ITOCHU and Mercuria back SmartDetax parent Capitalship
The investment brings trading and investment groups into the holding company behind SmartDetax as Japan prepares to change its tourist tax-refund system.
ITOCHU Corporation, Mercuria Holdings and En Growth Fund 1 L.P. and 2 L.P. have invested in Capitalship, the Tokyo holding company of Smart Technologies & Resources. The amount and ownership stakes were not disclosed.
A refund overhaul reaches the shop floor
Smart Technologies & Resources serves more than 2,500 retail businesses through SmartDetax and JPrefund. The investment comes ahead of Japan's planned November switch to a refund model: visitors pay the tax at purchase and receive a refund after customs approval when leaving the country.
The group has completed development of its new-system offering, and some merchants already provide refund-based services, according to Mercuria. ITOCHU's involvement builds on a January business alliance that includes joint merchant acquisition and support through BellSystem24.
Use of funds
Strengthen the Smart Technologies & Resources group's business base using the investors' customer networks and payments expertise.
Develop data marketing and sales support services for Japan's inbound tourism market.