The fund manager for the TikTok credit card startup has said he plans to create an “unprecedented” $30 billion fund portfolio.
The fund manager, the founder of the popular card-linked mobile payments service TikTok, said on Monday he would create a fund with $30.5bn in assets as of March 31, the same amount as the market capitalisation of the company.
“We have a great idea to build an asset-backed portfolio,” Tiktorok co-founder and chief executive Tetsuya Yoshida told Bloomberg TV in an interview.
He said the fund would be a “completely new approach” to investing.
TikTok has raised $2.8bn from investors including Japanese banks Mitsubishi UFJ and Nomura.
It has raised more than $9bn from Japanese and international investors.
A new fund would also allow investors to invest in an expanding network of startups, including mobile payments firm Paytm, a ride-hailing firm, and a health app called HealthKong.
In an interview last year, Yoshida said the TIKTOK fund was being set up with a combination of funds that had already been created.
Last year, the TKOTL Fund was set up to provide liquidity for Tik Tok, which has been operating since 2003, according to the fund’s website.
Konichiwa is a major Japanese conglomerate and the world’s second-biggest bank.
The fund will be managed by the company’s investment arm, Konichiwa Investment Co Ltd.
Yoshida also told Bloomberg that the company planned to set up its own bank, which would take over the T&M banking business.
But Yoshida did not give details on what a bank would be for, only saying that it would be “different from a traditional banking unit”.
The new fund is set to be the first of its kind.
As well as Yoshida, the fund will include Konichiwatari Group Chairman and CEO Takashi Matsumoto, and former T&amt Chairman Toshio Yagi.