Credit Saison, Japan’s third-largest credit card company, has announced a new investment fund focused on blockchain startups developing real-world asset applications.
The fund, called Onigiri Capital, has already raised $35 million from Credit Saison and other investors, with the potential to expand to $50 million, according to company sources.
The initiative will be managed by Saison Capital, the group’s venture arm, which has been backing crypto projects since 2023.
Onigiri Capital will focus on early-stage startups building financial infrastructure, including stablecoins, tokenisation platforms, payment systems, and decentralised finance products.
The fund’s strategy emphasises connecting U.S.-based founders with Asia’s growing digital asset markets.
Qin En Looi, managing partner of Onigiri and partner at Saison Capital, explained:
“We saw a critical gap in the U.S. market: an absence of the specialised expertise needed to navigate and succeed in dynamic Asian markets.”
Looi added that the fund will leverage Credit Saison’s banking relationships, regulatory knowledge, and distribution channels across Japan, Korea, Indonesia, Malaysia, Singapore, and the Philippines.
Fellow managing partner Hans de Back noted,
“We’re here to complement existing product investors by offering founders the best of both worlds — Silicon Valley’s innovation combined with Asia’s institutional validation — and provide the expertise needed to originate high-quality solutions that meet institutional, global finance standards.”
The creation of Onigiri Capital comes as real-world asset innovation is gaining momentum in Asia.
By targeting startups that connect U.S. developers with regional infrastructure, the fund aims to help projects meet global financial standards while tapping into markets that already have established regulatory and banking frameworks.
The launch of Onigiri Capital coincides with a slower period for crypto venture funding.
After peaking at $86 billion across 329 funds in 2022, investment in crypto startups has fallen sharply.
This year, only $3.7 billion has been raised across 28 funds.
Deployment has also slowed, with $8.13 billion invested from January to August 2024, compared with $8.05 billion over the same period in 2025.
Factors affecting the market include higher interest rates, the collapse of high-profile firms such as FTX and Terra’s LUNA/UST, and competition from digital asset treasury companies.
Despite these challenges, investor interest remains focused on blockchain projects tied to financial services and decentralised finance.
Onigiri Capital’s launch signals confidence in startups that offer practical applications for institutional investors.
Headquartered in Tokyo and affiliated with Mizuho Financial Group, Credit Saison is primarily known for its credit card business but also operates in banking, real estate, and entertainment.
The firm’s venture wing, Saison Capital, will manage Onigiri Capital, which aims to position itself as a bridge between U.S. blockchain innovation and Asia’s established financial networks.
The firm’s stock trades on the Tokyo Stock Exchange under ticker 8253.T and is currently priced at ¥3,941 ($26.81), within a 52-week range of ¥2,781–4,269 ($18.9–$28.9).
By combining investment capital with regulatory expertise and established networks, Onigiri Capital plans to help early-stage blockchain firms navigate Asian markets while developing solutions that meet global standards.
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