Mobike Receives Overseas Financing from Japanese Social Network LINE

Mobike announced it had reached strategic partnership with LINE, Japan’s largest mobile social networking service provider, on December 20. LINE took the leading position in investing the A round financing of Mobike Japanese subsidiary, which will facilitate the expansion of Mobike in Japanese market. Mobike did not disclose the amount of financing.

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LINE, the largest outside shareholder in Mobike Japan, holds no more than 20 percent of Mobike Japan’s shares. The two sides will cooperate in a number of areas to speed up the development of no-pile smart shared bicycles in Japan.

In the next few months, LINE App will add an exclusive entrance to Mobike, and 71 million Japanese LINE users will be able to register and use Mobike more easily and quickly. In cities where Mobike is already available, users can use the LINE App to scan the QR code on the bike and unlock it. Users will be able to pay the fare through LINE Pay mobile payment service or other channels.

Hu Weiwei, founder and president of Mobike, said LINE was not only a leading enterprise in mobile social fields, but also famous for its distinctive culture, which fit with Mobike. LINE is our ideal partner, Hu said.

In Japan, more than 71 million people use LINE every month, said Takeshi Idezawa, president and CEO of LINE. Through investment and strategic co-operation, LINE will use its own network with government and Japanese companies to help Mobike operate in Japan.

In June, Mobike set up a Japanese subsidiary in Fukuoka, formed a management team and made strategic partnerships with local businesses.

Mobike provides services in more than 200 cities in 12 countries, operating a fleet of more than 8 million smart sharing bicycles. Mobike has more than 200 million registered users worldwide and facilitates 30 million trips per day.