Japanese megabank SMFG to launch $210m venture fund to develop unicorns

Japanese megabank Sumitomo Mitsui Financial Group (SMFG) will launch a fund to help startups develop into unicorns—fast-growing unlisted companies valued at $1 billion or more—Nikkei has learned, with a focus on those at a later stage of growth. The scale of investment is expected to be around 30 billion yen ($210 million).