → renamed Rakuten Bank (2010) |
| 2010-05 | Rakuten Bank formally inaugurated (trade name changed from eBANK) |
| 2013 | Rakuten Life Insurance inaugurated (acquired / renamed Airio Life) |
| 2018-03 | Asahi Fire & Marine → renamed Rakuten General Insurance |
| 2018-08 | Acquired “Minna no Bitcoin” → later Rakuten Wallet |
| 2019-10 | Rakuten Mobile MNO service began (entered the loss phase) |
| 2021-03 | Third-party allotment capital increase from Japan Post, Tencent, Walmart, etc. (approx. 2400 億円) |
| 2022-04 | Transition to TSE PRIME |
| 2023-04-21 | Rakuten Bank IPO (TSE PRIME 5838) ★ Japan’s largest-class net bank |
| 2023-10 | Mizuho Securities invested 19.99% in Rakuten Securities (capital and business alliance) |
| 2024 | Mizuho Securities raised its Rakuten Securities stake to 49% (in exchange for the effective withdrawal of the Rakuten Securities IPO plan) |
| 2024-07 | Rakuten Bank accounts surpassed 1,600 万 |
| 2024-12 | Rakuten Bank standalone deposit balance surpassed 12 兆円 |
| 2025-02-14 | FY2024年12月 full-year earnings: FinTech profit 1,534 億円 (+37.9%), group IFRS operating profit turned positive |
| 2025-05-12 | Rakuten Bank FY2025-03 earnings: ordinary profit 715 億円 (+48%) |
2. Business-segment map
| Segment | Main operators | Characteristics |
|---|---|---|
| Net bank | Rakuten Bank (TSE PRIME 5838) | Accounts 1,683 万 / deposits 12 兆円 (2024-12 standalone) / entered mortgages |
| Securities | Rakuten Securities (Mizuho 49% investment) | Top tier in NISA / iDeCo, thick in individual-investor retail |
| Credit card | Rakuten Card | Cards issued 3,301 万 (2025-09) / No.1 domestic in shopping transaction volume |
| Payment | Rakuten Payment (楽天ペイ / 楽天 Edy) | EC + bricks-and-mortar QR + prepaid |
| Life insurance | Rakuten Life | Centered on net-completed channels |
| General insurance | Rakuten General Insurance | Based on the former Asahi Fire |
| Crypto assets | Rakuten Wallet | Crypto-asset exchange business |
| Management | Rakuten Investment Management | Fund formation (Rakuten Securities sales channel) |
| Points | Rakuten Points | Economic-sphere OS; bundles all businesses via SPU |
The “Rakuten economic sphere” model
- Rakuten Points = OS: points granted/used across EC purchases, telecom, cards, banking, securities, insurance, travel
- SPU (Super Point Up Program): steps up the point multiplier for Rakuten Ichiba shopping via “Rakuten Mobile contract / Rakuten Card use / Rakuten Bank salary receipt / Rakuten Securities investment-trust accumulation”, etc. → a powerful driver of financial-product cross-selling
- Unified member ID: all services via a single 1 Rakuten ID → advantage in CRM data integration
EC-axis distinctiveness (vs telco-affiliated / megabank-affiliated)
| Competitor category | Axis | Representative |
|---|---|---|
| EC axis | commerce → finance | Rakuten FG (this entry) |
| Telecom axis | telecom line → finance | ndfg (docomo) / au-FH (KDDI) / paypay-fg (Yahoo/Z) |
| Banking axis | commercial bank → digitization | mufg / smfg / mizuho-fg |
| Specialized net axis | net securities → expansion | sbi-hd |
Mobile loss × financial cross-subsidization structure
- 2019-10〜 Rakuten Mobile MNO entry → large losses on a multi-year scale became the norm due to base-station investment
- FY2024 : Mobile Non-GAAP operating loss 2,163 億円 vs FinTech Non-GAAP operating profit 1,534 億円 → FinTech still cannot directly offset the Mobile loss, but with the improvement margin (Mobile +850 億 / FinTech +37.9%), FY2024 IFRS operating profit turned positive (530 億円)
- The stable earnings of the FinTech segment (especially Rakuten Bank / Rakuten Card) underpin the group’s consolidated EBITDA
- 2022-2024 period: Rakuten Securities IPO plan → a recombination of fundraising + IPO withdrawal by accepting a 49% investment from Mizuho Securities
- 2023-04 Rakuten Bank IPO executed → group liquidity + manifestation of listed book value
Capital and business alliance with Mizuho FG
- 2023-10 Mizuho Securities 19.99% investment → to 49% via a 2024 phased increase
- The Rakuten Securities IPO was effectively withdrawn
- For the Mizuho side, acquisition of a retail / net customer base; for the Rakuten side, group fundraising + deeper cooperation with a megabank-affiliated securities firm
4. Regulation / policy
- Supervisor: Financial Services Agency (FSA)
- Regulation by business type:
- Rakuten Bank: Banking Act (net bank)
- Rakuten Securities: Financial Instruments and Exchange Act (Type I financial instruments business)
- Rakuten Card: Installment Sales Act + Money Lending Business Act
- Rakuten Life / Rakuten General Insurance: Insurance Business Act (life / non-life respectively)
- Rakuten Wallet: Payment Services Act (crypto-asset-exchange operator registration = JVCEA membership)
- Rakuten Pay / Rakuten Edy: Payment Services Act (prepaid / funds-transfer business)
- Holding-company regulation: Rakuten Group itself is an operating holding company (not a pure holding company). Each business-type subsidiary is individually subject to business-law regulation
- Recent policy issues:
- Rakuten Mobile spectrum allocation / capital expenditure → under MIC jurisdiction, but with indirect impact on the financial segment
- 2024〜 the new NISA scheme → Rakuten Securities account growth
- Stablecoin / crypto-asset regulation revisions → spillover to Rakuten Wallet
Related
- mufg · smfg · mizuho-fg (Mizuho FG = 49% investment in Rakuten Securities)
- ndfg · paypay-fg · sbi-hd (economic-sphere competitors)
- mercari-bank-license-stack · minna-bank-baas-model
Sources
- Rakuten Group FY2024年12月 full-year earnings highlights (https://corp.rakuten.co.jp/news/press/2025/0214_01.html, published 2025-02-14)
- Rakuten Group 2024Q4 earnings report (https://corp.rakuten.co.jp/investors/assets/doc/documents/24Q4tanshin_J.pdf)
- Rakuten Bank FY2025年3月 earnings report (https://finance-frontend-pc-dist.west.edge.storage-yahoo.jp/disclosure/20250512/20250509539258.pdf, 2025-05-12)
- Rakuten Bank deposits surpassed 12 兆円 press release (https://corp.rakuten.co.jp/news/press/2025/0107_01.html, 2025-01-07)
- Wikipedia: 楽天グループ (https://ja.wikipedia.org/wiki/楽天グループ, extracted 2026-05-19)
- Wikipedia: 楽天銀行 (https://ja.wikipedia.org/wiki/楽天銀行, extracted 2026-05-19)
- Wikipedia: 楽天証券 (https://ja.wikipedia.org/wiki/楽天証券, extracted 2026-05-19)
- Wikipedia: 楽天カード (https://ja.wikipedia.org/wiki/楽天カード, extracted 2026-05-19)
- Mizuho FG / Mizuho Securities disclosures (Rakuten Securities investment-related releases, 2023-10 / 2024)
[!info] Verification status confidence: high (v1.1 reflecting official IR figures 2026-05-19). Major figures confirmed via the FY2024年12月 full-year earnings highlights (2025-02-14), the Rakuten Bank FY2025-03 earnings report (2025-05-12), and the Rakuten Bank deposits-surpassed-12 兆円 release (2025-01-07). FinTech segment revenue 8,204 億 / profit 1,534 億, Rakuten Bank accounts 1,683 万 / deposits 12 兆 (standalone), and Rakuten Card 3,301 万 cards are all based on official disclosures.