FreakOut Holdings announced that it has reached an agreement with Itochu involving the transfer of 90% of Gardia's issued stock to Itochu. Itochu Corporation is now the parent company of Gardia.
Gardia supports businesspeople in the FinTech (Finance/IT) and RetailTech (Retail/IT) sectors, using its technological base to define various risks and developing a credit risk assurance business targeted at the needs of the individual businessperson. They are known for guaranteeing the risk of "Free Cancellation" policies for restaurants and hotels, as well as for risks involved in subscription form service businesses.
In the second quarter since its incorporation, Gardia recorded sales of over 1 billion yen. From here on, in order to continue the growth of both companies, it has been thought essential to cooperate with a platform that supports the risk assurance service, as well as with damage insurance companies, attain investment to form the basis of a deferred payment service and to expand into a global network. Itochu, with its global business activities spanning a wide range of industries, fulfills all these points.
Building on the mutual trust established between FreakOut Holdings and Itochu with their capital alliance established on December 17th, 2018, Gardia will further work together with Itochu to deliver a product that meets all of the needs of the market.