Integrated Report “Forward Map” 2023.pdf

Money Forward, Inc.
Integrated Report 2023
Money Forward. Move your life forward.

1
We aspire to create a society in which everyone can lead a
fulfilling life, free from financial anxieties and problems.
Money Forward continues to rise to the challenge to pave the
way to such a future.
As we embark on this quest, the power of every single one
of our stakeholders is indispensable. This includes our
colleagues, as well as those who use our services, partners
and companies who share the same desire to drive society
forward,andthosewhowholeheartedlycheerMoneyForward
oninvariousways.Onlybybringingeveryone’sforcetogether,
can we powerfully forge ahead.
We will thus devotedly engage with all of our stakeholders.
Embracing a common aspiration, we vow to work as a team to
provide values that defy imagination. We truly believe that a
more enriching and refined society lies ahead of us.
Moving Society Forward
with Our Users

CEO
Message
Yosuke Tsuji
Representative Director,
President and CEO
2
2
CEO
Message

The Company, which initially kicked off by providing Money Forward ME to
individuals in 2012, has developed various services that resolve financial issues of
businesses and financial institutions, and has grown to become a company with
one of the largest customer bases in Japan.
I am thrilled that we were able to contribute to society’s growth, however
slightly, as we celebrated our 10th anniversary. At the same time, I would like to
take this opportunity to express my sincere gratitude to all of our stakeholders
who have supported us throughout our journey. Looking at the external
environment, we face one new social challenge after another, arising from
unpredictable changes such as the Ukraine conflict, rising interest rates in the
U.S., and inflation. Such an environment demands responsive managerial
judgement. However, I also believe that the true value we must provide to our
users remains unchanged, and we must react swiftly and appropriately to changes
in the external environment.
In an age of turbulence when society is becoming more complex and diverse,
alleviating financial concerns should drive individuals and companies to take their
first step toward realizing their dreams and wishes. The power of individuals can
transform into the power of companies and ultimately, the power of society as a
whole.
Building on our mission, “Money Forward. Move your life forward,” we are
reinforcing our commitment to contribute to society.
We are also benefiting from a favorable tailwind. As demonstrated by the
launch of the Digital Agency by the Japanese government, there is growing
“Money Forward. Move your life forward.”
We will embrace our founding spirit of ”user focus” even as society becomes increasingly
complex, and continue to take on challenges to achieve further growth.
momentum to raise the productivity of society as a whole through digitalization
not only within IT companies but also across all industries. To stay ahead of the
curve, we raised 31.5 billion yen from the large-scale public offering we made in
2021, accelerating our recruitment and marketing investment, enhancing product
development and brand awareness, and strengthening our sales force. With our
current headcount of over 1,900, and talented colleagues joining us year after
year, I have high confidence in our team.
As for our financial performance, in the fiscal year ended November 30, 2022
(FY11/22), consolidated net sales came in at 21,477 million yen (+ 37% YoY) and
SaaS annual recurring revenue (ARR) totaled 16,299 million yen (+ 45% YoY),
achieving results in the range of initial forecasts for the sixth consecutive term
since we were publicly listed. Notably, among our corporate ARR in Business
domain, ARR from services for medium-sized and large companies increased by
more than 100%. With regard to profit and loss, we executed upfront investments
based on the strategy devised at the time of our large-scale public offering worth
31.5 billion yen in August 2021, and as a result, EBITDA was minus 6,029 million
yen. However, steady improvements are being made toward our goal of achieving
EBITDA profitability in FY11/24.
The Japanese society has just begun to tackle DX and it is crucial to sustain this
movement to overcome issues related to population decline and aging. We are
committed to making society a better place in any way possible through our
business. With the goal of expanding the development and offering of services to
support society moving forward, we will continue to accelerate our business growth,
working together with our members and partners who share our aspirations.
3
CEO
Message

Next, from the perspective of improving profitability as a Group, we will reinforce
synergies between each domain. Specifically, we will enhance efficiency
throughout the Group by transferring customers between domains and applying
existing know-how to other product development.
While many exceptional talents have recently joined the Group, raising each
individual’s productivity is also vital. Supporting the on-boarding of new members
and enhancing employee engagement are among the top priorities for our
management members, including myself.
In addition, a crucial factor in enhancing members’ productivity is to achieve a
balance between a supportive and motivating workplace.
To that end, we are reinforcing our efforts to build a supportive environment,
including systems for both men and women who need to balance work and
caregiving responsibilities. At the same time, we will also reinforce our efforts in
creating a motivating workplace. We aim to establish fair systems and schemes in
which members are rewarded for their accomplishments regardless of their tenure
or work experience, and to thereby build an organization that offers an expansive
growth cycle for individuals as well as the Company.
It is also the management team’s responsibility to provide opportunities for
In the field of SaaS applications for back-office operations, which boasts the
highest growth rate, our focus remains on rapid growth while managing
disciplined investment. For medium-sized companies in particular, we have
adopted a ”composable ERP” scheme, which provides users with optimal functions
on an as-needed basis. By tailoring our offerings to meet the needs of companies
of varying sizes and requirements, we will further promote cross-selling of our
diverse product portfolio.
In response to the upcoming enactment of the Invoice System, we have
extended our service lineup and released the Money Forward Cloud Invoice
System in addition to highly in-demand products such as Money Forward
Consolidated Accounting and Money Forward Cloud Project Cost.
We anticipate further shifts toward cloud-based operations among professional
service firms, who are essential partners that undertake SMEs’ accounting tasks.
Collaborating with these firms, we will continue to enhance the convenience and
efficiency of back-office operations of even more companies.
( P.60 Business Domain)
Enhance value of back-office SaaS platform with go-
to-market strategy based on disciplined investment
1
Maximize synergies between domains and improve
Company-wide productivity
2
We have updated our four growth strategies as follows for the fiscal year ending
November 30, 2023 (FY11/23).
Four Growth Strategies
Enhance value of back-office SaaS platform
with go-to-market strategy based on disciplined
investment
1
2
Maximize synergies between domains and
improve Company-wide productivity
3
Create new user value through integrating SaaS
and fintech
4
Continue disciplined M&A (group join) and
optimize group capital strategy
4
CEO
Message
4

M&As (group joins) are one of the pillars of our growth strategies. We will continue to
promote our M&A strategies while maintaining high discipline. ( P.80 M&As)
However, it is also important to enhance resilience against the changing
external environment. We will undertake further endeavors to increase
productivity and investment efficiency, while optimizing our capital strategy to be
able to deal with any environmental changes. ( P.54 CFO Message)
Strategies in technology are indispensable in such a business growth scenario.
Money Forward Lab is currently carrying out research on the optical character
reader (OCR), while the CTO Office is developing AI solutions. ( P.36 Technology
and Design; P.43 Money Forward Lab)
And at the core of development are, needless to say, people. We are setting up
a development base in India, following our Vietnam base to bolster the recruitment
of engineers. Our CTO relocated to India a year ago and has been orchestrating the
formation of a competent local team.
Globalization is crucial in attracting superior talents from around the world. As
such, we aim to completely shift the engineer divisions’ common language to
English during FY11/24, and are now investing in internal training and recruitment.
Currently, almost 40% of our engineers are non-Japanese, and hearing English
spoken in our office is no longer uncommon.
Following the proverb, “Beginning at Kai (To take oneself as an example),” I
also committed myself to relearning English and have given a presentation in
English since this new year’s Company-wide meeting. I believe that for a company
to achieve sustainable growth, it is important for the leader to constantly gain new
inspirations and continue learning, even if it means taking oneself out of the
comfort zone and taking the risk of making mistakes and embarrassing oneself.
each member to thrive. We will continue to explore new businesses that align with
current trends and offer ambitious young members the chance to grow within our
organization, while feeding their aspirations. ( P.48 Talent Forward) Our efforts
in this area have been recognized by the Great Place to Work Institute, which
ranked us 10th in the large company category for its Great Place to Work award for
fiscal year 2023, despite this being our first run.
Investing in technology and people
Our focus on providing new value leveraging SaaS and fintech is rooted in our
commitment to addressing Japan’s low productivity challenge. We have been at
the forefront of developing services and broadening the concepts of “fintech” and
”SaaS” since 2012, when these terms were hardly even known. We now have over
230,000 paying businesses users and 14 million individual users. Our cash flow
and payment services for corporate customers have received positive reviews,
with Money Forward Kessai, Inc. having purchased receivables worth over 135
billion yen, and Money Forward Pay for Business issuing over 150,000 corporate
cards.
By embedding these new services into our existing ones, we aim to offer a
smoother and swifter user experience. This vision can be achieved through the
integration of SaaS and fintech. By connecting operations such as cash
management and payments seamlessly and instantly, we can drastically reduce
human error in back-office operations, leading to cost reduction and potentially to
more creative operational reforms. We are eager to unveil such a landscape as
soon as possible.
Create new user value through integrating SaaS
and fintech
3
Continue disciplined M&A (group join) and
optimize group capital strategy
4
5
CEO
Message

Toward the Next Decade
While we celebrated our 10th anniversary last year, the next decade will be
completely different from the 10 years we have walked so far.
I am confident that we can create a significantly greater impact on society than
we did over the past 10 years, and also feel obligated to do so. While new
challenges may bring failures, I have unwavering faith in the abilities of the
exceptional members and business partners by our side, and that can overcome
any obstacle, no matter how daunting.
My motivation and aspirations have remained unchanged after a decade since
our founding.
For instance, I recently received an email from a partner accounting firm on the
day we released a new service. On reading the message, ”Our year-end tax
adjustment process has become so much easier! Everyone in the office cheered and
clapped,” I felt fortunate to have entered this business. There was also a time a client
said, ”Ever since we started using the cloud accounting system, I have been able to
work from home whenever my child has a fever, so I was able to keep my job.”
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CEO
Message

I am truly grateful to our users and business partners, who are constantly moving
forward without breaking stride, for helping Money Forward become what it is now.
Over the years, our user and partner base has grown significantly,
encompassing not only individual and corporate customers but also professional
service firms, financial institutions, and governmental agencies, and we have
recently also been expanding partnerships with regional banks. It is extremely
rewarding to serve those who have been struggling to boost their operational
efficiency and undertake digital transformation. With the support of such banks,
we believe that companies in rural areas will experience substantial growth and
invigorate the regional economy, enabling more individuals and companies to
increase prosperity throughout Japan. Our goal is to build partnerships that
generate numerous ”co-creations” in which we can share joy with our partners.
As we chart our course for the next decade, I myself am resolved to retain our
founding spirit of ”user focus.” As all of our employees will make a concerted effort
to deliver excellent services, we ask for the continued support and guidance of all
our stakeholders, including our users, partner companies, and shareholders, for
their ongoing support and guidance.
7
CEO
Message

Chikafumi Yokoyama
Representative Director and President
REPROCELL Inc.
STORY 01
Let's make it
8

Now is an opportune time for SMEs. It used to be
impossible for smaller companies to deploy the same
systems as large companies. Yet, Money Forward enables
enables us to carry out the operations required of a listed
company, from accounting and taxation to financial
management, even with a limited workforce, and thus I
feel that times have changed.
As one of the very few biotech startups listed in Japan,
we aspire to deliver our products to many people and
continue growing. In order to have excellent talents join
our company, it is vital that we enhance our brand power
in recruiting. By being acknowledged as an attractive
company, we can employ more talents with distinguished
capabilities and accelerate our growth.
Our goal is to generate such a virtuous cycle.
Our company does not uphold a specific vision. We have
opted not to, as surprising as this may seem. Many
startups decide on their corporate direction by setting a
vision. Doing so, however, creates a restriction of sorts.
Our intention is to remove such restraints and expand our
business flexibly, keeping abreast of the times.
February 2023 marks our 20th anniversary. We have
undergone various transformations during this time, and
are now aspiring to contribute to humanity in the field of
advanced regenerative medicine. Entering into the
regenerative medicine space is difficult for major drug
makers as it requires massive time and effort. To that
end, we want to unleash and drive the growth of
Japanese technologies on a global scale, thereby
becoming a flag bearer among startups.
Opting not to set a vision; contributing to
humanity with cutting-edge healthcare as a
biotech startup “originating in Japan”
User of Money Forward Cloud | REPROCELL Inc.
Yuichi Torisawa
Corporate Management
Department Manager
Shigetomo Akano
Director
9

Hisakatsu Takahashi
Representative Partner
Tomoko Suzuki
Tax Affairs Officer
with an eye to the years to come, and are thus now able
to deliver tailored support to our clients.
By always making new future-oriented proposals, we
can reserve our clients’ precious time to discuss essential
matters. Our aim is to listen to managers more attentively
and deliberate business management with them. Our
greatest joy is to hear our clients say, ”We have come this
far thanks to you.”
Managers are required to take on responsibility for
future generations. For instance, when hiring new
graduates, managers must look 40 or 50 years down the
road. They need to observe both the present and future.
We therefore believe in the power of technology and
want to advance hand-in-hand with our clients in terms
of product evolution as well.
Our corporate message is, ”Advancing and growing
together with you.” We wish to become mentors to whom
managers can ask for advice on anything. Since each of
our clients pursue different forms of growth and
happiness, we aspire to be a tax accountant corporation
that offers accommodating support.
The term ”together” also includes the staff we work
with. We encourage their growth, with a commitment to
the idea that ”everyone is different and wonderful,” in
order to make the most of each of their characteristics. If
everyone works freely without restraint, the company
will expand and in turn contribute to society.
That is why we choose to move forward, notwithstanding
any hurdles, if that is what benefits our clients and staff
in the long run. While initially meeting with some
resistance, we decided to deploy Money Forward Cloud
Advancing together as an excellent
mentor to managers while keeping an
eye on the present and future
Certified member of Money Forward Cloud | TOTAL Group
Hisakatsu Takahashi
Representative Partner
11

Money Forward ME is therefore an essential tool in my life.
I recommend those who don’t feel confident about
keeping track of their finances in particular to try using
Money Forward ME, because it automatically integrates
and manages financial information. My job is actually in
accounting, and knowing how user-friendly Money
Forward ME is, I proposed implementing Money Forward
Cloud Accounting at my workplace. My company used to
manage everything manually, but with Money Forward
Cloud Accounting our workload was significantly
reduced, allowing me to spend more time working from
home and to lead a more fulfilling life. Since my family is
now anticipating various life events, such as our
children’s entrance exams and relocation of our home, I
hope to continue enjoying managing my personal
finances using Money Forward ME.
I started using Money Forward ME when I first began
working. Vaguely thinking that I should keep my personal
finances in check, I searched for an app and found that
Money Forward ME was the easiest to use. After marrying
a few years later and giving birth, and on thinking about
the money we would need going forward, I talked with
my husband about how we should save up. I was then
reminded of Money Forward ME and registered as a
premium member.
The app allows us to manage our finances based on a
long-term perspective without effort, because it visualizes
all of our assets, including our cash balance and
investments. We typically first reserve part of our income
as savings and allocate the rest to daily expenses, and
since the app enables us to check how much we have spent
and have left, we can enjoy daily life with peace of mind.
Managing assets in the long run using
Money Forward ME to enjoy daily life
with peace of mind
User of Money Forward ME | Ms. Miyamoto
13

Fumiaki Yamamoto
Director and President
Shikoku Bank, Ltd.
Individual bankers also need to see things through a
”customers’ perspective” and make proposals based on
an explicit narrative. We thus set up a dedicated team
consisting mainly of young volunteer members to
conduct consulting in DX. Members with a strong passion
to contribute to the community have volunteered and are
proposing a wide range of DX tools. Digitalization backed
by financial institutions will serve to enhance the
sustainability of local industries without leaving anyone
behind and to revitalize regional communities and
economies. We believe that this is an essential role of
regional banks.
Technology as well as the role of banks will continue to
evolve going forward. By leveraging a digital platform and
making customized proposals, banks will be able to offer
new discoveries to clients. We hope to initiate the creation
of such exhilarating future-oriented environments here
in Kochi.
Since our founding in 1878, Shikoku Bank has built a
management foundation with the mission of continuing
to be a bank rooted in the region. We want to be like
family to local community members, with whom they can
consult first.
Japanese society as a whole is already aging, and
rural areas are additionally faced with the issue of
population decline. For local businesses to continue
operating under such circumstances, they must promote
digitalization and raise efficiency. That is why it is
significant for us as a financial institution and mentor to
local community members to promote services that drive
digital transformation (DX).
In collaboration with Money Forward, Inc., we are
promoting the Mikatano series to businesses that have
not felt the need for digitalization up till now, having
them experience its usefulness and indispensableness,
and building a scheme to thoroughly support them.
Supporting clients’ digitalization and
creating future-oriented environments
as a financial institution rooted in the region
Partner of Money Forward X | Shikoku Bank, Ltd.
15

Keita Kuriyama
Executive Officer, Sales Division Manager
and Business Strategy Office Manager
Cybozu, Inc.
about 10 years, and now Cybozu is also being implemented
by larger companies. On realizing that changing tools
changes the organization, more and more customers are
empathizing with us.
Thankfully, our sales volume has risen, leading to
more complex internal invoicing operations. Yet, by
deploying Money Forward Kessai, we were able to reduce
our person-hours significantly.
In order to extend into the global market, it is essential
that companies concentrate their resources on their core
operations. We are now setting our eyes on the world.
Our goal is to spread genuine teamwork, created through
the flattening of information, to the world. We will
continue to take on challenges in search of a globally
viable business model.
Cybozu upholds the philosophy, ”Building a society
brimming with teamwork.” The flattening of information
is key to creating teamwork.
Up till now, information in Japanese companies
generally flowed from the top to bottom. However, this
created a hierarchical relationship that didn’t necessarily
appreciate of individuals’ abilities, in which those with
information were deemed superior, thereby causing
damage to the organization. We believe that this issue
can be solved through equal distribution of information.
We think that if all members can fully demonstrate
their abilities regardless of their position or age, it will
become possible to execute management that reflects
the opinions of not only a handful of people but everyone.
We have been advocating such team empowerment for
Extending genuine teamwork, created
through the flattening of information,
to the world
User of Money Forward Kessai | Cybozu, Inc.
17

Let’s make it
CEO Message 2
Stories
01 User of Money Forward Cloud 8
02 Certified member of
Money Forward Cloud 10
03 User of Money Forward ME 12
04 Partner of Money Forward X 14
05 User of Money Forward Kessai 16
Highlights 19
History 20
Our Service 22
Core Technologies 22
Business Domain 23
SMARTCAMP 27
Home Domain 28
X Domain 30
Finance Domain 32
Creating Synergies 33
Governance 86
Discussion with
External Directors 87
Corporate Governance 91
Compliance 96
Risk Management 98
Executives 99
Facts & Data 102
Financial Data 103
ESG Data 105
Stock Infomation 108
Company Infomation 109
Value Creation 34
Technology Design 36
Sustainability 39
① User Forward 42
② Society Forward 45
③ Talent Forward 48
Our Business 53
CFO Message 54
Business Domain 60
Home Domain 70
X Domain 74
Finance Domain 77
M&As (Group Joins) 80
Working together with
the Soccer Clubs 83
Teamwork 84
Contents
18
Contents

Consolidated Net Sales
¥21,477mn
(+37% YoY)
¥16,299mn
(+45% YoY)
(38 for corporates, 6 for individuals,
and 11 for financial institutions)
Services
55
SaaS ARR (YoY)
Paying Users of Money Forward ME
400,000+
Consolidated EBITDA*1
-¥6,029mn
1,909/37%
SaaS Applications for Back-Office Operations
Paying Customers
235,000+
¥135bn +
Employees/Ratio of Engineers and Designers
Cumulative Amount of Receivables Purchased in
Money Forward Kessai and Early Payment*2
(EBITA excluding advertising
expenses was ¥556 mn)
*1 Consolidated operating profit/loss + depreciation + tax expenses included in operating expenses + share-based remuneration expenses
*2 Cumulative amount transacted through Money Forward Kessai and Money Forward Early Payment
Net sales continued to grow rapidly, recording a compound
annual growth rate (CAGR) of 49% (2017–2022).
3 76 441
4,595
7,157
11,318
15,633
YoY
+37%
Net Sales
(¥ mn)
Net Sales
+49%
CAGR from
FY11/17 to FY11/22
21,477
2,900
1,542
(Nonconsolidated) (Nonconsolidated) (Nonconsolidated) (Nonconsolidated) (Consolidated) (Consolidated) (Consolidated) (Consolidated) (Consolidated) (Consolidated)
(Fiscal Year/Month)
19
Highlights
Highlights (For the Fiscal Year Ended November 30, 2022)

History
Money Forward, Inc. was established in May 2012, and its first product was Money
Forward ME for visualizing personal finances. The service aggregates data
scattered across various services, including that of banks, securities companies,
and credit card companies, and displays all data on a single screen, making it
easier for users to understand and manage their personal finances.
The following year, we released Money Forward Cloud Accounting/Tax Return
as our first SaaS application for back-office operations. Our aim was to reduce
cumbersome manual work in the back office, capitalizing on our aggregation
technology and know-how in user interface (UI) and user experience (UX) as with
Money Forward ME.
We then released Money Forward for XX Bank for financial institutions’
customers as an OEM of Money Forward ME. Since then, we have continued to
bolster DX promotion through co-creations with financial institutions in X domain.
In 2017, we established Money Forward Kessai, Inc. as a company dedicated to
History
2012 2013 2014 2016 2017
Nov.
Money Forward Cloud Accounting/Tax
Return is released
Mar.
Money Forward Kessai, Inc. is established

Provides an accounts receivable financing service
and B2B invoicing/payment BPO service
Sep.
The Company is listed on TSE’s Mothers
Nov. Klavis, Inc. joins the Group

Provides STREAMED, which converts scanned
paper documents, such as receipts, into digital
accounting data
May Moneybook Co., Ltd. (currently Money Forward, Inc.)
is established
Dec.
Money Forward ME is released as a service for
visualizing personal finances
Nov.
Money Forward for XX Bank is released
Customized versions of Money Forward ME for
individual customers of financial institutions
2015
20

Jul. HIRAC FUND is launched

Supports startups mainly in their seed or early stages
Aug. RAC Co., Ltd. joins the Group
Mainly provides V-ONE Cloud, a cloud service for payment
reconciliation and receivables management
Oct.
Money Forward Cloud ERP for medium-sized companies
is announced
financial services, to support clients’ cash flows and in consideration of the affinity
between SaaS platforms and financial services. The company provides an
accounts receivable financing service and B2B invoicing and payment BPO service.
Meanwhile, we also established Money Forward Vietnam Co., Ltd. as a
development foothold in 2018 with the aim of raising the quality and volume of
product development. We have been driving globalization internally, including at
our domestic bases, with a focus on engineers. In 2018, we also extended our
business coverage through the acquisition of SMARTCAMP Co., Ltd., which offers
BOXIL SaaS, a marketing platform for SaaS businesses. Six companies, including
SMARTCAMP Co., Ltd., have joined the Group since 2017 and have been
contributing to the expansion of our product lineup and business scope.
We will continue to aim for further growth through such strategies as new
business development and MAs to meet the expectations of our users and all
other stakeholders.
2018 2020
2019
*
Market share of internal AI chatbots in 2018 (on a sales amount basis)
from market research report Marketing Analysis of Task Automation
Tools Market (May 2019) issued by Techno Systems Research Co., Ltd.
Mar. Money Forward Lab is established

An RD organization for promoting effective use of
technology and data
Sep.
2019 Money Forward Synca, Inc. is established

Supports financing, IPO, and MAs of startups
Nov. 2019 SMARTCAMP Co., Ltd. joins the Group

Deploys a SaaS marketing platform business centered on
BOXIL SaaS, a SaaS comparison site targeting corporates
Jun.
The Company changes the listing of its shares to TSE’s First
Section
Aug.
Money Forward IT Management Cloud (later renamed Admina by
Money Forward) is released

Biz Forward, Inc., a joint venture with MUFG Bank, Ltd., is
established
Sep.
Money Forward Pay for Business is released
Dec. HiTTO Inc. joins the Group
Provides HiTTO, which holds the No.1 share in Japan for internal AI chatbots*
Jul.
Knowledge Labo, Inc. joins the Group

Provides cloud-based budget and cash flow
management software Manageboard and
consulting services in business administration
Aug.
2018 Money Forward Vietnam Co., Ltd.
is established
May
The Company changes the listing of its shares to TSE’s Prime
Market in conjunction with the restructuring of TSE’s market
segments

Nexsol CO., LTD. joins the Group

Provides consulting services by financial planners as an insurance agency
2021 2022
History
21

Our Service
Users
SaaS Applications
Core Technologies
Data analytics platform:
Manages data used in various services on a centralized data analytics infrastructure.
Data security platform:

Encrypts data transfers and data stored on servers. Conducts regular vulnerability
assessments and reviews.
Common ID/authentication platform:
Provides common IDs and authentication across various services.
Account aggregation platform:
Automatically connects data among various services used by customers.
We offer our services to a variety of customers including corporates, individuals, and financial institutions. Many of our services are
backed by our core technologies, enabling us to improve investment efficiency in technology and expedite product development.
* Based on research by Money Forward, Inc. as of Dec. 2022.
Corporates Individuals
Financial Institutions,
etc.
2,574*+ connected services
Bank accounts
Credit cards
E-commerce
Electronic money
Securities
Core Technologies
22
Our
Service

Accounting and Finance
Connects various back-office data to automate operations.
A cloud service that streamlines cumbersome accounting and HR operations.
Product Lineup
Business Domain
HR
Legal Company and Business Registration IT System
23
Our
Service
/
Business
Domain

Integrating End-to-End Operations, from Expense Claims to
Accounting and Payroll Calculations
登録
登録
登録
登録
登録
1
2
3
4
5
Expense claim
Automatically scans receipts and
integrates credit card statements
Approval by authorizer
Also supports workflows
Accounting
Aggregates to accounting books
Integration of payroll
and expenses
Links employee information to integrate
payroll and expenses
Expense settlement with
payroll payment
Issues payslips online
Example of integrated workflow using
Money Forward Cloud
24
Our
Service
/
Business
Domain

1
2
3
4
Integrates employee information
Loading Attendance and Employee Information and Integrating
Information with Payroll Calculation and Year-End Tax Adjustments Example of integrated workflow using
Money Forward Cloud
Reflect to payroll
Integrates attendance information with payroll
Manage employee
information
Collects and centrally manages
employee information
Year-end tax adjustment by
integrating information
Enables easy preparation of statutory statements by
integrating payroll data
Manage attendance
information
Centrally manages attendance status
25
Our
Service
/
Business
Domain

Key
Changes
1 2 3
発行側受領側
登録申請書
課税事業者
000000…
NEW
Add required items
to invoice
Register as a qualified
invoice issuer
Issuer is also obligated
to save invoices
The Invoice System is a new method for receiving tax credit for
consumption tax, slated to come into effect on October 1, 2023.
Ahead of this, taxable businesses must not only change their
invoice formats and adjust their systems, but also apply and
register as a qualified invoice issuer in advance.
1
2
3
4
What is the Invoice System?
Integrating Operations from Sending and Receiving to
Saving Qualified Invoices Example of integrated workflow using
Money Forward Cloud
Preparation and sending
of qualified invoices
Supports end-to-end operations from preparing
invoices using a template to sending them
Scanning and digitization
of invoices
Invoice data is automatically input with an optical
character reader function based on artificial
intelligence (AI OCR), or manually input by an
operator
Receiving qualified invoices
* To be added in June 2023
Collectively receives all invoices, both in the
form of paper and email
Data storage
Collectively stored to enable searches
26
Our
Service
/
Business
Domain

SMARTCAMP
With this service, users are able to compare various SaaS for
corporations and request materials. It offers exhaustive product
information, including information on functions, pricing, as well as
case studies, and enables users to create comparison charts of
multiple SaaS. Users can find the optimal SaaS on the website, by
checking word-of-mouth reviews, white papers, and other materials.
Comprehensive Marketing and Support Platform
SaaS Comparison Site
27
Our
Service
/
Business
Domain

Asset Management
Personal Financial
Management (PFM)
Budget Control
Services for Resolving
Problems
Enables asset breakdown checking
in the form of graphs, by connecting
with a range of financial services.
Visualizes monthly personal finances
(income and expenses) based on
automatically integrated data and
manual entries. Expenses can be
categorized.
Visualizes actual expenses vs. budget
by category, based on the monthly
budget by category in fixed and
variable costs, according to users’
monthly savings goal.
Provides various related services.
Planning on enhancing data integration
on Money Forward ME to further address
financial issues.
Home Domain
28
Our
Service
/
Home
Domain

Promotes the improvement of personal
finances by helping users reduce fixed
costs, such as insurance premiums and
electricity bills.
E x p a n d c u t o m e r v a l u e s u c h a s
enhancing Money Forward Personal
Financial Consulting services though
collaborating with Nexol, which provides
consultation by the financial planners.
Offers free consultation on financial
concerns by a financial planner, at any
time or place.
29
Our
Service
/
Home
Domain

X Domain
A digital service that can be used
for daily operations, represented
by groupware for communication
tools, workflows, and attendance
management.
Automatically digitizes invoice contents,
by simply uploading scanned data of
issued or received paper invoices to the
Invoice Portal.
We provide the Mikatano series, a DX
support service to be provided by
financial institutions to their corporate
customers.
A corporate fund management service for corporate
customers of financial institutions. It Centrally
manages deposit information.
DX Support Services by
Financial Institutions
For Corporations
30
Our
Service
/
X
Domain

In the spring of 2023, we will release the BANK APP, a mobile app
for customers of regional financial institutions. It enables users to
easily access a variety of financial services anytime, anywhere.
For individual customers of financial institutions, we offer Money
Forward for XX Bank, which visualizes personal cash flow and assets,
as well as PFM App and Passbook Application for Specified Financial
Institutions, which digitizes paper passbooks.
BANK APP
Passbook Application
Money Forward for XX Bank
For Individuals For Individuals
In addition to daily management of finances, such as checking
account balance, deposits/withdrawals, mortgage loan balance, or
status of investment trusts, users can use various financial services,
including for opening accounts, transferring funds, borrowing or
repaying loans, and changing one’s registered address.
31
Our
Service
/
X
Domain

Finance Domain
Register
customer
1
Register
transaction
2
Confirm
transfer
3
Credit line
screening
Transaction
screening
Issues
invoice
Credit collection
and reconciliation
Screening of business partners
is completed within a few
seconds at the earliest, to two
business days at the latest
Transaction screening is also
completed within a few
seconds at the earliest
If there is an outstanding
payment, either Money Forward
Kessai, Inc. or Biz Forward, Inc.
contacts the purchaser.
Screening
min.
2
days
1 2 3
A B2B deferred payment service that offers BPO
of payment operations from credit screening of
business partners, to invoice issuance and credit
collection.
A service for early payment of purchase orders
and invoices Company requests
purchase of accounts
receivable
Company receives
the amount less the
transaction fee
Money Forward
collects the
accounts receivable
32
Our
Service
/
Finance
Domain

Our
Service
Creating Synergies through Inter-
Domain Customer Transfers and
Horizontal Application of Product
Development Know-How
Business domain
SaaS marketing platforms
Home domain
Business domain
SaaS applications for
back-office operations
X domain
Marketing support
and collaboration
Refers financial
institutions/offers
functions
Offers OEM to financial
institutions
Offers services to financial
institutions leveraging know-how in
technology and UI/UX
Connects and offers service
functions for corporates
Refers sole proprietor customers
(Tax return)
Refers corporate customers through financial
institutions
Refers corporate customers
Marketing support and
collaboration
Finance domain
Creating Synergies
33

Inputs Four Growth Strategies
G
overnance that balances growth and risk
con
t
r
o
l
Value・Culture
Superior financial platform
with go-to-market strategy
based on disciplined
investment
Advancement of
value proposition
Leverage existing
assets to create new
opportunities
Business field
expansion
Disciplined MA strategy
with proven track record
MA strategy
execution
Synergy creation and
higher productivity
Inter-domain customer
transfers and inter-product
sharing of development
know-how to create synergy;
improvement in employee
productivity
Stable financial base
Financial capital
Intellectual capital
RD investment in data utilization and
cutting-edge technology
Design and product development know-how
Investments related to security measures
Intellectual property such as patents
Social capital
Partnerships with financial institutions,
accountants, and business corporations
across Japan
Participation in industry groups,
recommendations to the government,
among other efforts
Human capital
Group employees 1,909
Ratio of engineers and designers %
37
Ratio of non-Japanese members %
14
Ratio of female employees %
35
Value Creation
34
Value
Creation

Outputs Outcomes
User Forward
To drive usersʼ lives forward.
• Enhance labor productivity and management of companies
• Improve household finances and financial literacy
• Provide more convenient financial services in financial
institutions and other organizations
• Support businessesʼ cash flow and growth
Society Forward
To drive our society forward.
• Promote innovation in financial services
• Promote DX in society as a whole (realization of remote work)
• Reduce the environmental impact of corporate activities
(reduction of the use of paper)
Talent Forward
To drive our employeesʼ potential forward.
• Create diverse growth opportunities that bring out the
potential of our members
• Management is committed to fostering members
• Create an environment that accepts diverse perspectives,
regardless of gender, nationality, age, or academic background
Ratio of women among managers
Overal
Business side
Cumulative number of participants in Leadership
Forward Program
Cumulative number of participants in
manager basic training
Childcare leave acquisition rate
Women
Men
Mission Money Forward. Move your life forward. Vision Becoming the financial platform for all.
%
26.0
%
20.2
419
%
%
100.0
50.0
235,798
%
0.8
67
¥281,000
bn
¥135.2
tn
tn
¥7.7
¥17.3
25,258
123
126
126
SaaS applications for back-office
operations: paying customers
Money Forward Cloud:
corporate customer churn rate
Money Forward Early Payment:
accumulated amount of receivables
Money Forward X: partner companies
Money Forward ME: monthly improvement
in personal finance
Amount of assets managed under all integrated accounts
Amount of financial assets under all integrated accounts
Money Forward Cloud: users associated to
certified members
Money Forward Cloud: chambers of commerce
in alliance
Money Forward X: services provided
Provision of services
that solve financial
issues for corporates,
individuals, and
financial institutions.
Realization of better
social systems through
co-creation with diverse
partners
Efforts to attract superior
talents, create growth
opportunities, promote
diversity and inclusion
Businesses
Individuals
35
Value
Creation

36
Driving the world forward with
technology and design
The clouded outlook of global politics and the economy is impacting our daily lives in terms of the financial issues we face
and the way we work. Since its founding, Money Forward has been developing products that resolve such social issues. A
major driving force behind such endeavors is the power of technology and design, which Money Forward cherishes. In our
roles as Chief Technology Officer (CTO) and Chief Design Officer (CDO), we are leading efforts toward not only resolving
users’ issues but also creating products that offer inspiration.
values ”user focus,” and design is none other than the
process of thinking with a focus on people. We wish to
deliver products that not only look good but also offer a
pleasant user experience. For instance, with such
products as Money Forward Cloud, the amount of time
each operation takes will collectively have a large impact
on users’ work productivity. Pursuing an easy-to-use
design generates a profound impact.
The presence of data is also indispensable when
considering technology. The potential of the data we
retain is rising every year. For example, in Money Forward
Pay for Business, which we will elaborate on later, we
developed an original credit screening model that
capitalizes on accounting data, making the application
process more convenient than ever. Since we retain
users’ precious data, we are working toward passing on
benefits to users while protecting such data with highly
advanced security and encryption. Money Forward Pay
Technology makes our lives more convenient. For
example, Money Forward ME and Money Forward Cloud
utilize a technology that aggregates and enables users to
view account information of multiple financial institutions.
The workload of users is reduced considerably by
automating data aggregation, which users previously had
to do manually by logging into each of their accounts and
checking the latest transaction records. In this way,
technology can be the key to solving problems.
Technology holds great potential; however, not
everyone can use it readily. Technology must thus be
delivered in a way that is easier to understand and use.
This is where design comes into play. Design bridges this
gap between technology and people. Money Forward
Takuya Nakade
Director, Group Executive Officer
and CTO
Resolving Issues with Technology
Delivered to Society through Design
Technology
Design
Technology

37
for Business is one of the services created by focusing
on users and integrating technology and design.
No matter how great the technology and design
proposal, value will not be delivered to users unless they
actually take shape. Money Forward Group has
engineering and design teams that are constantly
working on the development of over 50 digital products.
The engineering team is becoming more global, with
non-Japanese members currently comprising about 40%
of the team. We have development bases across Japan as
well as in Vietnam. We also intend to completely shift the
common language used in product development from
Japanese to English during FY11/24. Amid the
intensifying competition to hire engineers, we are
building a scalable team by driving globalization in our
organization.
We also have over 80 designers—one of the largest
headcounts among SaaS companies in Japan. We
received the Good Design Award for Money Forward Pay
for Business and Money Forward IT Management Cloud
in 2022, following in the steps of Money Forward Cloud
ERP and One Stock in 2021. In addition, we won the Japan
Branding Award 2022 for our brand promotion activities
based on our corporate culture.
Scalable Development
Daisuke Sergio Ito
Group Executive Officer and CDO
Design

38
Although our team members involved in the development
of Money Forward Pay for Business are physically
separated, with some located in Fukuoka and others in
Tokyo, we communicate closely online and work in
concert to resolve users’ issues. We were fixated on
covering the entire credit screening application process
via smartphone to enable busy corporate users to apply
without hesitation. Since there are very few precedents
of electronic know-your-customer (eKYC) targeting
businesses, our designers and engineers jointly
contemplated various measures and repeated user tests
with the cooperation of the Company‘s accounting and
legal affairs members to produce the function. Also, our
new deferred payment function does not require the
submission of financial statements and other documents
as it provides users with credit by taking full advantage of
the accounting data on Money Forward Cloud, as well as
our account aggregation platform, which is one of our
core technologies.
DX of sending/receiving invoices is advancing rapidly in
view of the enforcement of the Invoice System in October
2023. We are thus aiming to provide a new B2B payment
method that can replace bank transfers through
”embedded finance,” which adds on a function for
payment to that of sending/receiving invoices.
Offering Ideal User Experience
with Technology
Future Prospects
We value technology and design because we want to
understand our users better than anyone else and deliver
true value. Both engineers and designers embrace the
stance of co-creation and aspire to move forward
alongside our users. Our goal goes beyond resolving
users’ issues to include releasing products that offer
inspiration. To this end, we will continue to combine
technology and design with a view to creating new value.
Money Forward Pay for Business is a platform that
promotes cashless payments through cards and a wide
range of other payment methods, to streamline back-
office operations. Users can issue as many physical or
virtual cards as they like according to their purpose of
use, such as expense claims or purchases, and can
consolidate them all into a single corporate card for
managing business expenses.
Understanding Users Better
Than Anyone Else
Moving Business Forward with
Cashless
Technology
Design

”Money,” which is also the Company’s namesake, is a difficult theme to confront.
We not only project such negative thoughts as fear, uncertainty, inequality, and
frustration to the concept of ”money,” which is in fact merely a tool for mankind,
but also keep it shielded as information that one wants to avoid seeing.
Japanese society faces a host of issues associated in particular with its
declining and aging population. Individuals are burdened with such themes as
uncertainty over the social security system and the need to build wealth to prepare
for longevity or protect wealth in later life. Meanwhile, businesses are faced with
labor shortages, but unless they promote digitalization and the use of managerial
data, it will be extremely difficult for them to envision the future of their business,
let alone grow. The persistence of such issues will likely become a chronic stress
factor that causes people and businesses to shun the
necessary decision-making and actions. In reality, such
issues are resulting in societal losses. For example,
people are giving up on marriage or on having a
child, or are unable to choose the job of their
preference due to uncertain financial outlooks.
Sustainability
Toshio Taki
Group Executive Officer
and Head of Sustainability
CoPA (Chief of Public Affairs)
Head of Fintech Institute
Creating a society where everyone can
pursue their true ambitions. This will lead
to fulfilling responsibilities to the future.
39
Sustainability

User
Forward
To empower users by
unlocking their
possibilities though our
services.
Society
Forward
To foster social progress
in Japan through our
corporate activities.
Talent
Forward
To develop and unleash
the greatest potential of
our employees and
organization.
Foundations Supporting the Three Materiality Themes
Common understanding of Money Forwardʼs
Mission/Vision/Value/Culture
Governance that balances growth and risk control
Three Materialities
To achieve these objectives, we position the three areas of “User,” “Society,” and
“Talents” as our corporate materiality themes.
User Forward (i.e., to drive customers’ lives forward) places value on delivering
groundbreaking services more broadly, while capitalizing on the power of
technology and design to resolve users’ financial issues. In particular, since we
collect and retain highly sensitive financial data, we consider reassurance for data
safety as a key component in quality user experience, and thus promote
investments in security as a major agenda.
Society Forward (i.e., to drive our society forward) is a commitment to help
drive society as a whole forward through co-creations with diverse partners. Since
the Company’s early days, we have been making policy proposals oriented toward
an optimal future in areas where DX has traditionally been viewed as a challenge,
including fintech and smart public services. In doing so, we have leveraged
insights from users to depict an ideal, yet achievable future. There are also areas
that require public and private sectors to make concerted efforts, such as financial
We founded Money Forward in the belief that we could change this sense of
stagnation in society. ”Money” essentially functions as a ”scale” for conveying
situations, options, and images of goals in a way that anyone can understand. If all
individuals can grasp where they stand financially and access user-friendly
financial services and adequate professionals, they should be able to take actions
that truly lead to solving problems or focus on what they actually want to do. If
such services did exist, users would be able to capture ”money” as a ”scale” for
their actions rather than a source of uncertainty. With a view to developing and
providing such services, Money Forward first released an app that visualizes
personal finance, and has since been releasing services that automate operations
and help customers achieve their visions that lie ahead of such automations.
1 2 3
literacy education. To achieve our mission, we must also pursue societal change.
We will thus continue making recommendations aimed at social transformation
and putting them into practice.
As for Talent Forward (i.e., to drive our employees’ potential forward), we
aspire to offer wide-ranging growth opportunities that enable our members to live
up to their potential, to have our management commit to talent growth, and to
create an environment where diverse perspectives are accepted regardless of
gender, nationality, age, religion, or academic background. As talents and
businesses pursue more global and wide-ranging opportunities, we are
particularly committed to making the utmost investments in human capital, which
the Company considers to be its most valuable managerial input.
We will pursue sustainability by viewing ”common understanding of Money
Forward’s Mission, Vision, Value, and Culture” and ”governance that balances
growth and risk control” as the foundations supporting our three materiality
themes.
40
Sustainability

Sustainability
To demonstrate our managerial commitment to the three materiality themes, we
will set forth and disclose our sustainability indicators in a phased manner. Apart
from our financial KPIs, we will closely monitor these indicators on a continual
basis to measure our progress in sustainability. We already publicize evaluations
of the values we as a business provide directly to customers. In addition, we plan
to announce whether we are fulfilling our Mission and Vision based on a medium-
to long-term perspective. Similarly, we will disclose governance indicators from
the current fiscal year in accordance with the framework laid out by the Task Force
on Climate-Related Financial Disclosures (TCFD). ( P.98 Risk Management) Through
such announcements and disclosures, we will build a framework that enables us
to share a more explicit image of the future we aim to shape with our many
stakeholders.
We believe that if every single member of society can take the necessary
actions and make their wishes come true, they will be able to express their
inherent kindness and fulfill their responsibilities to the future. Because we are
living in an ever-changing age full of uncertainties, we aspire to provide a foothold
for all individuals’ decision-making and create a society that drives challenge.
User Forward
Sustainability Indicators
Materialities Sustainability Indicators
User
Forward
Businesses
SaaS applications for back-office operations: paying customers*1
235,798
Money Forward Cloud: corporate customer churn rate*2
0.8%
Money Forward Kessai and Early Payment: cumulative amount of receivables*3
¥135.2 bn
Money Forward X: partner companies*4
67
Individuals
Money Forward ME: yearly improvement in personal finance*5
¥281,000
Amount of assets managed under all integrated accounts*6
¥7.7 tn
Amount of financial assets under all integrated accounts*7
¥17.3 tn
Society
Forward
Money Forward Cloud: users associated with certified members*8
25,258
Money Forward Cloud: chambers of commerce in alliance*9
123
Money Forward X: services provided*10
126
Talent
Forward
Ratio of women among managers (overall*11
/ business side*12
) 20.2% / 26.0%
Cumulative number of participants in Leadership Forward Program*13
126
Cumulative number of participants in manager basic training*14
419
Childcare learve acquisition rate*15
(women/men) 100.0% ／ 50.0％
Employee engagement (MF Group Survey)*16
Indicators for creating diverse growth opportunities to draw out the potential of members
- I am achieving growth (or likely able to achieve growth) through my current job. 4.2
- I find my job to be rewarding. 4.1
Indicators for management’s commitment to foster talents
- My manager understands my career plan and my ambitions, and supports my long-term growth. 4.1
-
My manager provides feedback on areas I excel in and areas requiring improvement during
evaluation and 1:1 meetings. 4.2
Indicators for creating an environment that accepts diverse perspectives regardless of gender,
nationality, age, religion, or educational background
- The Company finds value in perspectives and opinions from diverse standpoints. 4.3
-
The Company appreciates differences and promotes communication based on respect for one
another. 4.4
As of November 30, 2022, excluding *5, *6, *7, and *16.
*1
The total number of businesses (corporates and sole proprietors) that pay a subscription fee for Money
Forward Cloud or other SaaS applications for back-office operations.
*2 The average monthly churn rate for Money Forward Cloud from December 2021 to November 2022.
*3 The cumulative amount transacted through Money Forward Kessai and Money Forward Early Payment.
*4 The number of companies that have entered into a business alliance in X domain.
*5
12 times the average of the monthly amount of improvement in personal finances as perceived by users who
responded that they felt their personal finances have improved, according to a survey targeting Money
Forward ME users (conducted in October 2022).
*6
The total amount of assets being managed under all individual users’ accounts linked to Money Forward ME
and services for financial institutions provided in X domain.

Assets under management include listed stocks (spot-trading), bonds, mutual funds, and defined
contribution pensions. Calculated based on aggregated results as of January 31, 2023.
*7
The total amount of financial assets under all individual users’ accounts linked to Money Forward ME and
services for financial institutions provided in X domain.
Calculated based on aggregated results as of January 31, 2023.
*8 The number of users who have a Money Forward ID among the certified members of Money Forward Cloud.
*9 The total number of chambers of commerce that have entered into an alliance with Money Forward Cloud.
*10 The total number of services provided in X domain.
*11 The ratio of women among Money Forward Group’s regular employees in managerial positions.
*12
The ratio of women among Money Forward Group’s regular employees in business-side (i.e., other than
engineering and design) managerial positions.
*13
The total number of participants of a training program for fostering next-generation leaders targeting
Money Forward Group’s regular employees.
*14
The total number of participants of a training program targeting Money Forward Group’s regular employees
in managerial positions.
*15
Calculated based on the number of employees who took childcare leave by August 31, 2022, among those
whose child was born between April 2021 and March 2022, counted based on applications for childbirth gift
money. (The figures for FY2021 and FY2020 are calculated for the previous year using the same definition.)
*16 The average score of key indicators for employee engagement in a survey targeting Money Forward Group’s
regular and contract employees (on a scale of 5, with 5 representing ”excellent”: as of February 28, 2023).
41

Services That Address Financial Challenges of
Diverse Users
Resolving issues of companies, sole proprietors, and
workers with Money Forward Cloud
Resolving Individuals’ Issues with Money Forward ME
Companies and sole proprietors in Japan need to cope with a myriad of structural
issues, such as the shrinking labor force, low labor productivity, cumbersome
back-office work, and cash flow concerns. They must also deal with imminent
institutional reforms, represented by the enactment of the Invoice System and
compliance with the revised Electronic Book Preservation Act.
These are managerial challenges as well as personal challenges for each and
every worker who must take responsive actions. By integrating and utilizing data
and streamlining operations through Money Forward Cloud and other services, we
enable users to raise labor productivity, respond to regulatory changes, and grasp
their managerial and financial status in a timely manner. We thereby aim to help
individuals undertake back-office operations with a positive mindset.
We launched the Mikatano series in collaboration with regional financial
institutions in 2022. The series has simpler functions and is less difficult to
implement relative to Money Forward Cloud. We are committed to solving the
problems of even more companies and sole proprietors through our services and
partnerships.
In recent years, individuals’ vague anxieties over their daily and future finances
have amplified fueled by such issues as the aging and declining population, the so-
called “20 million yen retirement problem,”*1
and inflation. Against this backdrop,
the government, under its slogan, ”doubling asset income,” announced the
expansion of the Nippon Individual Savings Account (NISA) scheme—a tax
exemption program for small investments by individuals—as well as the promotion
of financial literacy education. The importance of adequately managing personal
finances and assets is being revisited.
Regardless, in Japanese households, cash and deposits occupy more than 50% of
total assets, while investment trusts and stocks account for less than 15%. Unlike
countries such as the U.S., where investment trusts and stocks account for over 50%
of total household assets, many people in Japan are still unaccustomed to investing*2
.
Japan also lags behind in financial literacy education, for which its outreach ranks sixth
among the G7 and 38th in the world, trailing most developed countries*3
.
Through Money Forward ME and other services catered to individuals, we will not
only help visualize personal finances but also enable users to select more appropriate
financial services. Nexsol CO., LTD. joined the Group in May 2022, and with this
acquisition we have fortified the groundwork for providing more personalized advice.
We will provide services that aid users in improving their personal finances, and
devising and executing their asset plans. We thereby aspire to help users lead a more
enriched life, free from financial uncertainties or struggles.
*1
An estimation that Japanese retirees ”will be short by some 13—20 million yen in 20—30 years after retirement” was
presented in Asset Building and Management in an Aging Society (in Japanese), a report issued by the Working
Group on Financial Markets under the Financial System Council, Financial Services Agency.
*2
Research and Statistics Department, Bank of Japan. Comparison among Japan, the U.S., and Europe of the Flow of
Funds (August 31, 2022).
*3 Standard Poor's Ratings Services. Global Financial Literacy Survey (2014).
Visualizes assets
Centrally manages financial flow by
connecting services
Designs financial life plan
Utilizes data to offer FP consultations
Diﬃcult to grasp total
assets
Managing personal
finances is cumbersome
Anxiety over building
future wealth
Lack of financial literacy
Raises productivity through
operational eﬃciency
Reduces workload through service
connection and automation
Conducts analysis with salary and
attendance data
Provides hassle-free updates
Contractingworkforcedueto
shrinkingandagingpopulation
Long-hours culture
Low labor productivity vs.
other countries
Changes in regulations,
e.g., consumption tax
To empower users by unlocking their possibilities though our services.
1 User Forward
42
Sustainability
/
User
Forward

Money Forward Lab is committed to unleashing the power of technology and data
based on the desire to enrich people’s lives by enabling them to engage with
finance in a positive light.
The lab is particularly focused on the area of autonomous technology and
usability. Previously, our focus was on safely and automatically collecting data and
visualizing the current state. We are now engaged in RD that promotes
autonomous technology and usability, in which future issues are predicted and
actions for solving issues proposed. Key themes include machine learning and
deep learning, natural language processing and image processing, and UI and UX.
are performed by machines based on procedures and criteria identified on their
own,” machines need to gain extensive insights from users' financial behaviors. To
undertake such challenging RD, we have hired computer science specialists, and
are holding multidisciplinary and extensive discussions that integrate their
knowledge and experiences with those of existing members. In addition, with the
aim of enhancing the quality and speed of RD and clarifying its social
significance, we are actively exchanging opinions with external parties through
academic conferences and the publication of papers.
Similar to a future where one can travel freely to one’s destination, through our
activities at Money Forward Lab, we aspire to create a future where users can
implement management as they envision it.
We believe that the shift toward automation and autonomy in back-office operations
can be likened to that of autonomous cars. Just as the ultimate goal of autonomous
cars is to fulfil the desire to safely, securely, and comfortably travel to a destination,
the ultimate goal of accounting operations and business management is to fulfill the
desire to safely, securely, and comfortably implement the management that a
company envisions. We call this the autonomous back office.
How do we realize an autonomous back office? We believe the evolution process
is also similar to that of autonomous driving. A car’s system can be divided into
stages according to level of automation, ranging from ”manual driving” to a level
where ”the system completely controls the car under all conditions.” Likewise, we
believe that there are different levels in the evolution toward an autonomous back
office, and are thus carrying out RD considering each of these levels.
Before complete automation, there is a stage where “tasks are performed by
machines based on procedures and criteria provided by humans.” For this specific
stage, we have developed a technology for automatic optical character recognition
(OCR), which does not require the prior process of learning or extracting
characters on paper vouchers. To reach a higher level of autonomy where ”tasks
Creating the Future with the Power of Technology and Data
Autonomous Back Office as the Ultimate Future
The future we want to achieve with Autonomous BackOﬃce
Money Forward Lab
Hayahide Yamagishi
Researcher
Money Forward Lab
Hideki Ogawa
Researcher
Money Forward Lab
Ikuo Kitagishi
Director
Money Forward Lab
Yuki Hisai
Manager
Money Forward Lab
(From left)
1 User Forward
Manual
Humans execute all tasks,
with no system intervention
System execute
simple tasks in a
repetitive manner
System executes tasks based
on procedures and decisions
made by humans
System replaces humans
in executing tasks and
making decisions
Collaborative Automatic Autonomous
43
Sustainability
/
User
Forward

specific individual, such as personal information and personal data; identifier
information, such as cookie information, IP address and terminal ID; location
information; and log information on internet use, such as browsing history.
In addition, to extend governance to the area of information security, every
month the CISO reports the status of security operations to the representative
director and Chief Technology Officer (CTO) to receive evaluation and feedback on
the validity and effectiveness of such operations. The CISO also presents an
annual summary of these reports at Board of Directors meetings.
We will continue to invest in cyber security, with a focus on reinforcing security
measures for Group companies.
Investment in Cyber Security to Ensure Safe Use of Services
As our services involve collecting and retaining users’ various financial
information, we consider adequate information management to be a top priority
and believe that constantly reinforcing information management is critical in
sustaining stable business activities.
To ensure proper and safe handling of information, we have established the
Basic Policy on Information Security (Security Policy). Under this policy, we
appointed a Chief Information Security Officer (CISO) to oversee security
management operations and stipulated operational rules on information security
management. We are also are taking appropriate measures to prevent risks
including data breach through such means as unauthorized system access by
malicious third parties to unlawfully obtain information.
Also, to protect sensitive personal information of users, we have established the
Personal Information Protection Policy (Privacy Policy) as an action guideline for all
employees to comply with. We have also compiled internal rules for protecting
personal information and are carrying out internal training for executives and
employees on the handling of such information. These measures show our
commitment to fostering a shared understanding of the importance of the personal
information we handle and the rules we must comply with. In March 2022, we
established the Personal Data Statement, in which we declared our philosophy on
the handling of information about an individual. This includes data that can identify a
Measures against Third-Party Cyberattacks
• Review at time of design and development
• Firewall installation and management of security operations center
• App vulnerability evaluation by external security diagnostics firm
• Penetration testing by external security diagnostics firm
• Data encryption and enhanced monitoring system
• Switched anti-virus software on officer and employee devices to endpoint detection
and response (EDR; to enhance cyberthreat detection, prevention, and response)
• Separate designated network environment for maintenance involving personal data
Measures against Information Leaks
• Operation details of production system
• Fortify rules on information security and personal data protection
• Officer and employee training
• Single sign-on (SSO) and automated provisioning of executive and employee IDs
• Access control of third-party PCs
• Internal access authorization and access log record
• Separate network between environments of user services and officer and employee PCs
External Authentications
• Nippon CSIRT Association membership
• Service Organization Control 1 (SOC1) Report (Money Forward Cloud)
• Audits under agreed upon procedures (AUP) (for electronic payment services)
Key
Initiatives
Security
1 User Forward
SDGs Goal
Takashi Ichikawa
Group Executive Officer
CISO (Chief Information
Security Officer)
44
Sustainability
/
User
Forward

Money Forward Group is spearheading institutional reforms through wide-ranging
activities, including proposing policies at meetings hosted by the government,
conducting research at Money Forward Lab, and sharing our initiatives via our
services. We are also aiming to cultivate an ecosystem for achieving financial
innovation by organizing industry groups, including the Fintech Association of
Japan and Japan Association for Financial APIs. Furthermore, we are creating
opportunities for individuals across all generations to think about their finances by
holding educational classes and events and operating user communities.
Social demand for improving financial literacy has been rising in recent years.
For example, the NISA investment cap was raised substantially under the FY2023
tax revision, while a new certificate for experts who give neutral advice on
personal asset formation is slated to be established. As Money Forward ME and
the Group’s other services can serve as an introduction to financial literacy, we are
committed to meet this rise in interest with appropriate and comprehensible
information. For instance, we are offering financial education to high school
students. We will accordingly work on resolving social issues, such as economic
disparity, and help individuals and businesses unleash their potential with the aim
of creating a better social system.
Proposing Policies toward Institutional Reform
Move the Society Forward with Fintech
In providing services that empower users and contribute to solving social issues, we
at times create services that go beyond the expectations of conventional systems or
wisdom. For example, a decade ago, it would have been unthinkable for financial
institutions to offer open APIs and allow access to data by non-financial companies,
or for companies to handle sensitive corporate data in a cloud environment.
Social responsibility
Continual responsibility
as a part of social
infrastructure
Policies
Proposal for services to
better resolve social issues
Media
Experts who promote
accurate understanding of
social changes
Users
A worldview where the sole
measure of value is user
experience
Mission
Unique narrative as a
startup
To foster social progress in Japan through our corporate activities.
2 Society Forward
SDGs Goal
Yet, we believe we should create services that contribute to the sound
development of society, however unexpected they may be. This is based on one of
our core values—Technology Driven. In addition, to facilitate the ability to make
sense of new services and technologies, a wide range of users need to experience
the convenience of the technology and to have its safety ensured through
expertise. For example, last year we released a new service that drives DX of SMEs
in collaboration with regional financial institutions. This was because we wanted
SMEs in rural areas, where the advantages of digital services and DX may be
45
Sustainability
/
Society
Forward

The protection of the global environment has become an urgent matter of concern,
and it is the responsibility of all individuals and companies that constitute society
to take this issue into their own hands. Recognizing the importance of this issue,
the Company is taking proactive measures to address it through Company-wide
initiatives. Internally, we identify areas to be reviewed in the office, internal tools,
and employees’ workstyle, and implement environmentally friendly measures. In
addition, we are promoting eco-friendly individual and corporate activities by
reducing paper usage and improving operational efficiency through our service
offerings.
Practicing Environmentally Conscious
Management
2 Society Forward
SDGs Goal
difficult to perceive, to also experience the benefits of fintech. As a startup that
develops services internally, we possess first-hand knowledge of users’
experience. With such insight serving as a persuasive force, we forge partnerships
with stakeholders for the purpose of changing society and actively recommend
new policies to answer any calls for institutional reform. We believe that such
efforts will enhance our corporate value in the long run and that this is also the
new responsibility of companies operating in society.
We believe that a co-creative approach between private entities and
policymakers, utilizing the knowledge gained from our pursuit of superior service,
can help address social issues by proposing solutions and returning this
knowledge to society. We view this approach as essential to achieving our goal of
becoming a financial platform for all.
The digitalization of payment infrastructures has also been accelerating. For
example, the ban on digital salary payments was officially lifted last year, while the
Bank of Japan’s experiment on Central Bank Digital Currency (CBDC) is entering
its final stage. Furthermore, digital invoicing is expected to become widespread
spurred by the enactment of the Invoice System in October 2023, while the
government’s Digital Principle will take effect, represented by the extended use of
My Number Cards. Such changes should culminate in faster and more seamless
procedures. Retrofitting our services in accord with such movements and
streamlining procedures should relieve some of the stress of individuals and
businesses. We are of the firm belief that this approach will serve as a catalyst for
driving positive change in individuals’ lives and society as a whole.
In the world of fintech, which is intertwined with the financial system, one
failure can lead to the risk of compromising industry trust. At the same time,
however, adequately incorporating innovation in the financial world should be a
source of individual happiness. While fulfilling our social responsibilities, we will
continue to advocate Society Forward activities so that financial issues of all
individuals are resolved, and our society will move forward through fintech.
• Introduction of a new workstyle centered on remote work. Reduction in the physical
transportation of people and materials, and the use of paper by shifting to cloud-
based operations including for internal memorandum, settlement of expenses,
contracting, and invoice issuance
• Use of 100% renewable energy for power generation in our headquarters from 2021
and our Tokai Branch Office and Nagoya Development Center from 2022
• Use of renewable energy-based Amazon Web Service (AWS)
• Calculation of greenhouse gas in scopes 1 and 2 ( P.98 Risk Management)
• Improving operational efficiency and promoting reduction of paper use including for
invoices (e.g., #Invoice Forward Project) by migrating back-office operations to cloud
• Promoting reduction of paper passbooks and streamlining of operations through
support for DX in financial institutions with large user bases
• Efforts to visualize environmental impact utilizing fintech (patent pending)
Internal
Initiatives
Service-
based
Initiatives
46
Sustainability
/
Society
Forward

As a Company As an Industry
Business Home X Finance
Digital Invoice Promotion Association
(Private companies and Digital Agency (DA), etc.)
Promotion of smart public services
(DA, etc.)
Payroll Card, etc.
(Ministry of Health,Labour and Welfare(MHLW)andFinancial
Services Agency(FSA),etc.post-retirement planning)
Reform in payment infrastructure
(Japanese Banksʼ Payment Clearing Network (Zengin-net))
Promotion of data portability
(Representative director of Japan Association for Financial APIs and director of MyData Japan)
Promotion of open innovation in fintech
(FINOVATORS, FINOLAB, Fintech Association of Japan (FAJ), and Tokyo Metropolitan Government (TMG))
Visualization of pension system
MHLW and Liberal Democratic Party (LDP)
Resolving issues of a super-aging society
(Ministry of Economy, Trade and Industry (METI), MHLW,
and FSA)
Advancementincyber security of fintechcompanies
(Expert members of the Center for Financial Industry
Information Systems (FISC))
Promotion of Financial Service Intermediary
Business
(FSA and other organizations)
Promotion of online factoring
(Representative directors of Online Factoring
Association (OFA))
Improvement in SMEsʼ cash flow
(FSA and SMEA)
Promotion of digitalization among SMEs
(The Small and Medium Enterprise Agency (SMEA))
Digital Invoice Promotion Association (Private companies and DA, etc.)
Promoting the standardization of digital invoices and streamlining of other
operations under the system in line with the start of the invoice system.
Visualization of pension system (MHLW and LDP)
Visualizing public pensions and personal assets and support post-retirement
life planning.
Promotion of digitalization among SMEs (SMEA)
Implementing requests related to promoting digitalization among SMEs,
such as improving the usability of IT introduction subsidies.
Advancement in cyber security of fintech companies (Expert members of
FISC)
Promoting the establishment and operation of security standards that
provide safety when fintech companies connect with financial institutions
and financial systems.
Promotion of online factoring (Representative directors of OFA)
Contributing to the sound market development for online factoring as a
flexible procurement means other than lending.
Improvement in SMEsʼ cash flow（FSA and SMEA)
Making proposals for system development concerning factoring of accounts
receivables and loans to enable SMEs to secure operating funds.
Promotion of smart public services (DA, etc.)
Making policy proposals as a key player in realizing smart public services
based on the My Number System and corporate authentication infrastructure.
Resolving issues of a super-aging society（METI, MHLW, and FSA）
Conducting research and making policy proposals to inclusively provide
financial services, as users face various changes such as dementia in a super-
aging society.
Payroll Card, etc. (MHLW and FSA, etc.)
Proposing systems that will offer more options for workers in the way they
receive their salaries or accumulate wealth.
Promotion of Financial Service Intermediary Business (FSA and other
organizations)
Ensuring the provision of safe and reliable services and support the industry
adapt to the newly introduced intermediary business for financial products.
Reform in payment infrastructure (Zengin-net)
Actively participating in discussions on the transformation of payment
infrastructures such as the Zengin System, and making recommendations
regarding systems toward the establishment of a convenient payment
infrastructure.
Promotion of data portability (Representative director of Japan Association
for Financial APIs and director of MyData Japan)
Conducting research and building a consensus toward personal data
ownership rights, which have not yet been established in Japan.
Promotion of open innovation in fintech (FINOVATORS, FINOLAB, FAJ, and
TMG)
Supporting the advancement of the fintech industry and implement activities
to maintain a structural environment where innovation continuously comes
to life, beyond our self-interest.
Current Focal Areas of Policy Proposals and Relevant Parties
Activities to Achieve a Better Social System
2 Society Forward
47
Sustainability
/
Society
Forward

Since its founding, Money Forward has been deploying business with a focus on
fulfilling its Mission (M) and Vision (V). We also enacted Values (V) as a code of
conduct for all employees and to embrace the shared understanding and
promotion of its Culture (C). We are committed to hiring talented employees who
empathize with our Mission, Vision, and Values, and fit into our Culture. We also
strive to cultivate an environment where each employee continues to embrace
these concepts as their own after they are employed.
Our Values encompass our social code of conduct. Our Culture meanwhile depicts
what we cherish in terms of workstyle and relationships with colleagues and
serves as a common understanding in our quest to create an appealing workplace.
In order to achieve Money Forward’s grand Mission and Vision, diverse members
must draw on their respective strengths to create and promote businesses. Our
Value and Culture serve as the backbone of decisions made by such diverse
members. It is essential that these concepts be understood by all, as the
organization works in union to achieve its Mission and Vision. The embodiment of
our Value and Culture is emphasized not only at the time of hiring but also in
evaluations by the HR Department. In addition, we advocate our Culture by
regularly awarding ”Culture Hero” rewards and having the winners share their
thoughts and accomplishments with other members. ( P.51 Culture) MF Group Survey: Indicators for Talent Forward
Indicators for creating diverse growth opportunities to draw out the potential of members
- I am able to grow through my current job. 4.2
- I find my job to be rewarding. 4.1
Indicators for managementʼs commitment to foster talents
- My manager understands my career plan and my ambitions, and supports my long-term growth. 4.1
- My manager provides feedback on areas I excel in and areas requiring improvement during
evaluation and 1:1 meetings. 4.2
Indicators for creating an environment that accepts diverse perspectives regardless of
gender, nationality, age, or educational background
- The Company finds value in perspectives and opinions from diverse standpoints 4.3
- The Company appreciates differences and promotes communication based on respect or one another. 4.4
To develop and unleash the greatest potential of our employees and organization.
3 Talent Forward
Chiaki Ishihara
Head of
People Forward Division
User Focus
Defying all obstacles, we will retain a user-oriented stance at all times,
grasping usersʼ true issues and delivering solutions that exceed their
expectations.
Fairness
We pledge to be fair and open to all stakeholders including our users,
employees, shareholders, and society as a whole.
Pride
We will maintain a professional mindset in order to constantly advance
and produce the best outcomes.
Respect
We will always be sincere to everyone, never forgetting gratitude
and respect.
Teamwork
Under the spirit of “one for all, all for one,” we pledge to achieve our
goals as a team.
Fun We will enjoy work, personal growth, and life.
Speed
We will make decisions more swiftly, and take and complete ensuing
actions as quickly as possible.
Technology
Driven
We believe technology to be a major driver in changing the world. We
will therefore delve deeper into technology and provide society with
deriving services, and thus unceasingly drive innovation.
Value
Culture
Mission, Vision, Value, Culture, and Engagement
48
Sustainability
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Talent
Forward

We accelerated recruitment in FY11/22, given that we had a huge opportunity to
expand our business rapidly in response to heightened potential with the tailwind of
institutional changes, especially in the area of SaaS applications for back-office
operations. As a result, the headcount of employees increased from 1,259 at the
beginning of FY11/22 to 1,909 by the end. The Company’s unique characteristic
regarding talent acquisition is that not only the HR department but also each
business unit takes ownership and passion in the process. Each business division
voluntarily publicizes information of the Company, its appeal, and its present
standing to reduce any mismatches in hiring. The HR department meanwhile
communicates closely with the members and management of each department
seeking new employees to confirm what kind of talents are necessary considering
their respective business conditions. We continue to expand while flexibly adjusting
the HR department’s strategy according to the varying phases of our businesses.
As hiring engineers in Japan is becoming more difficult every year, we decided to
drastically globalize our engineer organization in 2021 in order to secure excellent
engineers despite such an environment. In FY11/22, we recruited over 50 engineers
who are non-native speakers of Japanese and assigned them to respective
We cherish our Culture, which encourages employees to set challenging goals,
and provides appropriate and clear feedback through periodic one-on-one
sessions to communicate expectations to each member. When setting goals, we
value interconnection of goals within each department as well as throughout the
Company. In addition, we believe that it is important for each employee to take
ownership of their future and be able to think and act for themselves in the
Company. We offer opportunities that match the abilities and preferences of
employees regardless of age, tenure, or academic background, and decide job
assignments in a way that respects their passion and suitability, rather than based
on convenience for the organization.
3 Talent Forward
Securing Talents Essential for Continuous
Business Expansion
Diverse Growth Opportunities to Unleash
Membersʼ Potential
• HR evaluation and compensation system of performance-based salary raises and
bonuses (From FY11/22, high performers are granted a bonus and higher salary
raise)
• One-on-one mentorship and training for membersʼ goal achievement and self-
learning
• MF Challenge System: internal job posting system to realize transfers initiated by
employees
• MF Group Survey: a survey on the organizationʼs current state
• MF Selfie Map: a survey on each employeeʼs engagement
• Career meeting: a voluntary career consultation with HR team
• New business proposal opportunity
Key
Initiatives
Employee engagement is influenced by how well members understand our
MVVC, how satisfied they are with management, and how comfortable and
rewarding they feel the workplace is. Every six months, the Group conducts an
anonymous survey called MF Group Survey, that covers about 40 questions. We
pay especially close attention to the scores for job satisfaction and self-
acknowledged personal growth, which have high correlation with employees’
performance. After the survey, each division and office develops action plans
based on the results with the aim of further enhancing the work environment. In
FY11/22, we started a new non-anonymous monthly pulse survey called MF Selfie
Map. This helps managers understand the motivation of their members more often
and to provide support and opportunities for new challenges in a timely manner.
departments in Japan. Also, to ensure smooth communication in English, we offer
English learning programs for non-English-speaking engineers and support by a
team specializing in conference interpretation and document translation.
SDGs Goal
49
Sustainability
/
Talent
Forward

The Company thoroughly embraces Fairness as one of its core Values and has
adopted a hiring policy to recruit members regardless of gender, nationality,
religion, age, or academic background. We are committed to creating a work
environment that is supportive and motivating for all employees with diverse
backgrounds, including those who are going through life stage changes such as
childcare and nursing care.
ዷፎᮇ
⏘๓⏘ᚋఇᴗ䞉⫱ඣఇᴗ䛾ไᗘ䛾඲యീ
⏘๓ఇᴗ䠷6㐌䠹 ⏘ᚋఇᴗ䠷8㐌䠹 1ṓ 2ṓ ୰ᏛᰯᑵᏛ
ฟ
ฟ⏘
⏘
ẕᛶಖㆤ
䛺䛹䛾ไᗘ
⏘๓⏘ᚋఇᴗ䞉
⫱ඣఇᴗ㛵ಀ
ఇᴗ௨እ䛾
ไᗘ
䞉᫬㛫እປാ䚸ఇ᪥ປാ䚸
䚷῝ኪᴗ䛾ไ㝈
䞉ዷ፬᳨デ䜢ཷ䛡䜛䛯䜑䛾
䚷᫬㛫䜢☜ಖ䚸ẕᛶ೺ᗣ⟶
䚷⌮䛾䛯䜑䛻ᚲせ䛺ᥐ⨨➼
⫱ඣ᫬㛫䠄1᪥2ᅇ䚸ᑡ䛺䛟䛸
䜒ྛ30ศ䈜௵ព䠅
യ⑓ᡭᙜ㔠 P.6
䠄యㄪ䛜ᝏ䛟໅ົ䛜䛷䛝䛺䛔᫬䠅
䈜せ་ᖌ䛾デ᩿᭩
≉ูఇᬤ䠄1᪥䠅P.42
䈜ฟ⏕᪥䛛䜙䠏䛛᭶௨ෆ
6㐌 8㐌
⏘๓⏘ᚋఇᴗP.33
ฟ⏕᫬⫱ඣఇᴗ P.35
8㐌䛾䛖䛱4㐌䠄28᪥䠅 ⫱ඣఇᴗ
P.35
ฟ⏘ᡭᙜ㔠䠋ฟ⏘⫱ඣ୍᫬㔠 P.32
⏘๓⏘ᚋఇᴗ䞉⫱ඣఇᴗᮇ㛫୰䛿♫఍ಖ㝤ᩱ䛜ච㝖䛥䜜䜎䛩 P.39
⫱ඣఇᴗ⤥௜㔠 P.34
୙฼┈ྲྀᢅ䛔䞉䝝䝷䝇䝯䞁䝖䛾⚗Ṇ
▷᫬㛫໅ົไᗘ䠄᫬▷䝣䝺䝑䜽䝇䝍䜲䝮ไ䠅䚸ᡤᐃእປാ䛾ไ㝈
᫬㛫እປാ䛾ไ㝈䚸῝ኪᴗ䛾ไ㝈䚸Ꮚ䛾┳ㆤఇᬤ
(཮Ꮚ௨ୖ䛿 14㐌䠅
4
Parental Leave Guidebook published in September 2022
SDGs Goal
SDGs Goal
In FY11/23, we plan to scale down recruitment compared to FY11/22. HR team and
management will work as one to cultivate an environment in which those who join
will be retained and can make the most of their capabilities. For example, even as
the organization expands, we continue to provide on-boarding employees with
opportunities to converse with the CEO and executive officers overseeing each
department to promote understanding of our MVVC. In addition, in the Leadership
Forward Program, a training program launched in 2021 for fostering next-
generation leaders, the CEO and other management members give lectures and
provide practical advice to assist the growth of participants. Close communication
with management also boosts engagement and commitment among participants.
We believe that the growth of each of our members is paramount in achieving
our Mission and Vision. As such, we are aware that management, in addition to the
HR Department, must actively engage with employees to maximize their potential
and commit to their development. Our management is proactively involved not
only in raising employees’ performance but also in maintaining and boosting their
motivation and discussing their career design and workstyle.
3 Talent Forward
Creating an Environment That Accepts Varying
Perspectives and Allows Diverse Members to Shine
Managementʼs Commitment to Foster Members
Appraising such initiatives as well as our corporate Culture, the
Great Place to Work Institute ranked the Group in 10th place in
the large-company category of its ”2023 Research on ’great
place to work®’ in Japan.”
•
Hiring regardless of background, including gender, nationality, religion, age, and
education
•
Mid-career and new graduate hiring throughout the year
•
Active hiring of people with disability
•
Japanese language study support system TERAKOYA for non-native speakers of
Japanese
•
English language study support for Japanese engineers
• Issuance of Parental Leave Guidebook to support those taking parental leave as well
as their partner and team
•
Promotion of childcare leave for both men and women, and support for returning to
work
•
Training on unconscious bias and cross-cultural communication
• Introduction of remote work
•
Introduction of flexible work hours (also applies to reduced work hours) and
discretionary work
•
Expanded scope of those eligible for sick/injured childcare or nursing care leave
•
Leadership Forward Program: training by management for fostering next-generation
leaders
•
Succession plans and discussions on fostering next-generation leaders at management
boot camps
Key
Initiatives
Key
Initiatives
50
Sustainability
/
Talent
Forward

At our Company, we place great importance on our MVVC as its common values.
The various judgements and actions made since the Company’s founding days have
gradually shaped the values that the Company is committed to and that employees
cherish in terms of the way they work and live. Our Value and Culture articulate the
promised values. Our Value and Culture depict our identity, and we believe they are
inextricably connected to achieving the Company’s Mission and Vision.
By having a common understanding of this Culture, members will be able to
take voluntary actions that link to our MVV, even as the organization grows.
Conversely, our Culture is shaped from the results of each action grounded in our
MVV, and this Culture is created by none other than our members. We are unique in
that each member is involved in shaping our Culture, rooted in empathy and co-
creation, instead of having a message conveyed in a top-down style.
We have been working to permeate Company-wide understanding of our
Culture from multiple angles. This includes creating a mechanism to link the
Mission of Money Forward to those of each organization and individual, rewarding
”Culture Heroes,” who embody our Mission, and fostering a Culture of open
communication and creation with the aim of building a shared platform for co-
creating with society. Money Forward is also unique in that it assigns a VP of
Culture, responsible for contemplating all
internal activities from a cultural
perspective. To maintain the integrity of
our Culture even as the organization
expands, we will instill our Culture by
engaging our management and People
Forward (HR) Division, as well as each
member.
Keiko Kanai
VP of Culture
3 Talent Forward
Culture
Creating a Culture Centered on Empathy and
Co-Creation
Connecting Users and the Internal Team to Create
Better Products
I am the CTO of Money Forward i, Inc., which oversees Admina by Money Forward.
My main task is to determine the technology strategy and system configurations of
Money Forward i, and to thereby maintain the security of systems. As an engineer,
I wish to create products that are convenient for users not only in Japan but around
the world, and therefore hope to make Admina by Money Forward a product used
across the globe. We work closely with the product design team to provide
functions with great usability.
I am also responsible for building a diverse and
competent engineering team through recruitment
and team building activities. I would like to raise the
technical level of not only Money Forward i but also
Money Forward as a whole, together with excellent
engineers from all over the world.
Tran Ba Vinh Son
CTO of
Money Forward i, Inc.
Aspiring to Deliver Our Products to the World
I am responsible for customer support with over 50 other members in the department
overseeing customer support of Money Forward Cloud. Customer support serves the
role of sharing and explaining information both internally and externally, at times as a
”service provider” and at times as a spokesperson for ”customers.”
When acting as a ”service provider,” it is vital not only to have a grasp of product
specifications but also to understand the background and intentions behind the latest
specifications. In order to ensure that customers who contact us can use our services
with greater reassurance and satisfaction thereafter, we endeavor to keep up with the
latest information while cooperating with relevant
departments on a daily basis and to contribute to
product development by relaying customer feedback
within the Company.
(Title as of the time of the interview conducted in Dec. 2022. Is on childcare
leave from Feb. 2023) Emi Takoya
Deputy Manager of CS Division
51
Sustainability
/
Talent
Forward

3 Talent Forward
We also give priority to creating opportunities for members to take on
challenges. We are implementing various initiatives, including charting career
paths, restructuring evaluation schemes, and designing training for skill
improvements.
Now that the scale of the organization and developments has expanded, we
wish to strengthen collaborations among teams, organizations, and locations in
order to create better products.
Money Forward Vietnam and User Focus
Nana Nagai
CEO of
Money Forward Vietnam
Money Forward Vietnam Co., Ltd. was established in 2018 as the first offshore
development base of the Group. Under the leadership of Vietnamese leaders and
managers, our teams, consisting of Vietnamese members, create products by
communicating with other teams working in Japan.
Needless to say, we value the mindset of ”User Focus.” Once a development
team of Money Forward Vietnam joins a project, they are usually involved in that
project for several years. Members therefore develop the product while expanding
their knowledge and experience in that field over the years and communicating
closely with business teams in Japan. Although we do not interact with users on a
daily basis, we intend to fully understand and consider who the users are, why and
how they use the product, and what kind of value we deliver.
We are also working to create an autonomous and sustainable organization. To
do so, we are building schemes and promoting visualization. For instance, we are
reinforcing our hiring capabilities
in Vietnam by setting up talent
acquisition and branding teams,
devising an internal communication
program by reconsidering its
purpose, and creating a scheme in
which local members take the project
lead in order to establish a stable
development structure.
52
Sustainability
/
Talent
Forward

Our Vision is to become the financial platform for all. This Vision guides us in providing
a wide range of services to various users including corporations, individuals and
financial institutions. We deploy the power of technology and design to create
products that resolve user issues. We will continue to create innovative services by
making further use of data and by linking products.
Our
Business
CFOMessage ........................................................................................................ 54
Business Domain .............................................................................................. 60
Home Domain ....................................................................................................... 70
X Domain ................................................................................................................... 74
Finance Domain .................................................................................................. 77
MAs (Group Joins) .................................................................................. 80
Working together with the Soccer Clubs .................................. 83
Teamwork ................................................................................................................ 84
53
Our
Business

Maximizing Shareholder Value by
Balancing High Sales Growth and
Greater Profitability
Naoya Kanesaka
Director, Group Executive Officer and
CFO (Chief Financial Officer)
FY11/22 Financial Results
In FY11/22, consolidated net sales rose 37% YoY to 21,477 million yen, while SaaS
ARR, or the Group’s total recurring revenue, climbed 45% to 16,299 million yen,
both achieving initial forecasts for the sixth consecutive year since IPO. Notably,
the SaaS ARR growth rate, a key to maximizing medium- to long-term corporate
value, surged from +33% YoY at FY11/21-end.
ARR of Money Forward Cloud and other SaaS applications for back-office
operations soared 55% YoY to 11,435 million yen. We now have 114,000 paying
corporate customers (+ 26,000), with net increase rising 1.3-times over FY11/21
on enhanced investments in sales and marketing. ARPA also steadily grew 20% on
CFO Message
Our
Business
/
CFO
Message
54

accelerated adoption and combined use of products among medium-sized
companies and pricing plan revisions for SMEs. On the product side, we continued
to develop and enhance various functions and also launched Money Forward
Cloud Invoice System, which receives and digitizes invoices in bulk, to capture the
rising demand stemming from the revised Electronic Book Preservation Act and
Invoice System.
On top of expanding existing businesses, we have issued over 150,000 prepaid
Money Forward Business Cards in just 15 months after its release in September
2021, and launched a deferred payment function in July 2022. We also acquired
Nexsol CO., LTD. in May 2022, and by integrating its FP consulting service with
Money Forward ME, we are bolstering the usability and user base of our financing
services. Through such new developments and MAs, we are building a portfolio
of businesses with high growth rates in the SaaS and fintech space.
As for PL, we bolstered upfront investments in sales and marketing as well as
products mainly in Business domain with funds from an international public
offering in August 2021. As such, consolidated EBITDA was minus 6,029 million
yen, but is expected to turn positive in FY11/24 as we Continue disciplined
investments and balance high sales growth with better profitability.
Strengthening Investment Discipline of Back-
Office SaaS and Enhancing Company-Wide
Productivity
The Group primarily adopts a SaaS business model, which records revenue
according to service usage. Compared to a model that records all revenue at the
time of implementation, it takes time to monetize, but the churn rate is low
(monthly average is 0.8%*1
for Money Forward Cloud for corporations) and gross
margin rate high (83% for back-office SaaS*2
). We thus expect profitability to
surge in the medium to long run. As for the market environment, digitization of
documents is being fueled by the revised Electronic Book Preservation Act and
Invoice System, workstyles are shifting, with remote work and side jobs on the
rise, and the government’s promotion of digitalization. Thus, demand for our cloud
services is anticipated to rise further.
While sustaining upfront investments to capture new users and develop
products and services, we also aim for more efficient user acquisitions by targeting
a CAC payback period*3
of 18 to 24 months for corporations (vs. the target of 24 to
36 months set at the start of FY11/22).
From the perspective of business resources, we will concentrate investments
in Business domain (back-office SaaS for corporations), where ARR growth rate is
accelerating. In other domains, while sustaining growth, we will prioritize raising
profitability. To do so, we will strengthen synergies between domains through
mutual customer transfers and sharing of development know-how, as modeled by
the promotion for parallel use of Money Forward ME and Money Forward Cloud
Tax Return. Also, while the employee headcount reached 1,909 in FY11/22, up 650
from 1,259 at FY11/21-end, we will scale down on hiring in FY11/23 to raise sales
per employee and thereby boost productivity.
*1 Average monthly churn rate from Dec. 2021 to Nov. 2022.
*2
Figure for entire Business domain (back-office SaaS) excluding SMARTCAMP. Calculated based on definitions
commonly used by global SaaS companies. The cost portion includes communication expenses and system
subscription fees related to product development, server fees including for AWS, API connection fees, as well
as personnel expenses related to customer support, service infrastructure, and operators of STREAMED.
Personnel expenses for engineers and designers involved in product development are included in cost of sales
in the Japanese accounting standards and the Company’s statement of income.
*3 Abbreviation for customer acquisition cost payback period. Calculated by dividing sales and marketing costs to
acquire one new user by gross margin-based ARPA.
Our
Business
/
CFO
Message
55

Transaction
Stock
SaaS Marketing
Platform
Flow
MA
FY22
【Non-recurring Revenue】
【AdvertingRevenue】
As we currently provide our services to over 14 million users, over 235,000
paying corporations and sole proprietors, and 126 financial institutions, our
customer base in each realm is among Japan’s largest and serves as a platform for
integrating SaaS and fintech. In addition to embedding transfer and payment
functions in Money Forward Cloud and other cloud services, we will promote real-
time credit and online factoring utilizing accounting data, and accelerate
partnerships with financial institutions (e.g., increase API connections) to provide
unparalleled user value. We will thereby maximize SaaS recurring revenue while
increasing transactional revenue by leveraging our SaaS customer base.
Creating New User Value by Integrating SaaS
and Fintech
When I met CEO Tsuji for an interview some eight years ago, I was moved by his
powerful words, ”We will change and revamp Japan’s financial services and
society,” and decided to join the Company. In pursuing the vision of “becoming the
financial platform for all,” promoting embedded finance is a crucial initiative for
directly resolving financial issues of individuals and corporations, which I myself
find exciting.
Image of Future Growth
Maximizing SaaS recurring revenue and
gaining transactional revenue leveraging
SaaS customer base
Our
Business
/
CFO
Message
56

Sustain Disciplined MA Strategy While
Optimizing Intragroup Capital Strategy
Five companies have joined Business domain and one has joined Home domain
through MAs. Each offers competitive products in their respective fields, and had
maintained a high growth rate at the time of MA.
We value business synergies as well as affinity of such companies for our
Mission, Vision, and Culture, and also promote post-merger integration (PMI) so
that they can focus on their core business and evolve. Specifically, while
integrating legal affairs, accounting, and other back-office functions, we respect
any managerial and business decisions made by each company‘s management and
provide backup as necessary.
As a result, Klavis, Inc., Knowledge Labo, Inc., and RAC Co., Ltd., have
maintained high growth, recording a net sales CAGR of +46%, +56%, and +31%,
respectively.
SMARTCAMP Co., Ltd., which became a wholly owned subsidiary in February
2020, also continues to expand, recording a net sales CAGR of +47% from the term
prior to the MA and a 40% YoY increase in net sales in FY11/22. Under the theme,
”For SaaS,” SMARTCAMP provides marketing and sales support to various SaaS
companies. BOXIL SaaS and BALES, released before the MA, continue to grow,
while online exhibition business BOXIL EXPO and SaaS marketing support service
ADXL were launched successfully post-MA and now account for 30% of total
sales, contributing to a diversified sales mix. SMARTCAMP has a different business
model from Money Forward and is thus aiming for an IPO in the medium to long
run to expand further by bolstering its capital policy and team while preserving
managerial independence.
Acquired new customers by
collaborating with the Money Forward
sales team, which has strong ties to
professional service firms.
Klavis
(¥mn)
1,400
1,200
1,000
800
400
200
255
477
681
0
600
882
1,164
Net sales CAGR
+46%
FY11/18 FY11/19 FY11/20 FY11/21 FY11/22
Continuing to Grow after
Acquisition through
Intragroup Synergies
Jointly developed and created links
between credit management products.
RAC
1,000
800
400
200
0
600 488
650
837
FY11/20 FY11/21 FY11/22
Net sales CAGR
+31%
(¥mn)
Conducted marketing via professional
service firms and cross-selling with the
Money Forward mid-market user base.
(¥mn)
Knowledge Labo
700
600
500
400
200
100
0
300
88
135
260
399
527
Net sales CAGR
+56%
FY11/18 FY11/19 FY11/20 FY11/21 FY11/22
57
Our
Business
/
CFO
Message

(¥mn)
1,542
2,900
4,595
7,157
11,318
15,633
21,477
Guidance
Net sales CAGR (FY11/21—FY11/24)
+30%∼+40%
27,491—29,638
(Lower end – Upper end)
FY11/16
(Non-Consolidated)
FY11/17
(Consolidated)
FY11/18
(Consolidated)
FY11/19
(Consolidated)
FY11/20
(Consolidated)
FY11/21
(Consolidated)
FY11/22
(Consolidated)
FY11/24
(Consolidated)
FY11/23
(Consolidated)
* Chart created by projecting annual growth rate of net sales at +35%.
Although we do not disclose a full-year guidance of EBITDA, we expect to
gradually improve toward our goal of achieving positive EBITDA in FY11/24.
Actively Communicating with the Capital Market and
Incorporating Feedback into Corporate Management
The Company is intent on communicating closely with the capital market,
responding to expectations, and fostering trust. We are also committed to
disclosing more exhaustive and comprehensive information in a timely and fair
manner so that investors and shareholders can better understand and accurately
evaluate our strategies and performance. In addition, we convey the practical
aspects of our management and business that cannot be covered in earnings
briefings through Investor Day events and integrated reports.
We will continue to consider and incorporate feedback from our investors and
shareholders into our disclosure policy. We also regularly provide the Board of
Directors and business division managers with feedback from IR meetings with
many domestic and overseas investors and shareholders, and thereby strive to
make managerial decisions that reflect the capital market’s perception.
Bolstering Financial Base and Governance for Aggressive
Strategies in Growing Market with Large TAM
As represented by our back-office SaaS, we operate in the SaaS and fintech space
characterized by rapid TAM growth and drastic change. We thus launch new
businesses at a fast pace and execute MAs for accelerating business growth, and
have also invested an additional 48 million U.S. dollars (about 6.12 billion yen) in
Indonesia’s first-in-class SaaS firm Mekari as a foothold for our medium- to long-
term overseas strategies. In this way, we invest in both immediate and longer-term
growth. The Company will fortify its financial base to facilitate such investments
and strengthen governance by examining and minimizing risks of new business
Direction of Medium- to Long-Term Growth Investment
and Guidance for FY11/23
The Company continues to target a net sales CAGR of 30—40% in FY11/21—
FY11/24, and aims to improve margins to achieve EBITDA profitability in FY11/24.
In FY11/23, consolidated net sales is projected at 27,491—29,638 million yen
(YoY growth rate of +28—38%). We continue to focus on growth of SaaS ARR, which
is projected at 21,188—22,818 million yen (YoY growth rate of +30—40%).
To sustain high growth of SaaS ARR, we are focused on increasing customers
and ARPA mainly in the corporate segment of Business domain (back-office SaaS).
We will aim for a higher net increase in SME customers, while promoting upselling
and cross-selling of multiple products among medium-sized companies. The ARR
growth rate of this segment is thus expected to rise by over 34% YoY to 15,272
million yen or more.
58
Our
Business
/
CFO
Message

As to governance, we fortified our management team by welcoming Hiroaki
Yasutake and Gen Miyazawa, both with experience managing mega ventures, in
February 2022. External directors continue to comprise the majority of the Board
of Directors. We are also gradually transferring authority to the business divisions
and striving to expedite business execution.
In this growth market with a large TAM, we will continue to agilely deploy
strategies to achieve our Mission and Vision while promoting resilient risk control.
We thereby aim for medium- to long-term growth that meets the expectations of
our investors and shareholders.
*1
Abbreviation for total addressable market. Estimated potential market size of the four domains of Money Forward Group, based on certain assumptions as well as third-party statistical data and disclosed
materials, and past performance of the Company’s services.
*2
See P.120 of Presentation Material for FY11/22 Full-Year Financial Results for details on TAM of individuals.
*3
See P.114 and P.117 of the same for details on TAM of corporates, including of back-office SaaS and SaaS marketing platform. See *5 for details on TAM of financing services.
*4
Estimated market size of Mikatano and X domain services, within the total market size of Japan’s contract development software industry. Estimated by the Company based on 2021 Basic Survey on
Information and Communications Industry by METI and Ministry of Internal Affairs and Communications (MIC), Latest Number of Financial Institutions by Business Type by Japan Financial News Co., Ltd., and
the Company’s performance in service provisions.
*5
Calculated based on the ratio of the use of B2B deferred payment services in annually required working capital by Japanese companies with net sales of less than 500 million yen and total annual fees paid by
businesses using Money Forward Kessai. Required working capital is calculated by ”accounts receivables + inventories - trade payables.” Prepared by the Company based on 2021 SMEA Basic Survey on
Small and Medium Enterprises by METI.
*
These figures and graphs do not objectively represent the market size of the Company’s business as of January 2023. The actual market size may differ from these estimates due to limitations in the accuracy
of the aforementioned third-party research and disclosures.
TAM*1 Continues to Expand on Extended Scope of Business Domains and Services
Individuals*2 Corporates*3 Financial institutions*4
Future
Personal
Financial
Management
Services
+ SaaS
Applications
for Back-
Office
Operations
+ Fintech
Promotion/DX
Support
+ Financing
Services*5
+ SaaS Marketing
Platform
¥6.6tn
2023
¥0.8tn
2012
developments and MAs, thereby balancing active growth and controlled risk.
As for financing, we procured 31.5 billion yen in an overseas public offering in
August 2021 and secured long-term borrowings, with cash and deposits standing
at 26,713 million yen at FY11/22-end. With an overdraft line of 13,300 million yen,
we are prepared to flexibly obtain the liquidity necessary for business growth.
While maintaining the soundness of our balance sheet from the perspective of
capital efficiency, we will consider the optimal financing vehicle, including cash on
hand, bank loans, and equity financing, when in need of funds for MA or large
investments.
59
Our
Business
/
CFO
Message

Mission and Vision
Business Forward. Move Employees
Forward.
Money Forward Cloud is a SaaS application that connects
various back-office data to streamline operations in
accounting and finance, HR, and legal affairs. We view
the back office as a foundation that empowers
companies, and thus help turn it into a business strength.
In raising efficiency of the back office, we embrace our
service policy “cloud that touches your heart,” and propose
solutions that are just half a step away—rather than two or
three (which would hinder practical understanding)—with
an aim of resolving issues in a way that empathizes with
users.
Owing to the spread of cloud-based back-office tools,
service providers now have access to business data
previously restricted to users, creating an environment
where vendors can yield further value by utilizing such
accumulated data. In addition to boosting back-office
efficiency with our SaaS applications, we will add value
by utilizing such data, for example, to improve companies’
credit and support their financing.
Ryo Shibuya
Group Executive Officer;
VPoE (VP of Engineering) of
Money Forward Business Company
Masanobu Takeda
Director and Group Executive Officer;
COO (Chief Operating Officer) of
Kazuya Yamada
CSO (Chief Strategy Officer) of
Business
Domain
SaaS Applications for
Back-Office Operations
60
Our
Business
/
Business

Business Opportunities
Steady Cloud Adoption Owing to Reform
toward Digitalization and Rapid Spread
of Remote Work
According to a survey by Gartner, Inc.* of the U.S., Japan
is positioned as a ”resistive country” that is more than
seven years behind the U.S. in terms of adopting cloud
services. Thus, there is ample room for penetration of
such services. In addition, the proliferation of remote
work amid the pandemic and revisions to the Electronic
Book Preservation Act have led to steady cloud adoption
and substantial expansion of the market.
In its interim DX Report 2, METI warned that existing
systems, which are dated and becoming increasingly
complicated and obscure, will become barriers to DX. At
the same time, the report urges companies to strategically
deploy DX with the aim of transforming into digital
Services
Developing Products That Meet the
Needs of Wide-Ranging Businesses, from
Sole Proprietors to Medium-Sized
Companies
Our first cloud service offering was a tax return and
accounting software product targeting sole proprietors
and SMEs. We have since expanded our product lineup to
support various areas, from accounting and finance, to
HR, legal affairs, and IT, of companies in varying growth
stages, from startup to post-IPO expansion phase. As of
October 2022, our products had been implemented by
over 100,000 businesses. We have also started offering
fintech services that help businesses manage their
payments and credits, represented by Money Forward
Pay for Business. We are thus delivering value aside from
improving operational efficiency.
companies by 2025. This also underscores expectations
that Japan as a whole will pivot toward cloud services.
Furthermore, the favorable business environment will
most likely prevail owing to such factors as the expected
rise in demand for replacing existing systems in response
to law reforms that will impact back-office operations,
including the introduction of the Invoice System in
October 2023. Against this backdrop, we anticipate
pronounced growth as the leading provider of cloud-
based ERP.
*
Based on percentage and growth rate of cloud spending in 2022 (by country).
For companies
of all sizes
Mainly for professional service firms Mainly for medium-sized companies
For sole
proprietors
For SMEs
For medium-sized,
pre-IPO, and listed
companies
Sole proprietors SMEs
Medium-sized and
pre-IPO companies
Listed companies
61
Our
Business
/
Business

journal entries. In the area of HR, hiring and resignation
procedures as well as attendance of employees can be
managed on cloud. Also, by connecting attendance data
to the payroll system, payroll calculations and salary
payments can be completed via cloud.
Furthermore, multiple users can operate the system,
whether it be from their PC or smartphone, and unlike
conventional packaged software, our services are quickly
updated free of charge in response to law revisions or
consumption tax changes, as well as for daily service
improvements.
Adding Value by Integrating SaaS
Applications for Back-Office Operations
and Fintech
On top of being a tool for boosting workplace efficiency,
Money Forward Cloud adds value by leveraging
accumulated user data.
We provide Money Forward Pay for Business as a
fintech service that uses data from Money Forward Cloud
and serves as a means of payment. It is a prepaid card for
business use issued by Money Forward. Since credit
screening is unnecessary, the card can be issued and
used immediately. Therefore, even companies in their
early stages can make large payments for server fees
and other expenses. We also provide a deferred payment
function, which does not require pre-charging and
provides a maximum monthly usage limit of several
hundred million yen calculated based on a proprietary
credit analysis model that uses data from Money Forward
Cloud Accounting.
Gains intelligence
through AI
Updates are free
Data is securely saved
Reduces time and
effort of data entry
Offers extensive
services
Can be used anytime,
anywhere
Value Proposition
Unrivalled Efficiency and Convenience
Leveraging Cloud and Data Connectivity
We capitalize on the features of cloud services to raise
efficiency in various operations. For example, in the area
of accounting and finance, we automate data and journal
entries by connecting with an array of services, including
banks and credit card services, electronic money, and
POS cash registers. In addition, AI suggests account titles
based on big data. The more the service is used, the
smarter it becomes, expediting automatic data and
Image of ad for Money Forward Pay for Business
62
Our
Business
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Business

Growing and Medium-Sized Companies
Are Consumed with Manual Work
Growing and medium-sized companies tend to be
consumed with manual work because their back-office
structure cannot keep up with the growth of their
business. Companies whose business remains unaltered
may install a suitable system and continue to use it.
However, more commonly, back-office workflows and
systems must be upgraded in step with such shifts as
launch of new businesses or organizational changes.
Constantly Evolving ERP for Companies
Fearless of Change
We resolve issues in users’ back-office operations by
providing best practices, which advance with the times.
Our services cover entire corporate activities, including
accounting and finance, HR, and legal affairs. However,
the larger a company becomes, the more resources it
takes to replace or install a system. With this in mind, we
have adopted a composable ERP architecture that
enables starting from a single service, such as for
claiming expenses or complying with the Invoice System.
By making it easier to deploy components in phases
starting from areas where customers face imminent
issues, we are seeing wider-spread use among medium-
sized and large companies.
With the release of Money Forward Cloud Invoice
System in August 2022 and Money Forward Cloud Project
Cost in February 2023, we have expanded the coverage
of our composable ERP.
Extended Scope to Group Management
Although corporate group management has become
commonplace, there are still many challenges in terms of
efficiency in collecting financial data from group
companies and preparing a consolidated financial
statement, including the workload for converting data to
conform to each system or posting records manually. To
solve these issues, we released Money Forward Cloud
Consolidated Accounting in December 2022 with the aim of
enabling customers to complete their entire consolidation
process on cloud.
Raising Brand Awareness of Support for
Compliance with Invoice System
The Invoice System, slated to take effect in October 2023,
will drastically change conventional practices in issuing
and receiving invoices, which in turn will necessitate
system adjustments. Our service lineup for medium-
sized and large companies includes Money Forward
Cloud Invoice Issuing Plus for issuing invoices, as well as
Money Forward Cloud Payable Management and Money
Forward Cloud Invoice System for receiving invoices.
We are also deploying marketing activities to gain
recognition in the invoice space, including adding an
“invoice edition” to the TV commercials that we have been
broadcasting since January 2022.
Growing, Medium-Sized, or Large Companies
Image of TV commercial
63
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Business

Professional Service Firms and SMEs
Internet Banking and Credit Cards
Payable data (CSV)
Credit management
Automatic data aggregation (ADA) of bank statements ADA of bank/card statements Request for
transfer
Request for
transfer
ADA of bank/card statements
Financial accounting
Invoice issuance
Managerial accounting
Consolidatedfinancialstatements
Tax adjustment Social insurance tasks
Debt management
Expense settlement
Fixed assets
Job cost management
Payroll calculation
Intangible asset information
Payroll history (CSV)
Invoice receipt
Attendance management
HR management
Employee data
Contract management
Corporate card
Other core systems
Reconciliation
data
Journal data
Employee data
Employee
data
Employee
data
Security, internal control and SSO authentication Centrally manage on SaaS
Attendance
data
Payable
data
Invoice
data
Journal data
(CSV)
Journal data
Journal data
Financial
results data
Integrate
non-consolidated
financial
statements
Payroll data,
etc.
Journal data
Journal data
Card statements
Attendance
data
Accountingand
finance Legalaffairs
HR IT
To be connected
in the future
*The chart shows representative connections.
Reinforcing an Environment Where
Professional Service Firms Can Fully Exert
Their Expertise to Support Companies
We have strengthened partnerships with professional
service firms, who are vital partners in resolving SME’s
managerial issues in areas such as productivity and cash
flow. Currently, our services are used by more than
25,000 certified members, of which 80% are among
Japan’s top 100 professional service firms.*
Not only is Money Forward Cloud a one-stop service
that streamlines back-office operations, but its products
have been developed with an emphasis on usability for
users working at professional service firms.
In addition to offering Money Forward Cloud as a
service, we aim to be a partner who addresses and
resolves various challenges of professional service firms.
*
As of February 30, 2023. Calculated by Money Forward, Inc. based on Top 500
Professional Service Firms in 2022 by Monthly ProPartner.
Supporting Professional Service Firms and
SMEs through Swift, Flexible Responses
to Law Revisions
Announced Measures for Supporting Compliance with
Invoice System
The Invoice System that will come into effect in October
2023 will not only profoundly change the business
practices of sole proprietors and SMEs but also have a
significant impact on the professional service firms that
support them.
The Money Forward Cloud lineup includes Cloud
Accounting for executing accounting compatible with the
Invoice System, Cloud Invoice for issuing invoices online,
and Cloud Box for centrally managing received invoices
online. We thereby provide professional service firms
and SMEs one-stop support for handling their invoices.
In November 2022, we announced new functions of Money
Forward Cloud and a roadmap for their development in
preparation for the Invoice System.
64
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Business

Sole proprietors
Money Forward Cloud Accounting and Tax Return
Use spare time to create journal entries on our smartphone.
We support your accounting operations.
Start tax return on
your smartphone.
Budget control
Data entry
Automates journal entries of
paper data
Automates journal entries and
visualizes cash flow
Visualizes budget control and
forecasts future cash flow
Accounting processes
Support from Streamlining to Enhancing Operations
Automated Bookkeeping Frees Up Time
for More Meaningful Work
(STREAMED by Klavis)
STREAMED, which automates journal entries of such
paper documents as receipts and passbooks, is currently
used by 5,000 professional service firms. It helps create
an environment where users can focus on more
meaningful work.
Visualizing Management with Accounting
Data and Helping Clients Achieve Their Goals
(Manageboard by Knowledge Labo)
Targeting accounting firms that want to enhance clients’
businessmanagement,weprovideabudgetcontrolsoftware
product that can easily forecast profit and loss and cash flow
by connecting with Money Forward Cloud Accounting and
various other accounting software products.
Connecting Money Forward ME Data with
Tax Returns
Money Forward Cloud Tax Return integrates Money
Forward ME data to automatically record journal entries.
Those with a second job or business owners can create
financial statements required for tax returns by simply
extracting business expenses, miscellaneous income,
and other relevant data from their household accounting
book, and linking that to Money Forward Cloud Tax
Return. It also covers the Separate Taxation Form and
Case of Loss Form (pages 3 and 4 of the Japanese tax
return form) to support the filing of final tax returns by
wide-ranging users.
Supporting the Transition from a Tax-
Exempt Business to Taxable Business
Many sole proprietors are expected to switch from a tax-
exempt business to a taxable one accompanying the
enactment of the Invoice System in October 2023. Taxable
businesses are obligated to declare consumption tax,
which should impose a heavy burden on sole proprietors.
Money Forward Cloud Tax Return has a built-in function
for declaring consumption tax and thus enables users
without knowledge to execute end-to-end operations
from accounting to consumption tax declaration.
65
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Business

Shinpei Abe
Director, Executive Officer and COO
SMARTCAMP Co., Ltd.
Shion Hayashi
Representative Director, President and CEO
SMARTCAMP Co., Ltd.
Business
Domain
SaaS Marketing Platform
Mission and Vision
Small Company, Big Business.
SMARTCAMP Co., Ltd., which joined Money Forward Group
in November 2019, believes that big businesses can be
achieved regardless of the number of people or amount of
goods or money. We want to prove that even a small team
can make the world a better place and drive society
forward. In keeping with this spirit, our offerings include
SaaS comparison site BOXIL SaaS, inside sales outsourcing
service BALES, online exhibition BOXIL EXPO, and SaaS
digital agency service ADXL. Based on our mission to
”eliminate inefficiencies in the society with technology,”
we provide solutions and promote adoption of SaaS
tailored to each company’s challenges, thereby helping
to raise operational efficiency and productivity, and drive
business growth.
for SaaS
With its workforce destined to shrink, Japan faces the
challenge of raising work productivity by defying
conventional workstyles. SMARTCAMP believes that the
widespread adoption of SaaS will become the key to
achieving this end. We want to reduce inefficiencies in
society and create a world where individuals can spend
time on what they truly value through the support of SaaS
companies. We thus uphold the theme of “for SaaS” with
the aim of pursuing and embodying value propositions
that can only be provided by SMARTCAMP, which has
long engaged in and supported challenges pertaining to
SaaS companies’ marketing and sales.
66
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Not using cloud service Using cloud service Labor productivity gap between companies using/not using cloud services
1,500
1,000
500
1.5
1.0
0.5
0 0
FY2013
1.13
708
627
1.19
1.21
723
867
596
1.23
752
716
776 743
678
718
731
567
1.43
1.31
583
1.25
1.33
619
1.47
519 518 488
FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021
(fold)
(¥mn)
Dramatic Growth in Japanese SaaS Market
The Japanese SaaS market*1
has maintained an average
annual growth rate of 12.5% and is projected to reach 1.7
trillion yen in FY2026. In addition, the ratio of SaaS to the
entire software market topped 50% in FY2021 and is
estimated to rise to some 68% in five years. Furthermore,
according to a survey targeting customers around the
world conducted by identity as a service (IDaaS) provider
Okta, Inc., the average number of SaaS used per
company*2
was 89 in 2021, with larger companies
(2,000+ employees) using an average 187, an increase of
24% over the six years from 2016. In Japan, the average
percentage of people who said that SaaS had been
introduced at their workplace*3
was 38%, with no
significant gap among different regions, suggesting that
the use of SaaS is expanding nationwide.
As shown in the graph on the right, companies that
use cloud services have nearly 1.5× higher labor
productivity*4
than those that do not, and the labor
productivity gap is increasing year by year between the
two cohorts. We believe that demand for SaaS adoption
in Japan will rise further amid heightened concern for
workstyle reform and enhanced labor productivity.
*1
Fuji Chimera Research Institute, Inc. 2022 New Software Business Market.
Actual results for FY2021, outlook or FY2022, and projections thereafter.
*2 Okta, Inc. Businesses at Work 2022 Annual Report and Businesses at Work 2020
Annual Report (https://www.okta.com/businesses-at-work/).
*3
SMARTCAMP Co., Ltd. Survey on SaaS. Online survey conducted on September
16—29, 2022.
*4 MIC. FY2021 Communication Usage Trend Survey. Issued on May 27, 2022.
Figures for 2020 and earlier are from previous versions of the survey. Labor
productivity gap between companies using/not using cloud services = Labor
productivity of companies using cloud service / Labor productivity of companies
not using cloud service.
Labor Productivity of Companies Using/Not Using SaaS
67
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Acknowledgement Comparison
Customer
management
Marketing support Deal negotiation
Since Dec. 2020 Since Apr. 2015 Since Aug. 2019 Since Mar. 2021 Since Jun. 2017
Services launched after
joining the group
Business
Building an End-to-End Solution for Marketing and Sales
with BOXIL SaaS, BALES, BALES CLOUD, BOXIL EXPO,
and ADXL
BOXIL SaaS
An informative media for comparing and requesting
materials of various cloud services for corporations. It offers
exhaustive product information, including functions,
pricing, as well as case studies, and enables users to create
comparison charts of multiple SaaS. It also lists credible
word-of-mouth reviews by those who led implementations
to prevent inefficient SaaS selections.
BALES
An outsourcing and consulting service of inside sales, which
has been gaining attention as a new sales method for
streamlining corporate sales in the new era of remote work.
We offer end-to-end support, from planning strategies and
frameworks, to executing inside sales with our dedicated
team.
BOXIL EXPO
An online exhibition where participants can find optimal
services centered on SaaS. We webcast seminars on raising
operational efficiency, adopting remote work, and
increasing sales, as well as lectures on the latest industry
trends by influential leaders in various industries.
ADXL
ADXL, Inc. was established in March 2021 as a subsidiary of
SMARTCAMP Co., Ltd. With an overriding mission to ”help
businesses enrich the world,” ADXL is a digital agency
service that supports SaaS companies’ marketing activities
through strategy planning, operation, and execution, as well
as data analysis.
BALES CLOUD
Customer Relations Management management (CRM)
software for optimizing inside sales to raise efficiency of
sales activities. It enables accumulating, visualizing, and
analyzing behavioral data of leads, with intuitive operations.
68
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* ARPA: 12 times the monthly recurring revenue (MRR) of Business
domain in the last month of each term (ARR) divided by the number of
paying customers.
ARPA
Total Sole proprietors Corporates
(¥mn)
99,974
83,281
46,187
11,523
54,330
11,328
+20%
+18%
△2%
YoY
*
The number of paying customers who are sole proprietors is the number of sole
proprietors who pay for Money Forward Cloud services catering to individual
customers. The number of paying corporate customers includes business
corporations, and professional service firms and their clients that pay for
services catering to corporate customers, including Money Forward Cloud,
STREAMED, Manageboard, V-ONE Cloud, HiTTO, and Admina by Money
Forward, as well as professional service firms that pay for Money Forward
Cloud Certified Member System. SMARTCAMP Co., Ltd. is not included.
Number of Paying Customers
Sole proprietors* Corporates
(No. of customers)
235,798
183,303 114,384 +29%
+28%
121,414
YoY
*
”Recurring revenue (sole proprietors)” is the revenue from services for sole proprietors in Money Forward Cloud. “Recurring revenue (corporates)” is the revenue
from services for corporate customers, including Money Forward Cloud, STREAMED, Manageboard, V-ONE Cloud, Money Forward Certified Member System,
HiTTO, and Admina by Money Forward. Non-recurring revenue primarily consists of sales from IT introduction subsidies, sales from initial implementations of
Money Forward Cloud and V-ONE Cloud mainly by medium-sized companies, sales from consulting by Knowledge Labo, Inc., and sales from card payment fees in
Money Forward Pay for Business.
Net Sales of Business Domain
0
3,000
6,000
9,000
12,000
15,000
18,000
15,471
10,559
7,300
4,166
2,681
2,767
1,970
1,048
7,541
1,251
614
5,435
3,867
299
245
2,436
1,720
10,985
Recurring revenue* Flow revenue SMARTCAMP net sales
(¥mn)
Business Domain: Business Highlights
In FY11/22, net sales continued to grow rapidly, increasing
by 47% YoY to 15,471 million yen. Growth was driven by
recurring revenue of Money Forward Cloud and other SaaS
applications for back-office operations, which came in at
10,985 million yen, + 54% YoY.
Net sales of SMARTCAMP Co., Ltd. steadily rose
40.5% YoY to 2,767 million yen fueled by active marketing
investments by SaaS companies and successful launches
of new services, including BOXIL EXPO and ADXL.
Trends in KPIs
On the back of accelerated customer acquisition, the
number of paying businesses was about 235,000 (+ 28.6%
YoY) as of FY11/22-end (among which some 114,000 were
corporate customers). In services for sole proprietors and
SMEs, ARPA is following a downward trajectory due to the
increased ratio of annual subscriptions. However, the
proportion of medium-sized companies, which pay a higher
unit price, to total corporate ARR increased steadily to
35.4% (+8 ppts YoY), with total ARPA and corporate ARPA
increasing firmly by 17.6% YoY and 20.0% YoY, respectively.
69
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70
Home
Domain
Mission and Vision
Alleviating Financial Concerns of All
Individuals So That They Can Live True to
Themselves.
To be able to live true to oneself, there are manifold
hurdles to overcome. Among them, financial concerns
tend to be a critical barrier. Everyone most likely has had
the experience of not being able to focus on what they
want to, or of giving up on something due to financial
concerns.
By creating a society free of financial worries, all
individuals will be able to express their true selves.
Everyone can then lead a satisfying and fulfilling life. The
mission and vision of Money Forward Home Company is to
create a future where everyone can ”live true to
themselves.”
Services Tailored to Usersʼ Life Events
Money Forward, Inc. was established with a desire to
improve people’s access to accurate financial information
and solutions. While everyone encounters financial
challenges, topics will vary depending on age and
financial situation. In a survey targeting Money Forward
ME users, over 60% of those in their early 20s responded
that they are concerned about living expenses,
outstripping all other categories. Respondents in their
late 20s to early 30s were more likely to be anxious about
funds for life events, such as children’s education or
buying a home, in addition to daily funds. People from the
late 30s on were worried about retirement and pensions,
with over 70% of those aged 35 to 65 holding doubts
about post-retirement wealth accumulation. A common
characteristic of financial concerns among all
Tomohiko Kimura
Company Executive Director;
Company COO of
Money Forward Home Company
Jun Takeuchi
Company CSO of
Junya Ogasawara
Company CTO of
70
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2012.12
Released
2022.11
14 mn
2mn
4mn
6mn
8mn
Our Business and Value Proposition
Visualizing Users’ Financial Conditions
with Money Forward ME
Money Forward ME uses aggregation technology to
consolidate information on personal finances and assets,
which was previously scattered, and to visualize the flow
of money. Users can link various accounts, including
credit card accounts, bank accounts, and e-commerce
accounts. The service helps users easily grasp the latest
status of their personal finances and assets by
integrating daily cash flow as well as securities accounts.
Money Forward ME currently links with over 2,570
services, the most among any personal financial
management (PFM) service,*1
enabling us to cover
users’ specific needs. API connections are also smooth
owing to our tight network with financial institutions.
Through these efforts, Money Forward ME now has many
users, holding the top share and highest brand
recognition among PFM apps,*2
with the number of users
topping 14 million,*3
and the number of premium paying
users topping 400,000.
In February 2023, we set up the ”Wealth Formation
Advanced Course” (980 yen/month), which enables the
management and analysis of investment assets, as a new
course under Money Forward ME premium service (500
yen/month*4
). Users who previously had to manually
enter data or simultaneously use multiple investment
management services can now centrally manage all of
their assets on Money Forward ME. We will continue to
update the functions offered in this new course as well as
Money Forward ME as a whole, with the aim of achieving
”visualization” and enhancing user experience.
*1 As of December 31, 2022. (Based on research by Money Forward, Inc.)
*2
Based on an internet survey outsourced to Macromill. Respondents consist of
1,035 PFM app users and 1,035 asset management app users in their 20s to
60s. Survey period: October 3—4, 2022. PFM app refers to an app that enables
management of personal finances using a smartphone or tablet, while asset
management app refers to an app that enables the user to centrally manage
multiple assets using the same.
*3
The number of users is the sum of app downloads and online registrants of
Money Forward ME. Users of services for financial institutions, such as Money
Forward for XX arenotincluded.
generations was the difficulty of grasping one’s financial
status because relevant data is scattered. The first
service to tackle this was Money Forward ME, which now
ranks No.1*1
in this field in terms of number of users.
Regardless, our fundamental aspiration is to address
the true financial challenges. For many users, financial
solutions are out of reach. Such solutions are regarded as
difficult or intimidating, and information and tools that
ought to be accessible to more people are not. To address
this true challenge, we are committed to developing
services that conform to our corporate value of User
Focus and thereby resolving users’ challenges.
Over the past few years, we have collaborated with
partner companies to provide users with options for
improving their personal finances. In particular, we have
launched new solutions related to life insurance, which
accounts for a large percentage of users’ spending, and
to switching mobile carriers and internet providers,
which would have little impact on quality of life but could
help reduce monthly fixed costs. Going forward, we
intend to deliver services and functions that support
wealth formation, targeting users who have successfully
improved their personal finances. We also believe we can
propose solutions that are intuitive, manageable, and
optimal for each and every user by combining customized
data analysis algorithms with sophisticated UI and UX.
We will continue to expand our solutions lineup and build
systems for making proposals based on data and AI.
Leveraging the products of Money Forward Home
Company, we will eliminate financial concerns in a
feasible way while empathizing with our users.
Image of service
Users can create a customized
portfolio by creating and using tags
Money Forward ME Users*3
*4
Fee of web app version. Fee for users who register for the premium service via iOS or Android pay the amount displayed in the smartphone app.
71
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Nexsol CO., LTD.
Broad-minded Co., Ltd.
FP Partner Inc.
Financial Standard Co.,
Ltd.
Promoting Business Alliances to Resolve Usersʼ True Challenges
LIFENET INSURANCE
COMPANY
Susten Capital
Management Inc.
Money Forward Personal Financial Consulting
Service offering free consultation by financial planners (FP). By partnering with multiple financial planning
companies, we have built a structure for offering quality consultations across Japan. Consultations are
carried out efficiently by sharing personal finance data of Money Forward ME with FPs. Since our partners
Broad-minded and Financial Standard have independent financial advisors (IFAs) and asset management
experts, users can also inquire about purchasing or investing in specific financial products.
Money Forward Fixed Cost Review (Life Insurance Service)
Provides diagnostic tools for reviewing insurance, while also suggesting life insurance products of the
Company’s brand. We offer a customer experience that extends from reviews of current insurance policies
to online purchases of new life insurance.
Promoting Capital and Business Alliances in the Asset Management Field
Users can connect SUSTEN, a fully automated asset management service, with Money Forward ME. In
addition to promoting SUSTEN among Money Forward ME users, we are jointly developing a function that
automatically proposes the optimal asset management method for each individual based on personal
finance and asset data retained by Money Forward, Inc.
TUKURUBA Inc.
Promoting Business Alliances in the Real Estate Field
We collaborate with TSUKURUBA, which provides cowcamo, a distribution platform for existing and
refurbished homes, to create new services that visualize the value of real estate assets and optimize users’
lifestyles grounded in those assets.
The average of the monthly amount of
improvement in personal finances as
perceived by users who responded
that they felt their personal finances
have improved, according to a survey
targeting Money Forward ME users
(conductedinOctober2022).
Nexsol CO., LTD.
Resolving Issues in the Insurance Field Nexsol
Life insurance is the most well-known and familiar financial product among Japanese people, with as
much as 89.1% of all households purchasing life insurance.*1
Meanwhile, according to Voice Report*2
issued by the Life Insurance Association of Japan (LIAJ), life
insurance also has its complications, including complaints regarding explanations at the time of insurance
solicitation, cancellation refunds, and understanding of insurance coverage. With Nexsol, we propose only
the necessary coverage based on life planning in order to help customer’s live true to themselves. We
pledge to offer such financial solutions that empathize with customers by leveraging insurance and other
products.
*1 Japan Institute of Life Insurance, 2021 National Field Survey on Life Insurance (preliminary report).
*2 LIAJ, Voice Report (company-wide version), for first quarter of FY2022 (April—June 2022).
Service Lineup That Solves Usersʼ
Problems
Aside from Money Forward ME, which visualizes personal
finance, we are reinforcing initiatives for encouraging users
to take actions that resolve and alleviate financial issues.
Nexsol CO., LTD., which provides consulting services by
financial planners, joined the Group in May 2022. We
are now working together toward maximizing the value
propositionofMoneyForwardPersonalFinancialConsulting.
In addition, as inflation has increasingly dominated
the headlines since 2022, we are bolstering our Money
Forward Fixed Cost Review offering as a practical
solution for improving users’ personal finances, and
recently released a service for reviewing internet
providers and smartphone price plans. Through such
initiatives, we wish to propose insights and options that
prompt users to take actions for improving their financial
situation, and to achieve our business mission of
”alleviating financial issues of all individuals so that they
can live true to themselves.”
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FY11/21 net sales increased by 30% YoY to 3,146 million
yen. Revenue from premium paying users of Money
Forward ME climbed 21% YoY to 1,985 million yen. Net
sales from media/advertising steadily rose 12% YoY to
664 million yen in line with the increase in users. Revenue
from the financial services, which we started disclosing
from the previous fiscal year, surged 269% YoY to 497
million yen, owing to sales growth in Money Forward
Personal Financial Consulting and Money Forward Fixed
Cost Review as well as to the acquisition of Nexsol.
Home Domain: Business Highlights
3,146
2,414
1,243
591
455
788
1,633
604
1,031
1,845
508
1,295
42
3,500
4,000
3,000
2,500
1,500
500
2,000
1,000
0
185
1,638
664
497
1,985
21/11
20/11
19/11
18/11 22/11
*1Net sales fromfinancial servicesincludenet sales fromMoney Forward PersonalFinancialConsulting,Money Forward FixedCost Review,andotherPFMservices.
*2
Net salesfrommedia/advertisingincludeadvertisingsalesfromMONEY PLUS,apractical economicmedia,andsponsorshipsandticket salesofevents(Money EXPO).
Net Sales of Home Domain
Net sales from premium charges Net sales from financial services*1 Net sales from media/advertising*2
(¥mn)
Money EXPO Online (November 2022)
Organized a two-day online seminar by financial professionals.
Commemorating our 10th anniversary, we have been incorporating new initiatives, including
distributing original life plan simulation sheets to participants and conducting seminars in the
metaverse space.
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X
Domain
Daisuke Motokawa
Group Executive Officer and Head of Alliance Strategy;
CSO of Money Forward X Company
Yuki Inoko
Company Executive Director;
Company COO of Money Forward
X Company
Mission and Vision
Create New Experiences in Financial
Service and Bring Forth Prosperity.
Money Forward X addresses the various challenges of
clients, who in this case are financial institutions. With
our clients, we create services that deliver new benefits
and efficiency by combining our accumulated strengths
in design and technology. As a partner in co-creation, we
aim to build an open and fair financial platform that
constantly and flexibly evolves.
Expanding Partnerships with Financial
Institutions
On our own, we can neither build an open and fair financial
platform that we envision, nor create new financial
experiences that resolve financial issues of each and every
individual. Thus, collaborating with financial institutions
and various other partners has been crucial.
Initially, we only provided Money Forward ME, a
personal finance and asset management service for
individuals, and Money Forward Cloud, a SaaS application
for corporate back-office operations. We now promote
product enhancements and customized service
developments and implementations tailored to the needs
of each client, with a view to addressing the true needs
and challenges of financial institutions as well as their
individual and corporate customers.
74
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X

Our Business and Value Proposition
Promoting DX of Financial Institutions
and Their End Users
For individual customers of financial institutions, we offer
Money Forward for XX Bank, an automated personal
finance and asset management service, and Passbook
App, a digitized passbook. We also provide functions
such as Household Accounting Book Unit and Asset
Management Unit, which can be added on to apps of
financial institutions.
For corporate customers of financial institutions, we
offer the Mikatano series, a DX support service provided
via financial institutions.
We rebranded an existing service and launched
Mikatano as a new brand in 2022. We have been
extending its service scope to include Mikatano Fund
Management for centrally managing deposit information,
Mikatano Invoice Management for centrally managing
issued and received invoices, and Mikatano Works, a
simplified groupware.
The name Mikatano is based on the concept of
becoming an ally (mikata) of ”working people” and
producing the joy of ”working.” It encompasses our wish
to become a mikata to those who feel uncertain about
using digital devices, and to have them ”enjoy” their work
by promoting operational DX among SMEs. Through
Mikatano, we will provide a user experience that feels
“positive” and “new”—comparable to the experience of
holding a smartphone for the first time.
Currently, a total of 67 financial institutions* utilize
our services catering to individuals and corporates.
*1 As of December 31, 2022.
Promoting Development of Services
Tailored to the Various Needs of Financial
Institutions and Companies
Based on our aggregation technology, which obtains
account balance and other data by linking with financial
services, we provide consulting and solutions for design,
UX, data analytics, and marketing and promotion.
Operating an Open Platform for Financial
Institutions
Under the new normal stemming from the spread of
COVID-19, users’ needs are rapidly diversifying while
shifting toward the digital and online world.
Financial institutions, which play a central role in the
financial and economic system, are also pressed to
transform their business models through digitalization,
Expanding Services on Open Fintech Platform
Analyze
Analysis platform
Accumulate
Cloud
Collect
Aggregation
platform
Deliver
Connected services
Services for
customers
Data analysis platform (X Insight and X Insight Marketing)
Database (X Cloud Storage)
ID/authentication platform
Account aggregation platform
(X Business Aggregation)
Connected services (2,574*)
Banks, securities, credit cards, e-money, defined contributions, points, e-commerce, etc.
Bank B
Corporate portal
Lending
Bank A
Passbook APP
Securities company C
Other apps
LPS
CRM
Financing
model
Video
call
WALLET
service
Chatbot
Advertising
service
Cloud
accounting
Chat
service
Services
of partner
companies
*BasedonresearchbyMoneyForward,Inc.,asofDecember 31,2022.
75
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X Domain: Business Highlights
Net Sales of X Domain
Recurring revenue Flow revenue
(¥mn)
869
794
1,663
1,882
1,422
1,005
597
250
348
585
420
844
578
1,156
726
1,500
2,000
1,000
500
0
21/11
20/11
19/11
18/11 22/11
76
Our
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/
X
in other words, to achieve financial DX. On the one hand,
there are individuals who enjoy more convenience and
companies that have grown markedly by leveraging
digital technology. On the other, many SMEs have not
gained the full benefits of IT and continue to have
relatively low productivity. SMEA has indicated in its 2022
White Paper on Small and Medium Enterprises in Japan
that labor productivity of SMEs is some 50% of that of
large companies, and that the gap is growing.
In partnership with financial institutions, Money
Forward X provides user-friendly and innovative services
to their individual and corporate customers with the aim
of boosting the operability of individuals and the
productivity of corporations. We will also continue to
operate an open platform for services through which
financial institutions can deliver added value.
The platform is a common infrastructure that collects,
accumulates and analyzes data from financial services,
and connects that with services provided by fintech and
other partner companies. Financial institutions can use
this platform to swiftly deliver services that match their
strategies or needs.
In FY11/22, we added new services such as X-Insight,
a data analytics platform for individuals and businesses,
X-Insight Marketing, a marketing automation platform,
XIM-BI, which provides business intelligence (BI)
functions, and XIM-Contents, which guides users to the
optimal financial product. We plan to bolster our service
lineup further during this fiscal year.
FY11/21 consolidated net sales stood at 1,663 million
yen, decreasing by 12% YoY. This was primarily due to the
YoY decline in co-creation projects (flow revenue) with
financial institutions. Meanwhile, our service lineup
continued to expand steadily, from 71 at FY11/21-end to
126 at FY11/22-end, + 20%.
We have recently been developing services that
promote DX of financial institutions and their customers.
As such, in addition to the business model for generating
flow revenue per co-creation project, we are strengthening
recurringrevenuefromOEMofDXpromotiontools.Although
up until FY11/22, we mainly provided services catering to
individuals, we have recently been bolstering services for
corporate customers, with a particular focus on the Mikatano
series from FY11/22. We are thereby aiming to contribute to
the DX of regional SMEs that financial institutions serve,
and to support financial institutions in their quest to raise
the business value of such SMEs while utilizing data.

Naomichi Tomiyama
Representative Director and President of
Money Forward Kessai, Inc.;
Representative Director and President of
Biz Forward, Inc.
Tomoyuki Kinoshita
Administrative Division Manager of
Money Forward Kessai, Inc.;
Finance Business Division Manager of
Biz Forward, Inc.
Kentaro Tanaka
Director and Kessai Company CRO (Chief Risk
Officer) of Money Forward Kessai, Inc.;
Director and Payment Business Division
Manager of Biz Forward, Inc.
Finance
Domain
77
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Finance
Mission and Vision
Resolving Companiesʼ Financial Issues and
Jointly Moving Their Business Forward.
Money Forward Kessai and
Biz Forward
The widespread use of the internet has enabled us to make
transactions with far more counterparts at a lower cost
and faster speed.
Yet, no improvement can be seen in the cost or speed of
back-office operations, such as credit, invoicing and
collection, or management of operating cash flow, which
are all essential to credit sales. We believe that this
impedes the efficiency of business transactions and makes
it difficult for companies to focus on their core business.
Furthermore, credit information of SMEs, which account
for 99.7%*1
of all companies in Japan, is neither sufficiently
maintained nor utilized. Companies and financial
institutions also face many problems in credit and payment
operations. Many companies seem to be hesitant to take on
new business opportunities for scores of reasons, such as
concerns about debt collection, operational burden, or
inability to raise funds when necessary.
To resolve these issues, we established Money Forward
Kessai, Inc. in 2017, and have since been striving to
streamline not only back-office operations of companies
and sole proprietors but also their flow of funds.
In 2021, we established Biz Forward, Inc. as a joint
venture with MUFG Bank, Ltd. We have since started
offering the services of Money Forward Kessai to MUFG

Transfer of
collected
accounts
receivable
Seller
(Corporate customer)
Request to
purchase
accounts
receivable
01
03
Transfer after screening
Early payment
02
Confirmation
of payment
Money Forward Early Payment and SHIKIN+
Processes subject to
BPO by Money Forward
Kessai and SEIKYU+
Collection Issuance and
delivery of
invoice
Credit screening
Confirmation
of payment
Notice or
outstanding
payment
Bank’s customers, who were difficult to access by
ourselves. We have helped many companies reduce the
burden of their back-office operations thus far, and are
steadily expanding the scope of our services through
funding support.
Approaching SMEs Whose Financing
Needs Cannot Be Met by Short-Term Loans
The annual transaction volume of bill receivables and
accounts receivable by SMEs in Japan is some 70 trillion
yen.*1
This can be considered the TAM for business
process outsourcing (BPO) for invoicing with promising
growth opportunities . Meanwhile, the amount transacted
through B2B deferred payment services still only accounts
for some 100 billion yen,*1
leaving room for such services
to become more widely known by collaborating with
major financial institutions. In addition, many SMEs
cannot procure enough funds through short-term loans
from financial institutions, with shortage in funds
estimated to reach 22 trillion yen on a recurring basis,
which translates to TAM for the financing business.
Conventional methods of credit screening require
extensive operating costs, and moreover, setting a high
credit line is difficult for companies lacking a proven track
record. Against this backdrop, we believe there is great
demand for financing services.
*1 SMEA, 2021 Basic Survey on Small and Medium Enterprises Final Report (based
on 2020 financial results).
Business
Money Forward Kessai and SEIKYU+
Money Forward Kessai and SEIKYU+ are B2B deferred
payment and invoicing BPO services that aim to provide an
environment where customers can concentrate on their
core operations by fully outsourcing invoicing operations.
We provide BPO for the entire invoicing process, including
credit screening, issuance and delivery of invoices,
collection, and follow-up for outstanding payments. We
also guarantee*2
accounts receivable to eliminate
concerns that come with credit sales. Accounts receivable
can be collected within three business days at the earliest.
Through our services, we offer BPO for the processes
necessary in B2B payments with the aim of advancing
clients’ businesses.
*2
Excluding exceptional cases, such as when a breach of representations or
warranties is detected after passing the screening.
Money Forward Early Payment and
SHIKIN+
Money Forward Early Payment and SHIKIN+ are services
that enable early financing of purchase orders and
invoices. We offer B2B factoring, which allows a company
to receive an amount less a specific fee by selling the
company’s own accounts receivable.
The company need not notify the other party or register
for credit transfer,*3
enabling them to easily and quickly
secure funds without affecting their future business.
*3 Upon request, we also offer factoring among three companies.
Growth Strategy
Speedy Service Delivery through
Enhanced Credit Screening Model
We are expanding the scope of automatic screening
through continuous updates to our transaction screening
model. We are thus able to notify customers of screening
results within a few seconds at the earliest, or one
business day at the latest.
Expanding Target Customer Base
Our primary customer base has been startups and SMEs,
but we also plan to strengthen the large enterprise
domain. We will develop and provide functions that are
78
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Finance

FY11/22 consolidated net sales came in at 1,168 million
yen (+ 52% YoY). Money Forward Kessai (invoicing and
payment BPO business), which is based on a recurring-
revenue model, has made steady progress owing to an
increase in users. As for factoring service Money Forward
Early Payment, we continue to focus on credit management,
although we are seeing a recovery trend over FY11/21,
when performance was affected by COVID-19.
1,168
769
22/11
21/11
20/11
18/11 19/11
63
339
743
270
69
38
26 139
604
244
525
397
771
Net Sales of Finance Domain
essential for large enterprises to deploy the services of
Money Forward Kessai. This includes authorization, IP
address restrictions, and system enhancements for
processing large volumes of transactions. Also, since
large enterprises tend to have low default risk, we will
expand our product lineup, including services that
specialize in BPO for invoicing without the transfer of
claims, and services for guaranteed accounts receivable.
SHIKIN+ is equipped with a function to link internet
banking accounts, making it possible to complete
burdensome screening document submissions with just
one click. By reducing the time and effort required in
factoring, we will continue to create an environment
where factoring becomes more accessible to customers.
Collaboration with and Provision of OEM
to Financial Institutions and Large
Corporations
We will continue to increase partnerships with financial
institutions that have ties with customer bases to which
Money Forward Group does not (e.g., regional
companies and leading enterprises), as well as with
major business corporations. In addition to commission
agreements and business matching agreements, we
conduct OEM of Money Forward Kessai, SEIKYU+, Money
Forward Early Payment, and SHIKIN+, and thereby deliver
payment services that leverage the brand of our partners.
Furthermore, our partners are the main service
provider, with Money Forward Kessai working in the
background and providing systems and accounts
receivable guarantees. We thus realize services that
combine the credibility of financial institutions with the
technology of Money Forward Kessai and Biz Forward.
HIRAC FUND
Opening Doors to New Possibilities with
Entrepreneurs
HIRAC FUND was launched with a vision of jointly
resolving the various issues that clients face in their seed
and early stages by sharing the know-how and network
of entrepreneurs who are at the forefront of business
management.
Fund No.1, launched in 2020, invested in 25 companies
up to November 2022, with one of them achieving an IPO
on the TSE Growth Market. We also announced the
establishment of Fund No. 2 in December 2022. In addition
to the entrepreneur community, we will strengthen
partnerships with regional financial institutions, and invest
in startups that aim to resolve social issues with technology.
We will leverage communities where investees can
meet, learn from, and grow with peer entrepreneurs, as
well as the network of Money Forward Group, and
together endeavor to carve out a new future for them to
achieve further growth.
Finance Domain: Business Highlights
■ Recurring revenue
■ Non recurring revenue
(¥ mn)
79
Our
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Finance

Yumiko Nagao
Head of Corporate Development
MAs (Group Joins)
*
Mekari is the group’s brand name. Money Forward, Inc. holds shares in SLEEKR PTE. LTD., which has a 99% ownership of the group’s
service operator PT Mid Solusi Nusantara (based in Indonesia).
Money Forwardʼs MAs (Group Joins)
To shape our Mission and Vision, we actively drive
dynamic growth through MAs (group joins), minority
investments, and business alliances.
Since listing on TSE Mothers in 2017, we have been
joined by six excellent companies and have also made
minority investments in over 20 growing companies both
in Japan and abroad. We believe that by joining forces,
growing companies like our own can mutually raise
corporate value and expand business more speedily. We
have thus aggressively promoted MAs and
investments.
We have set three focal areas in our MA strategy.
First is MAs for expanding our product lineup of SaaS
applications for back-office operations in Business
domain, which holds the top sales ratio in the Group.
Second is MAs aimed at expanding TAM by broadening
business coverage. Third is MAs and investments
designed to extend TAM geographically, primarily in
Southeast Asia. In 2022, we made an additional
investment in Indonesia's leading SaaS provider Mekari
and became its largest shareholder, with a stake of
42.7% (9.9% with voting rights).
When deliberating MAs, the Corporate Development
Office leads discussions with management, the corporate
division, and relevant business departments on the
significance of each MA, while seeking advice from
outside experts, and conducting due diligence on
business and products, accounting and finance, legal
affairs, HR, and systems. In addition to examining various
risks, we always consider such matters as the strategic
implications of the MA, comparison to in-house
development, financial priorities, and whether we can
maintain an adequate PMI structure from the perspective
of cultural fit. Consequently, we sometimes suspend
deals after starting the MA process.
The Company also strengthens investment governance
by having the Board of Directors deliberate each deal
before executing any investments and requiring a
resolution by the Board of Directors prior to purchasing a
company for a price over a certain amount. Since many of
the directors have extensive insight into MAs ( P.100
Skill Matrix), active discussions from varying perspectives
are held at Board of Directors meetings.
MA Focused on Talent and Culture
MA is an important event for both the acquired
company and the company that acquires it, with various
risks involved. We believe that to achieve successful
MAs, it is critical to have a disciplined investment
policy, or more specifically, to acquire companies at a
reasonable valuation. Since attractive growing
companies have many potential buyers, our approach for
striking a deal at a reasonable valuation becomes
important. We believe talent and culture to be key.
We think that for companies to continue growing after
joining the Group, it is vital that their leader and other key
members remain on board. We therefore focus on not
only setting quantitative incentives but creating an
environment that offers new growth opportunities and
challenges to every Group company and individual.
It is paramount that we instill our Culture of
welcoming Group companies at the management level as
well as among all employees of the Group. This lays the
foundation for successful PMIs. Aside from having the
leader of Group companies participate in Money
Forward’s management-level boot camps, we hold
regular morning meetings and assemblies attended by
all Group employees and exchange personnel including
through mutual secondments. There are also a number
of study groups and club activities open to all members
of the Group. To eliminate any disconnect in information
or personnel exchanges among Group companies, and to
emphasize that we are partners working toward the
same Mission, we refrain from using the term
“acquisitions” and refer to MAs as “group joins.”
As a result, all companies that joined the Group thus
far have been growing at an accelerated pace.
80
Our
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/
MA

*
Mekari, FlowAccount and Bizzi are of minority
investments.
*
Susten Capital Management Inc. is an equity
method affiliate.
Business Area
Business/
SaaS applications for
back-oﬃce operations
+
Home
Expansion of TAM
(Geographical Expansion)
• Pursue future opportunities by accessing back-office SaaS
markets in Southeast Asia
Expansion of TAM
(Business Area Expansion)
• Enter the SaaS marketing business, where the market
size is expected to expand further
Business/SaaS platform
Strategy MA Execution Results
(Feb. 2020)
(Sep. 2021)
(Jun. 2021)
(Nov. 2017)
(Dec. 2021)
New
(Jul. 2018)
Shinji Kimura
Head of Global Strategy
Expansion of Product Lineup
Upsellproductstoexistingcustomers(accounting
firmsandcorporations)forARRexpansion
Business
Expand range of best-in-class solutions to
further enhance lineup to medium to large-
sized/pre-IPO companies and listed companies
Business
Expand financial services and enhance value
proposition
Home
(Mar. 2022)
New
New
(May 2022)
(multiple investments
since Jan. 2018)
New
*
“New” indicates companies that joined the Group or
received additional investments during FY11/22.
Money Forwardʼs Overseas Strategy
Since its founding, Money Forward has provided a
number of services and has strived to resolve financial
issues of individuals and corporations in Japan.
Thankfully, many customers have said they are glad they
use Money Forward’s services. We thus pledge to
continue expanding our domestic business, while also
focusing on overseas deployment as our next challenge.
We are strategically seeking candidate markets for
global expansion, centered on Southeast Asia and taking
into account market size and growth potential. We will
carefully examine typical financial and business issues of
each country, and work toward gaining expertise of and
raising our presence in prospective regions through
investments centered on both the SaaS and fintech
models.
As for group joins, following in the steps of our
domestic MAs, we will drive our overseas operations by
emphasizing affinity with our Culture and Vision and
selecting startups with whom we can team up with over
the medium to long term.
(Oct. 2020)
81
Our
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/
MA

Klavis, Inc.
Established in 2012.
Provides STREAMED, which converts paper evidence such as receipts
into digital accounting data, simply by scanning them. Customers are
mainly accounting firms.
Company Overview Synergy Created by Joining the Group
Knowledge Labo, Inc.
Provides cloud-based budget control software Manageboard, which
visualizes finances by collecting, analyzing, and projecting managerial
data, as well as business administration consulting.
SMARTCAMP Co., Ltd.
Establishedin2014.
Supports sales and marketing mainly through SaaS comparison site
BOXIL SaaS.
RAC Co., Ltd.
Establishedin2004.
Provides V-ONE Cloud and Victory-ONE/G4, cloud services for payment
reconciliationandreceivablesmanagement.
HiTTO Inc.
EstablishedinMarch2006.
Provides HiTTO, which holds the top share* in Japan for internal AI chatbots
and is widely used by medium- to large-sized companies. Automates internal
inquiries to back-office divisions regarding HR, labor, internal affairs, and
accounting,therebyboostingoperational efficiency andinternalDX.
Nexsol CO., LTD.
Established in July 2014.
We provide a wide range of financial consultation services, including
for but not limited to insurance, by financial planners.
Money Forward Cloud excels in automating journal entries from digital data,
while STREAMED excels in the same from paper documents, complementing
value proposition. User acquisition has also accelerated by capitalizing on
Money Forward’s sales network. The cumulative number of users has topped
5,000 firms owing to synergies inboth the product and sales front.
We cross-sell Manageboard, released in 2018, to professional service firms
and medium-sized companies that use Money Forward Cloud. In our
consulting service, we collaborate with Money Forward to support growing
companies according to their lifecycle, from DX in back-office operations to
turning aroundbusinesses.
In addition to our existing businesses BOXIL SaaS and BALES, we provide
companies with comprehensive marketing and sales support through online
exhibition BOXIL EXPO and SaaS digital agency service ADXL. We are also
strengtheningour development capabilities,includingby deployinginside sales
management cloud service BALES CLOUD and opening a development base in
Kyoto.
On the sales front, we collaborate in serving medium-sized and large
companies, while on the product front, we are co-developing the receivable
billing function of V-ONE Cloud and Money Forward Cloud ERP.
After joining the Group, we have been collaborating on the sales front,
including crossover of customers, consisting mainly of medium- to large-sized
companies. We are also actively exchanging personnel, with Money Forward
seconding managers and other members to our company. Leveraging the HR
solutions of HiTTO and Money Forward Cloud, we will bolster collaborations
on the product front to further improve usability.
Since joining the Group, we have beenpromotingcollaborations on the product
front, including Money Forward ME and Money Forward Personal Financial
Consulting. We will continue to join forces to enhance user value proposition
andraise the usability of our financial planning services.
Synergy Created by Joining the Group
Kazuaki Kimijima
Klavis, Inc.
Representative
Director and CEO
Hidetsugu Kunimi
Representative
Director and CEO
Shion Hayashi
SMARTCAMP Co., Ltd.
President and CEO
Tomoyasu
Takayama
RAC Co., Ltd.
Representative
Director
Akito Kimura
HiTTO Inc.
Representative
Director and CEO
Michiteru
Kokatsu
Nexsol CO., LTD.
Representative
Director
Nov.
2017
Jul.
2018
Nov.
2019
Aug.
2020
Dec.
2021
*WasTopshareamongcloud-basedpaymentreconciliationservicesintermsofnumberofcorporateusers,accordingtoasurveybyShopper’sEyeInc.issuedonJuly22,2020.AccordingtoresearchbyTechnoSystemsResearchCo.,Ltd.(May2019).
May
2022
82
Our
Business
/
MA

83
With an overriding desire to move society forward and contribute to the sports community amid the pandemic, we have
partnered with Yokohama F.Marinos, Avispa Fukuoka, and Hokkaido Consadole Sapporo of the Japan Professional
Football League since 2020.
In 2022, Marinos won the league title for the first time in three years. The fascination of soccer, symbolized by the
club’s power to persistently drive forward, has captured the hearts of many of our employees, giving them much
courage, inspiration, and vitality in daily life. A major initiative was Money Forward Day, a sponsor’s game organized
under the concept of “moving forward with all members of the Marinos family.” The event was co-created by the club’s
fans and supporters and Money Forward employees, and we provided support banners with messages for the club
fighting for the championship. Some 170 employees watched the match and cheered the team on.
We also promoted community activities and DX with sports serving as the hub. For example, we organized a seminar
for DX promotion in the Kyushu region as an official DX partner of AVISPA and facilitated collaborative community
activity Dosanko Mirai with Consadole in Hokkaido. We have implemented Money Forward Cloud in 18 clubs so far* and
are committed to continue pushing forward the sports community as well as society at large.
* As of January 4, 2023.
Working together
with the
Soccer Club

Teamwork
At Biz Forward, we provide factoring service SHIKIN+ mainly to SMEs.
Our main targets are clients of MUFG Bank, Ltd., customers of Money
Forward Cloud, and customers who register online. By fully drawing on
the power of technology, we help them achieve factoring that is easy,
speedy, and reasonable. From lead generation to sales, marketing, and
development, we take full advantage of each organization’s field of
expertise and strive to achieve mutual growth so that we can broaden our
customer reach.
We are committed to customer success with a focus on supporting
companies with 51 or more employees in the implementation of and smooth
start for using Money Forward Cloud Payroll and other HR products.
Our members have rich practical experience in HR and labor
management as well as system implementation support, and exercise
their ingenuity to deliver an exceptional customer experience, in which
customers can make the best of implementations.
Finance Business Division
Biz Forward, Inc.
Customer Success Department, HR Solution Division
84

Together with partner regional financial institutions, we aim to propel
DX of SMEs with ”technology” and ”empathy.”
Our team designs projects for conveying how easy it is even for non-
tech-savvy people to use the Mikatano series. We also carry out
measures and activities to deploy our services to regional SMEs
together with staff of financial institutions. In partnership with regional
financial institutions throughout Japan, we are committed to becoming
allies (mikata) to SMEs and revitalizing regional economies.
We are committed to standardizing accounting operations across Money
Forward Group. We believe that by making extensive use of the products
of each Group company and standardizing Group-wide processes, we
can raise the operational efficiency, accuracy, and continuity, and believe
that this will ultimately lead to customer value proposition. We also
interact with back-office members of each Group company. While
respecting the processes of each company, we continue discussions
and trial and error on a daily basis to improve overall processes.
Accounting Department
Money Forward X company
Mikatano Project Team
85

Governance
A stable financial base and robust corporate governance are both key components of
the foundation underpinning Money Forward Group. We balance offense and defense in
building an organization that empowers all Group businesses to move forward.
Discussion with External Directors ........................................... 87
Corporate Governance ............................................................................ 91
Compliance ........................................................................................................... 96
Risk Management ......................................................................................... 98
Executives .............................................................................................................. 99
86
Governance

Discussion
Discussion with External Directors
Masaaki Tanaka
Independent External Director
Etsuko Okajima
Independent External Director
Yosuke Tsuji
President and CEO
Sustaining Growth and Raising Corporate Value over
the Medium to Long Term through Continuous Reforms
in Corporate Governance
87
Governance
/
Discussion

Tsuji
We have carried out various initiatives related to corporate governance. How
would youevaluate our progress so far and where we standnow?
Tanaka
Five years have passed since I was appointed a director, and I believe the
Company’s governance has made solid progress during this time. Although
further reforms are still necessary, the Company has reached an adequate
level,givenits size and stage of growth.
When thinking about governance, we need to understand what functions
theBoardof Directors is expected to serve.External directors are often asked
to give managerial advice, but it’s equally important for us to supervise
management on behalf of the shareholders. To do so, external directors must
be independent, and I believe we’ve been able to reinforce our independence
from the management team.
Okajima
I also believe that the Board of Directors is functioning as a highly
independent monitoring board, and that there’s an adequate balance of
tension and trust between the executive members andexternal directors.
Each external director has specialized knowledge and provides input by
taking a managerial stance unrestrained by execution duties, as well as an
expansive, medium- to long-term perspective. The board has been recently
reinforced with the addition of Mr. Miyazawa and Mr. Yasutake, who are well
versedin technology andhave experience inmanaginggroup companies.
Also,I feel reassuredby the Audit Supervisory Boardmembers who pay
close attention to the details. It is reassuring to have a reliable team that can
fulfill a defensive role, thus enabling us as directors to concentrate on key
concerns suchas strategic risk-takingandidentifyinggrowthopportunities.
Tanaka
It’s very encouraging for us, as the Board of Directors, to have such a
competent AuditSupervisory Board.
Tsuji
Thank you. Just as you mentioned, I think we have a team of excellent
members with expertise in their respective fields. Also, since we always
receive candid and unreserved opinions from the external directors, I feel an
adequate level of tension when preparing for Board of Directors meetings.
Are there any areas withroom for improvement?
Okajima
It might be a good idea to spend some more time exploring the Company’s
medium- to long-term strategy, for example, discussing global strategies.
Some other companies hold longer meetings once every quarter to discuss
their medium- to long-term portfolios for business and human resources.
When discussing medium- to long-term strategies, we need to understand
what the president is aiming for. It is highly beneficial for the Board of
Directors tohave the opportunity toreceive amonthly “CEOcomment” during
our meetings.
Tanaka
The agenda for Board of Directors meeting has improved, by eliminating
unnecessary oral presentations that can be conveyed through materials, and
reserving ample time for QAs or remote resolutions via e-mail. This
optimized schedule allows for the efficient use of our time. To further
maximize the benefits of this approach, I think we should delve deeper into
medium- tolong-term topics more thoroughly, just as Ms.Okajima said.
• Introduced Group Executive
Officer System
•
Changed term of office for directors
(to 1 year)
• Shifted to Company with Audit
Supervisory Board
(Ratio of external members has since
been 100%)
•
Appointed 2 external directors
(2+ thereafter)
•
Set maximum term of office and age
(retirement) for external directors
•
Started assessment of effectiveness
of Board of Directors
• Changed RS compensation system
(to be included in total compensation)
• Established the Council
for External Officers
• Introduced
performance-based
bonuses
(for internal directors)
• Established Nomination and
Compensation Committee
(Majority are external directors)
• Appointed female director
(1+ thereafter)
• Introduced restricted stock (RS)
compensation system
Apr. 2022
Changed listing to TSE
Prime Market
Sep. 2017
Listed on TSE
Mothers
•
Reduced Board of Directors members
(Total of 9 directors by reducing internal
directors from 7 to 4)
•
Strengthened independence of Board of
Directors
(Majority are external directors)
FY
2014
FY
2015
FY
2017
FY
2019
FY
2020
FY
2021
FY
2022
Jun. 2021
Changed listing to TSE
First Section
88
Governance
/
Discussion

Council of External Officers
Tsuji
Prompted by a proposal from the Council of External Officers, I have been
presenting a ”CEO Comment” to explain our current status, issues, and
countermeasures.Ifeel that theCouncil of External Officers is a very effective
means of governance.Can youplease elaborate onhow it started?
Tanaka
When I served as director to a company listed in the U.S., the CEO would
leave the room after the board meeting, and the independent external
directors would have a free discussion on the day’s topics. By fostering an
open and frank discussion, we can address challenging issues that may be
difficult to bring up directly with the CEO. The feedback received from these
discussions can be utilized to improve the effectiveness of the Board of
Directors operations, creating a positive cycle of continuous improvement. I
made the proposal based on this experience and feel that the Group has
successfully adopted a structure that enhances the operations of the Board
of Directors, whichmust serve acentral role inmanagement.
Okajima
As an external director, a significant responsibility is advise in the
appointment and dismissal of the company’s president. As this entails
providing frequent feedback to the company’s president, it’s beneficial to
have a system to provide feedback for Mr. Tsuji based on discussions in the
Council of External Officers. In addition, the operations of the Board of
Directors are continuously refined. For example, whenever we give feedback
that a certain topic requires deeper discussions, it is appropriately
incorporatedin the next meeting’s agenda.
Discussions by the Nomination and
Compensation Committee
Tsuji
Thank you very much.On the topic of thepresident appointment anddismissal,
we have set up a Nomination and Compensation Committee. We asked both of
you to serve as a committee member from the beginning. What are your
thoughtsontheappointmentandcompensationof themanagementteam?
Okajima
One notable characteristic of the Group is the presence of a significant
number of highly sought-after professionals, including individuals with
previous experience in the financial industry. Retaining such talents is crucial.
The first step is to increase hiring capabilities by offering a higher base salary
relative to other startups. The next is to introduce a variable compensation to
show some upside. This second step was particularly difficult. We held
various discussions before deciding on the current share-based
compensation and performance-based bonus system. The current system is
excellent in that it is transparent and fair.
Tanaka
Brilliant talents are essential to sustain the Company’s power to grow, and
thus, having a competitive compensation system in place is vital in
recruitment.Ihighly value our system for incorporating external perspectives
andexpertise into the design of our compensation system.
Also, a most important agenda item going forward is to nominate a
possible successor to Mr. Tsuji. Undoubtedly, Mr. Tsuji as founder and
president is instrumental and I am in favor of you continuing to serve as the
president of the Company. Nevertheless, as a responsible director, we must
continuously think of a viable structure in preparation for potential incidents
or accidents.
Okajima
As a professional in succession planning, I provide support in this area to
various companies. While we highly value Mr. Tsuji’s contribution to the
organization, it is crucial to consider contingency plans. With the Company’s
business growing rapidly and becoming multi-layered, it’s increasingly
important to have a strategic succession plan in place. There is another
positive aspect to this, which is that unexpected persons might earn
opportunities through this successionplanning.
89
Governance
/
Discussion

Tsuji
We created the current system based on feedback on the importance of
providing compensation that appropriately reflects members’ value in the
labor market.
Regarding the selection of officer candidates, we also introduced the
maximum term of office and retirement age of external directors based on a
proposal by the Nomination and Compensation Committee. Can you explain
the rationale behind this?
Tanaka
When looking at overseas best practices in securing the independence of
external directors, it seems that many U.S. companies set a retirement age
and many European companies set the maximum term of office to eight
years. In the U.S. and Europe, many external directors voluntarily submit a
proposal to the nomination committee to seek a successor before the year of
their resignation.If an appropriate candidateis found, they will handover their
position even before the designated resignation year. This ensures board
independence.
Okajima
Another company where I served as director adopted a method of ensuring
overall capability by having officers recommend successors with similar
skills and replacing one member every year. It’s difficult for a company to ask
someone to resign, so it would be beneficial for both sides to have such a
systeminplace topreserve the board’s capability.
Tanaka
That is absolutely true. It might be difficult for the current management team
to say, ”Mr. Tanaka, you need to quit because you’re been here too long”
(laughs).
Governance
/
Discussion
Future Challenges
Tsuji
We would never think so. We’re always grateful for your support (laughs).
However,Ido think this is imperative in order tomaintainindependence.
Lastly, the Group now has nearly 2,000 executives and employees, and is
driving globalization internally. Please tell us about future challenges
pertaining to governance and areas that need tobe strengthened.
Tanaka
The Company has scaled and now has competent executive members who
can spearhead respective businesses. Meanwhile, Mr. Tsuji concurrently
serves as representative director, president, CEO, chairman of the Board of
Directors, and chairman of the Nomination and Compensation Committee,
among other positions. I feel it’s time for you to consider which areas you
want to concentrate on. As you begin to reallocate your time and attention
from immediate tasks to longer-term strategic priorities, it becomes
increasingly important to consider how to enhance our corporate governance
by updatingour management structure.
It is also necessary to actively appoint women as directors and executive
officers. Regardless of gender. Of course, not all selections will turn out well
regardless of his/her gender.It’s important to support those who are selected
so that they can experience success in a position that is one level above their
current one.
Okajima
A position is merely a role, so I feel it’s important to create an environment in
which women, who represent the largest group among the minority, can
eagerly take on challenges.
Tsuji
Thank you very much for offering valuable opinions from numerous
perspectives. We will continue to strengthen corporate governance while
aiming to achieve sustainable growth and raise corporate value over the
medium tolong term. We wouldbe grateful for your ongoing support.
90

Corporate Governance Directors by appointing independent external directors as the majority for the
board. It has also set up the Nomination and Compensation Committee, in which
external directors comprise the majority, and the Council of External Officers,
which consists solely of external officers (external directors and external Audit
Supervisory Board members).
The Company aims to maintain a compliance structure for deploying business
management grounded in sound ethical standards, secure corporate soundness and
transparency, and to firmly increase long-term shareholder value. To achieve this
end, the Company is building an internal structure that drives prompt and rational
decision-making as well as efficient business execution. In this vein, it has set up
three committees under the Board of Directors (focused on investment,
sustainability, and compliance and risk management, all chaired by the
Representative Director, President and CEO) as well as an Executive Officer and
CxO System.
As for operations of the Board of Directors, the Legal and Intellectual Property
Division serves as its administrative office, with the Executive Officer and CLO
Chief Legal Officer (CLO) and the Executive Officer and Chief Compliance Officer
(CCO) co-managing the division and leading planning and operations.
P.94 Structure and Meetings of the Council of External Officers and Each Committee
Basic Policy on Corporate Governance
We aim to foster social progress and to create a world where all individuals and
corporations, including our users and employees, can actively take on challenges.
To this end, we deliver services in the IT industry, where the operating
environment is subject to constant change. We believe that it is essential for
corporate governance to function effectively to achieve our vision and pursue
sustainable enhancement of corporate value.
The Company is developing a governance structure that balances growth and
risk control. To raise managerial soundness and transparency, and to steadily
increase shareholder value over the long term, the Company is establishing an
internal structure that allows for prompt and rational decision-making as well as
streamlined business execution and fortifying its corporate governance.
Corporate Governance Structure (As of February 22, 2023)
The Company, which offers a platform service as its core business, has adopted an
Audit Supervisory Board system. This is to ensure managerial efficiency and
soundness. It is effective to have in place a structure where the Board of Directors,
consisting of directors who are familiar with the Company's business, decides on
basic management policies and important business execution, while Audit
Supervisory Board members, with strong legal authority, audit the directors’
execution of duties from an independent position.
The Company has strengthened the supervisory function of its Board of
Hirokazu Ban
Group Executive Officer and CCO
(Chief Compliance Officer)
Masakazu Sekita
Group Executive Officer and CLO
(Chief Legal Officer)
Corporate Governance Structure (As of February 22, 2023)
General Meeting of Shareholders
Nomination and
Compensation
Committee
Divisions
Accounting
Auditors
(Auditing Firms)
Internal Audit Office
Instruct
Report Report Cooperate
Monitor Report
Report
Audit
Recom-
mend
Advise Cooperate
Cooperate
Report
Report
Report
Accounting
Auditors
Appoint/
Dismiss
Appoint/
Dismiss
Appoint/Dismiss
Recommend
Audit
Supervisory Board
Council for External
Officers
Investment Committee
Sustainability Committee
Compliance and Risk
Management Committee
Representative
Director, President
and CEO
Board of Directors
Select/
Supervise/
Remove
Internal Audit Office
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Board of Directors
Current Structure
The Company currently has nine directors.
Independent external directors are to comprise a
majority of the Board of Directors, and accordingly,
five among the nine are independent external
directors. In addition to the requirements of
independent officers set forth in the Companies Act
and by the Financial Instruments and Exchange Act,
the Company has stipulated independence criteria for
appointing independent external directors. The Company appoints external directors in
accordance with these standards, with all five external directors being registered as
independent directors.
Procedures for Appointing Directors
The Company has set up a Nomination and Compensation Committee, in which the
majority consists of external directors. The aim of the committee is to strengthen the
objectivity and accountability of the Board of Directors, and to reinforce the Group’s
corporate governance structure. All director candidates are subject to deliberations by
the committee and resolution by the Board of Directors.
Rationale behind Composition of Board of Directors (Abridged)
•
To ensure the independence of external directors, the total term of office of
independent external directors shall be six terms (six years), and reappointment
shall not be prevented for up to eight terms (eight years). In cases where a
director is aged 72 by the end of an Annual General Meeting of Shareholders,
the director shall resign as of the end of that meeting.*
•
In order to effectively fulfill its roles and responsibilities, the Board of
Directors shall specify skills it must possess as a whole, and well-balanced
selections shall be made among individuals with the specified knowledge,
experience, and abilities. Such characteristics as gender, internationality, and
age will also be considered to diversify the board.*
•
Independent external directors with experience managing other companies
shall also be included.*
P.100 Skills Matrix of Directors and Auditor Supervisory Board Members
Current Operations of the Board of Directors
The Company’s Board of Directors is chaired by Yosuke Tsuji, Representative Director,
President and CEO. In addition to monthly meetings (normally two hours; four hours
twice a year), extraordinary meetings are held as necessary to make critical
managerial decisions and supervise the execution of duties of each director.
The Company has stipulated the regulations of the Board of Directors, under which
the Board of Directors deliberates and resolves 1) matters stipulated in laws and
ordinances and the Articles of Incorporation, 2) important matters regarding
management in general, including management policies and plans, 3) basic matters
regarding the Company’s management, including key organizational and personnel
agenda, and 4) important matters regarding business execution, including highly
significant investments and loans to Group companies. As to critical managerial issues,
and matters requiring a medium- to long-term outlook, the Board of Directors holds
discussions on the assumption that a resolution need not be reached during the
meeting in which the agenda was raised.
Summary of FY11/22 Board of Directors Meetings
No. of Meetings 14
Key Matters
Deliberated or
Discussed
•FY11/23 budget
• Group join of Nexsol CO., LTD.
• Additional investment in Mekari
• Financing (initiatives with Funds, Inc. and bank loans)
• Sustainability initiatives
•
Examination of the appropriateness of strategic
shareholdings
• Overseas expansion
• Initiatives to visualize and improve productivity
•
Selection of candidate officers and compensation of officers
• Selection of executive officers
Key Contents
Reported
•
HR-related reports (including diversity and integration
activity reports)
• Investor/shareholder relations activities
• Compliance report
• Information security activity report
• Performance evaluation report of Group companies
• Monthly performance reports and KPI reports
監査役4名全員が
独立社外監査役
Outof9directors,
5ofthemareindependent
externaldirectors.
All4membersofthe
AuditandSupervisoryBoard
areexternalmembers
(As of February 22, 2023)
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Governance

Assessment on Eﬀectiveness of Board of Directors (FY11/22)
The Company conducted an assessment on the effectiveness of the Board of Directors
using a questionnaire that included 24 questions (answered by all officers). Evaluations
suggested that the effectiveness of the Board of Directors was generally secured, with
the average score for all items comingin at approximately 4.5out of 5.
Progress in Issues Identified in FY11/21
In the FY11/21 assessment on effectiveness of the Board of Directors, the Company
received a relatively low evaluation in “executive training,” “enhancement of corporate
value by addressing sustainability issues,” and “appropriate disclosure of non-financial
information,” and worked toward improving these areas.
Among these items, the score for executive training remained relatively low, but
improved slightly, primarily owing to the provision of preparatory lectures for newly
appointed directors. As to “addressing sustainability issues,” the score increased as a
result of establishing the Sustainability Committee, which held regular discussions and
reported to the Board of Directors as needed. Regarding ”appropriate disclosure of
non-financial information,” the score rose significantly thanks to the disclosure of
financial results presentation materials, integrated reports, and information on our
website, with this item ranking among the top five of all items.
Issues Identified in FY11/22
The assessment for items related to risk management was relatively low. On the one
hand, there were such comments as, ”The Council of External Officers has, from the
perspective of risk management, identified matters that would normally be overlooked,
and is thus functioning effectively,” and, ” The risk management structure is functioning
effectively amid a situation where we are receiving reports on accident responses and
operational management.” On the other hand, there were also opinions such as, ”There
are issues in the establishment of organizational systems,” ”The internal audit
department must be reinforced,” and ”There are still areas where consistency and
policies are not completely clear, regarding the withdrawal criteria and the future
management of subsidiaries from the perspective of risk management.” Such areas are
issues in need of real improvement. Regarding the deliberation of strategic agenda at
Board of Directors meetings, there were such opinions as, “At present, the Board of
Directors is thoroughly discussing strategies” and ”The external directors are
appropriately fulfilling their roles.” Meanwhile, it was pointed out that “More in-depth
discussions are desired regarding overall strategy including global expansion, as well
as HR strategy, sustainability, and DX, and it is therefore necessary to increase
informational inputs, including on trends of the industry, competitors, and customers.”
Audit Supervisory Board
Current Structure
All four Audit Supervisory Board members are
independent external members,includingonelawyer.
In addition to the requirements of independent
officers set forth in the Companies Act and by the
Financial Instruments and Exchange Act, the
Company has stipulated independence criteria for
appointing external Audit and Supervisory Board
members. TheCompany appoints external members in accordance with these standards,
with all four external members beingregistered as independent officers.
Current Operations of the Audit Supervisory Board
The Audit Supervisory Board is chaired by a full-time Audit Supervisory Board
member, and holds monthly meetings as well as extraordinary meetings on an as-
needed basis (approximately one hour). In FY11/22, the board held 14 meetings. The
main topics shared or discussed were as follows:
•
Basic policies, priority audit policies, and division of roles among Audit
Supervisory Board members
• The appropriateness of audits by accounting auditors
• Audit results on internal control systems
• Current operations of the Group’s internal control
Nomination Policy for Audit Supervisory Board Members
The Company stipulates its nomination policy for Audit Supervisory Board member
candidates as follows, based on the opinions of the Audit Supervisory Board,
deliberations by the Nomination and Compensation Committee, and resolution of the
Board of Directors.
• Nominate persons with knowledge in finance, accounting, and legal affairs.*
•
Nominate atleast oneperson with sufficientknowledgein finance and accounting.*
* P.100 Skills Matrix of Directors and Auditor Supervisory Board Members
取締役9名中
独立社外取締役 5名
監査役4名全員が
独立社外監査役
Outof9directors,
5ofthemareindependent
externaldirectors.
All4membersofthe
AuditandSupervisoryBoard
areexternalmembers
(As of February 22, 2023)
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Structure and Meetings of the Council of External Officers
and Each Committee (FY11/22)
Composition
All members are external officers (external directors or external Audit
Supervisory Board members)
Chairperson Masaaki Tanaka (Independent External Director)
No. of Meetings 4
Key Discussions • Improved operational method of and contents deliberated and reported
at Board of Directors meetings
• Strengthened the internal audit department and its functions
• Bolstered SR activities
• Revised and upgraded the incident response structure pertaining to IT
systems
Council of External Officers Sustainability Committee
Compliance and Risk Management Committee
Composition Chairperson: Yosuke Tsuji (Representative Director, President and CEO)
Members: Masaaki Tanaka (Independent External Director), Etsuko
Okajima (Independent External Director), and Ryoko Ueda (Independent
External Director)
No. of meetings 5
Key Discussions • Revised rationale behind the composition of the Board of Directors and
the nomination policy for directors and Audit Supervisory Board
members
• Selected candidates for directors and Audit Supervisory Board
members
• Deliberated compensation of directors and executive officers
(composition, level, maximum total of compensation), performance
evaluation (performance-linked bonus payments) of directors, and
individual compensation of executive officers
Committee
Office
People Forward Division and Legal and Intellectual Property Division
Nomination and Compensation Committee
Composition Representative Director and President, and two executive members
overseeing investments
Names are not listed as members changed several times during the term
Role
Makes swift decisions on small investments, in order not to miss out on
investment opportunities that can potentially drive the Groupʼs dynamic
growth
No. of Meetings 6
Key Activities
• Deliberated investment deals (e.g., invested in Leading Mark, Inc. and
Hubble, Inc. in FY11/22)
Committee
Office
Corporate Development Office
Members: Toshio Taki (Executive Officer and Head of Sustainability),
Naoya Kanesaka (Director, Executive Officer, and CFO), and Chiaki
Ishihara (Manager of People Forward Division)
Role
Promotes sustainability activities, which is the Groupʼs priority
management agenda
No. of Meetings 2
Key Activities
• Identified and analyzed opportunities and risks associated with climate
change
• Set sustainability indicators
• Promoted and expanded scope of the disclosure of sustainability
information
Committee
Office
Public Affairs Office
Members: Hirokazu Ban (Executive Officer and CCO); internal directors,
full-time Audit Supervisory Board members, and executive officers of
the Company; COO of each Money Forward company; and representative
directors of subsidiaries
Role
Promotes integrated, cross-sectional compliance and risk management
of the Group
No. of Meetings 4
Key Activities
• Devised and monitored progress of compliance plan
• Operated the whistleblowing system
• Discussed contents of and responded to complaints and external
inquiries
• Examined results of compliance-related items in Group survey
• Examined near-miss incidents deriving from operational errors or lack
of knowledge and executed responsive measures
• Responded to amendments to laws and ordinances
Committee
Office
Legal and Intellectual Property Division
Investment Committee
* Convened as “compliance meeting” in FY11/22
*
Aside from committee meetings, business conditions of investees were regularly reported to committee
members.
*
Aside from committee meetings, business conditions of investees were regularly reported to committee
members.
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Director and Audit Supervisory Board Member Compensation
Director Compensation
The annual upper limit of directors’ compensation has been set at 500 million yen by
resolution of the General Meeting of Shareholders. Of this, the total amount of
monetary compensation receivables for granting restricted stocks to eligible directors
is set at 200 million yen or less per year.
Compensation of internal directors consists of 1) base compensation as fixed
monetary compensation according to one’s responsibilities, with the aim of
encouraging the execution of respective duties, 2) short-term variable compensation
as an incentive to firmly achieve corporate performance targets for each fiscal year,
and 3) stock compensation as an incentive to raise corporate value over the medium to
long term.
Meanwhile, compensation of external directors consists of 1) base compensation as
fixed monetary compensation according to one’s responsibilities, with the aim of
encouraging the sufficient execution of managerial supervision functions, and 2) stock
compensation as a medium- to long-term incentive for boosting corporate value, to
which external directors must also commit.
The amount of short-term variable compensation fluctuates according to the degree
to which each director achieves their goals every year, including goals on performance
and developing organizations. As for stock compensation, we have adopted a restricted
stock compensation system. This is positioned as a medium- to long-term incentive to
increase corporate value by sharing value with shareholders and raising awareness of
stock prices among directors.
500 million yen or less
200 million yen or less
Category
Base Compensation
(Fixed Monetary
Compensation)
Short-Term Variable
Compensation
Stock Compensation
(Non-Monetary
Compensation)
Internal Directors
External Directors
Process of Determining Compensation of Each Director
Individual directors’ compensation is deliberated by the Nomination and Compensation
Committee, set up on a voluntary basis, within the upper limit resolved at the General
Meeting of Shareholders. Based on the committee’s proposal, the Board of Directors
makes the final decision. The Company thereby ensures the transparency and
objectivity of evaluations and decision-making process pertaining to compensation.
Based on the Policy for Determining the Specifics of Individual Director’s
Compensation, the Board of Directors considers and makes decisions based on the
Director Compensation Table according to one’s position, and taking into account the
role expected of each director.
Directors’ compensation is set at a level that appropriately compensates for
sufficiently executing the Company’s managerial decision-making and supervisory
functions, taking into account social and market conditions, as well as comparison with
other companies.
With regard to short-term variable compensation, the Nomination and Compensation
Committee deliberates and decides on the specifics after each director performs a self-
evaluationontheachievementofone’sgoals.Asforthecompensationoftherepresentative
director, deliberations and decisions are made by members of the Nomination and
Compensation Committee excluding the representative director, while taking into
account the opinions of external directors as needed. Because the majority of both the
Board of Directors and the Nomination and Compensation Committee is composed of
independent external directors, no resolutions are made only by internal directors.
Audit Supervisory Board Member Compensation
Compensation of Audit Supervisory Board members has been set to no more than 50
million yen per year by resolution of the General Meeting of Shareholders. It is
composed solely of a base compensation in the form of fixed monetary compensation
in accordance with one’s responsibilities, so that members will sufficiently fulfill
auditing and managerial supervision functions and execute their duties.
Compensation of individual Audit Supervisory Board members shall be
determined upon discussion by the Audit Supervisory Board within the upper limit
resolved at the General Meeting of Shareholders.
Total Amount of Compensation in FY11/22
Title
Total
Compensation, etc.
(¥mn)
Breakdown by Compensation Type (¥mn) No. of
Eligible
Officers
Base
Short-Term
Variable
Non-
Monetary, etc.
Directors
(External Members)
222
(58)
126
(45)
38
(—)
57
(12)
11
(7)
Audit Supervisory
Board Members
(External Members）
32
(32)
32
(32)
— —
3
(3)
Total
255
(91)
159
(78)
38
(—)
57
(12)
14
(10)
*
The figure for short-term variable compensation is the amount booked as a provision before taking into account performance
evaluation for FY11/22.
*
The table above includes values associated with one director who resigned as of the end of the 11th Annual General Meeting of
Shareholders held on February 21, 2022.
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Governance

Compliance
Board of Directors
People Forward Division
Money Forwardʼs companies, departments, and subsidiaries
Legal and Intellectual Property
Division
Compliance and Risk Management Committee
Chairperson: Representative Director, President
and CEO
Members: internal directors, executive officers,
full-time Audit Supervisory Board members,
representatives of Group companies, etc.
Report
Appoint
Report
Report/
consult
Report/
consult
Report/
consult
Instruct
Instruct/
advise
Instruct/
provideconsultation
Instruct/
provideconsultation
Compliance Structure
Head of Committee Office: Executive Officer and
CCO
CCO（Chief Compliance Officer）
Basic Policy on Compliance
The Group believes compliance to be a precondition for conducting its corporate
activities. For the Group, compliance extends beyond simply following laws and
regulations, internal rules and any other written rules, and social norms. It
requires all officers and employees to observe the Company’s Value, respond to
rational expectations and demands from customers, shareholders and other
stakeholders, act with sincerity and appropriately as a corporate citizen and
member of society, and embody the Company’s Culture.
The Group has established the Money Forward Group Compliance Manual,
which sets forth basic action principles on compliance that all officers and
employees of the Group must put into practice. At the same time, the Group is
striving to cultivate a culture of compliance and to have all members habitually and
naturally demonstrate compliance in their business activities.
Compliance Promotion Structure
The Representative Director and President oversees Group-wide compliance
practices, while the Chief Compliance Officer (CCO), appointed by resolution of
the Board of Directors, oversees Group-wide activities related to compliance
promotion.
The Compliance and Risk Management Committee convenes once every
quarter, chaired by the Representative Director and President. At the meeting, the
CCO reports on the status of various initiatives for enforcing compliance practices,
and also reports on and discusses matters and developments in laws and
regulations that require attention in daily operations from the perspective of
compliance. The committee brings together the executive team and Audit
Supervisory Board of the Company, and the representative director of each Group
company, thereby establishing a structure for instilling compliance throughout the
Group. In addition, the CCO promptly conveys the contents reported and discussed
by the committee to the Board of Directors.
Furthermore, under the supervision of the CCO, the Legal and Intellectual
Property Division, which oversees compliance promotion activities, plays a central
role in implementing compliance plans, raising and instilling compliance
awareness through training, and responding to compliance violations. Meanwhile,
following the instructions and advice from the CCO, the People Forward Division
engages in activities for preserving an excellent working environment, including
by preventing sexual harassment, pregnancy discrimination, and abuse of
authority.
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Survey
Queries on compliance are included in the Money Forward Group Survey—an
employee satisfaction survey carried out twice a year to objectively understand
the Group’s issues—and responses are analyzed to make improvements. In the
survey conducted in the second half of FY11/22, queries on corporate activities,
managerial decisions, and harassment were included to gauge compliance. The
average score for each item was 4.3 or more out of 5 across the Group, maintaining
high levels from the previous survey. In addition, the Company regularly carries
out surveys on compliance to identify concerns regarding compliance issues that
are not raised via whistleblowing and to foster awareness of compliance among all
officers and employees of the Group.
Activities for Eliminating Anti-Social Forces
As basic principles for severing and eliminating any relations with anti-social
forces, the Company has formulated and disclosed the Basic Policy on Preventing
Damage by Anti-social Forces. Under this policy, the Group has enacted the Group
Rules on Anti-social Forces, which includes investigating business partners,
employees and officers, and other counterparts for any ties with anti-social forces,
and introducing provisions for the exclusion of anti-social forces in trade
agreements and contracts.
Activities for Preventing Bribery
The Company has formulated and disclosed the Group Basic Policy on Bribery
Prevention as basic principles to prevent the offering of bribes to civil servants as
well as to build appropriate and transparent relationships, devoid of corruption,
with users and business partners. Based on this policy, the Group Basic Rules on
Bribery Prevention are enforced throughout the Group to obligate prohibition of
offering bribes to civil servants and other third parties, and to stipulate procedures
for prior approval and post reporting as well as the recording and preservation in
exceptional cases
Initiatives for Enforcing Compliance
Internal Reporting System
The Group has established the Group Internal Reporting Rules, which clearly
emphasize confidentiality and prohibition of retaliation, and has set up a
whistleblowing hotline accessible to all officers and employees of the Group. The
system allows them to directly report and consult on conduct or possible conduct
related to compliance breaches and harassment within the Group, and comprises
an internal hotline as well as a hotline to a full-time external auditor and external
lawyer.
In FY11/22, the Group received 12 whistleblowing reports primarily through its
hotline. Appropriate investigations are conducted for all consultations and reports,
and according to the results, disciplinary action, corrective measures, and
recurrence prevention measures are taken. These results are reported to the
Compliance and Risk Management Committee and the Board of Directors.
To make the hotline more accessible, the Group familiarizes members with the
whistleblowing system, including its strict confidentiality and the prohibition of
identifying or retaliating against whistleblowers, through internal communication
tools and training.
Compliance Training
The Group provides a variety of compliance training for officers and employees to
impart knowledge and raise awareness. Specifically, all Group employees receive
training, with instruction from the CCO, on general compliance matters during new
hire orientation. In addition, at the time of joining the Group and on a regular basis
thereafter, they enroll in online training based on the Money Forward Group
Compliance Manual, insider trading and information management, harassment,
and information security and personal data protection. The Group also carries out
tests to assess understanding. Furthermore, various compliance training sessions
on specific topics are offered as necessary to address laws and regulations and
internal rules associated with daily operations.*
* P.105 Compliance Training Attendance Rate
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Scenario
Risk or Opportunity
for the Company
Impact
Level
Countermeasures
Transitional
Risks
Policy and
Regulatory
Risk
Introduction of
carbon tax
Increasedtaxburdendueto
carbontax
Small
Reduce greenhouse gas
(GHG) emissions
Market
Risk
Rise in renewable
energy prices
Increased cost burden for
procuring renewable
energy
Small
Reducecostsbydiversifying
andoptimizingpower
suppliers
Reputational
Risk
Accelerated ESG
investments
Difficulty raising funds
from financial institutions
and investors if climate
change measures are
evaluated as inadequate
Small
Enhance information
disclosure and engage in
appropriate dialogue
with financial institutions
and investors
Physical Risks Acute Risk
Intensification of
natural disasters
Outage of data center
Damage to the office and
employees
Medium
Strengthen business
continuity plans (BCPs)
(including dispersing
risks of facility damage
and promoting offsite
measures)
Opportunities
Product/
Service
Accelerated DX
Increased demand for
cloud services
Large ー
Risk Management
Risk Management Structure
Board of Directors
Money Forward companies, departments, and subsidiaries
Departmentresponsibleforrespectiverisks
AuditSupervisoryBoard
InternalAuditOffice
Chairperson:RepresentativeDirectorandCEO
Chairperson:RepresentativeDirectorandCEO
ExecutiveOfficerandHeadofSustainability,etc.
ExecutiveOfficerandHeadofRiskManagement,etc.
Cooperate
Report Report
Monitor Monitor
Monitor Monitor
Monitor Monitor
Monitor Monitor
Instruct Instruct
Instruct Instruct
Instruct Instruct
Cooperate
Report
Monitor
Report
ComplianceandRiskManagement
Committee(overseasriskmanagement)
Sustainability Committee
In order to understand the risks, opportunities, and impacts of future climate
change on our business activities, we made predictions and analyzed changes in
the external environment in accordance with the framework proposed by the Task
Force on Climate-related Financial Disclosures (TCFD). As a result, we perceive
that there are significant opportunities in our business domains, represented by
the potential rise in demand for cloud services, and on the other hand the risks are
relatively small. On the opportunity front, we will explore possibilities of
expanding our business scope, whereas on the risk front, we will minimize
exposure while assessing cost-effectiveness.
Governance
The Company has set up the Compliance and Risk Management Committee and
Sustainability Committee under the Board of Directors. Both are composed of
members appointed by the board, and chaired by the Representative Director,
President and CEO.
The Compliance and Risk Management Committee (hereinafter referred to as
the “Risk Committee”) oversees risk management, delegates countermeasures to
departments responsible for respective risks, and reports the situation to the
Board of Directors. Meanwhile, the Sustainability Committee oversees climate
change risks, delegates countermeasures to departments responsible for
respective risks, and together with the Risk Committee reports the situation to the
Board of Directors. The Internal Audit Office checks and supervises the overall risk
management structure and status from an independent standpoint.
Strategies
We have identified the following risks and opportunities related to climate change.
Risk Management
In order to understand and evaluate the impact of climate change on the Group’s
business, we analyze scenarios and identify related risks and opportunities. Risks
and opportunities that are identified are monitored by the Sustainability
Committee in collaboration with the Risk Committee. There is also a process flow
in which reports and recommendations are made to the Board of Directors
depending on the gravity of the case.
Indicators and Goals
We calculate GHG emissions as an indicator for climate change. Scope 1 and 2
emissions are currently as follows.
Scope 1 0 (t-CO2) Scope 2 (location basis) 370 (t-CO2)
We have also been using 100% renewable electricity at our headquarters since
2021, and at our Tokai Branch Office and Nagoya Development Center since 2022.
We will continue to consider ways to reduce emissions at each of our locations.
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Management

Executives
(As of March 30, 2023)
Since the Company’s founding, he has taken the
helm of the Company's management and
promoted the expansion of the Group’s
performance, while also spearheading the
industry, including by achieving the first IPO as a
Japanese fintech company.
Yosuke Tsuji
Representative Director, President and
CEO
He has expertise in global financial business, and
since joining the Company, has driven business
expansion by overseeing its capital policies,
while also promoting business alliances and
launching new businesses.
Naoya Kanesaka
Director, Group Executive Officer and
CFO
He has extensive experience in IT service
development and consulting, and since joining the
Company, has endeavored to build the
infrastructure of the Company’s services. After
assumingthepositionofCTO,hehas spearheaded
business expansion, including by establishing an
engineer-leddevelopment scheme.
Takuya Nakade
Director, Executive Officer and
CTO
Since the early days of internet research, he has
led a wide range of operations, including sales,
business planning, and business administration,
and is well versed in digital marketing research.
Since joining the Company, he has engaged in
business expansion as leader of Business domain
centered on Money Forward Cloud.
Masanobu Takeda
Director and Group Executive Officer;
COO of Money Forward Business
Company
He was involved in the management of Mitsubishi
UFJ Financial Group and served as the head of a
major U.S. financial institution and a global
enterprise, and thus has considerable experience
in and expansive insight into the financial sector
and global business management. In addition, he
has in-depth knowledge of corporate governance
and has participated in the FSA’s Stewardship
Code and Corporate Governance Code Follow-Up
Conference. As an external director, he provides
supervision and valuable advice regarding the
Company’s management from an independent
and objective standpoint, with a focus on global
strategies, finance, andgovernance.
Masaaki Tanaka
Independant External Director
Vice Chair, Board of Councilors of
US-Japan Council
External External
He has been involved in many new business
investments both in Japan and abroad and a
broad spectrum of knowledge of SaaS
companies as a pioneer in SaaS investments. As
an external director, he provides supervision and
valuable advice regarding the Company’s
management from an independent and objective
standpoint, with a focus on Business domain,
MAs, and investments.
Akira Kurabayashi
External Director;
Managing Partner and Head of Japan
of DNX Ventures
Hiroaki Yasutake
External Director;
Director of Japan CTO Association
Etsuko Okajima
Independant External Director
CEO of ProNova Inc.
External
Having founded an IT company and served as an
executive officer and director of a major IT
company, he has a wealth of experience and
knowledge of and broad insight into the internet-
related market, in which the Group operates. As
an external director, he provides supervision and
valuable advice regarding the Company’s
management, with a focus on internet-related
markets and corporate management.
Gen Miyazawa
External Director;
Director and Managing Corporate
Officer of Yahoo Japan Corporation
Having served for many years as the leader of the
engineering division of Rakuten, Inc. (currently
Rakuten Group, Inc.), he has a great deal of
knowledge and experience in the technology and
IT fields.He alsolaunchedRakuten'sU.S.arm,and
thus has in-depth knowledge and experience and
broad insight regarding global business
management. As an eternal director, he provides
supervision and valuable advice regarding the
Company’s management from an independent
and objective standpoint, with a focus on
technology,IT, andglobal business management.
She has considerable experience and knowledge
as well as vast insight as an expert of HR
development and organizational management,
among other areas. As an external director, she
provides supervision and valuable advice
regarding the Company’s management from an
independent and objective standpoint, with a
focus on HR development and sustainability.
External External
99
Governance
/
Executives

Skill Matrix for Directors and Audit Supervisory Board Members
Reason for Selecting Each Skill
Gender Age
Meeting
Attendance
Tenure
Areas in WhichMember IsExpected toContribute
Corporate
management
Global
business
Understanding
ofbusinessand
industry(SaaSand
fintech)
Investment/
MA
Finance/
Accounting
Technology
Human
resource
development
Legal affairs/
Compliance/
Risk
management
Sustainability/
ESG
Directors
Yosuke Tsuji Male 46
100%
(14/14 times)
10 years and
3months
Naoya Kanesaka Male 38
100%
(14/14 times)
6 years
Takuya Nakade Male 45
100%
(14/14 times)
5 years
Masanobu Takeda Male 46
100%
(14/14 times)
4 years
Masaaki Tanaka Male 69
100%
(14/14 times)
5 years
Akira Kurabayashi Male 48
100%
(14/14 times)
5 years
Etsuko Okajima Female 56
100%
(14/14 times)
4 years
Hiroaki Yasutake Male 51
100%
(14/14 times)
1year
Gen Miyazawa Male 41
100%
(10/10 times)
1year
Audit
Supervisory
Board Members
Yozo Ueda Male 80
100%
(14/14 times)
6 years
Katsuyuki tanaka Male 58
100%
(14/14 times)
5 years
Hidetoshi Uriu Male 47
100%
(14/14 times)
5 years
Masami Hatakeyama Male 61 ーー
*
Age and tenure are those as of February 22, 2023. Regarding the areas in which a member is expected to contribute during discussions by the Board of Directors, four focal skills were selected for each member. Thus, this does not represent all skills possessed by
each member.
Skill Reason for Selection
Corporate
management
It is necessary to have managerial experience in order to achieve sustainable growth and
advance in the changing business environment.
Global business
The Company has set up overseas bases and invests in overseas companies. It is thus necessary
to devise future growth strategies and execute appropriate managerial supervision.
Understanding of
the business and
industry (SaaS and
fintech)
The Company operates in the fields of SaaS and fintech. It is thus necessary to devise
sustainable growth strategies and understand the business environment.
Investment/MA
The Company has achieved dynamic growth through MAs and investment activities. It is thus
necessary to maintain the speed of growth and execute sound investment activities.
Finance/Accounting
It is necessary to execute accurate financial reporting. In addition, the Company must continue
investment activities (not only MAs and investments in business corporations but also
investments in existing businesses) in order to build a strong financial base and sustain growth.
Thus, consideration of the timing and method of procuring funds is crucial.
Skill Reason for Selection
Technology
In the internet-related market, the speed of technological innovations and changes in customer
needs is extremely fast. It is thus necessary to keep abreast of the latest technology trends and
changes in the environment and to take responsive measures.
Human resource
development
With the aim of achieving its Mission and Vision, the Company facilitates the growth of its
members along with its business and organization, and thus believes it is essential to foster
talents.
Legal affairs/
Compliance/Risk
management
In order to sustainably raise corporate value in the IT industry subject to constant change, it is
necessary to establish a legal and compliance structure based on sound ethics, and to
appropriately manage risks to achieve sound business growth.
Sustainability/ ESG
The Company strives to confront and eliminate universal and far-reaching financial issues, and
is thereby aiming to create a sustainable society for individuals and companies, while
sustainably raising corporate value .
100
Governance
/
Executives

Audit Supervisory Board Members
Group Executive Officers and Chief Officers
Group Executive Officers of Respective Areas
Toshio Taki
Group Executive Officer,
Head of Sustainability,
CoPA (Chief of Public Affairs),
and Head of Money Forward
Fintech Institute
Kiminobu Tahira
Group Executive Officer and
Head of Presidentʼs Office
Shun Matsuoka
Accounting Division Manager
Takashi Ichikawa
CISO
(ChiefInformationSecurityOfficer)
Kazuya Yamada
CSO of Money Forward
Business Company
Naomichi Tomiyama
Representative Director and
President of Money Forward
Kessai, Inc.; Representative
Director and President of Biz
Forward, Inc.
Katsuyuki Tanaka
External Audit and Supervisory
Board Member;
Partner at Tokyo Seiwa Sogo
Law Firm
Yozo Ueda
Full-time External Audit and
Supervisory Board Member
Hidetoshi Uriu
External Audit and Supervisory
Board Member; Director of
Board,CSO of VisasQ Inc.
Masami Hatakeyama
External Audit Supervisory
Board Member;
Representative of Office W
Vision LLC
Hirokazu Ban
CLCO
(Chief Legal Compliance
Officer)
Naoki Kuroda
Group Executive Officer,
Head of Fukuoka Office, and
Manager of Pay Business
Division
Seiko Harada
Head of Cross-Functional
Business;
President of ADXL, Inc.
Ryo Shibuya
VPoE (VP of Engineering) of
Money Forward Business
Company
Masakazu Sekita
CLO (Chief Legal Officer)
Daisuke Sergio Ito
CDO (Chief Design Officer)
Daisuke Motokawa
Head of Alliance Strategy;
CSO of Money Forward X
Company
Satoshi Furuhashi
Chairperson of SMARTCAMP Co., Ltd.;
Representative Director of
Money Forward Venture Partners, Inc.
101

Facts Data
Financial Data..................................103
ESG Data..............................................105
Srock Infomation...........................108
Company Infomation..................109
102
Facts

Data

Statement of Income
Employees
(¥ mn)
FY11/13
(Nonconsolidated)
FY11/14
(Nonconsolidated)
FY11/15
(Nonconsolidated)
FY11/16
(Nonconsolidated)
FY11/17
(Consolidated)
FY11/18
(Consolidated)
FY11/19
(Consolidated)
FY11/20
(Consolidated)
FY11/21
(Consolidated)
FY11/22
(Consolidated)
Net sales 4 76 442 1,542 2,900 4,595 7,157 11,318 15,633 21,477
Cost of sales 52 159 431 734 959 1,812 2,833 3,701 4,814 8,079
Gross profit (loss) (48) (83) 11 809 1,940 2,783 4,324 7,617 10,819 13,398
Gross profit margin ̶ ̶ ̶ 52% 67% 61% 60% 67% 69% 62%
Selling, general and
administrative expenses 54 443 1,132 1,685 2,738 3,579 6,770 10,422 11,881 21,867
Operating profit (loss) (102) (525) (1,120) (877) (797) (796) (2,446) (2,805) (1,062) (8,469)
EBITDA＊*1
(100) (522) (1,103) (853) (748) (575) (2,180) (2,164) 430 (6,029)
EBITDA margin ̶ ̶ ̶ (55%) (26%) (13%) (30%) (19%) 3% (28%)
Ordinary profit (loss) (107) (548) (1,134) (883) (834) (824) (2,567) (2,539) (1,433) (9,582)
Profit (loss) attributable
to owners of parent (107) (550) (1,142) (889) (843) (815) (2,572) (2,423) (1,482) (9,450)
*1 Consolidated operating profit/loss + Depreciation and amortization + Tax expenses included in operating expenses + Share-based remuneration expenses * Figures have been rounded to the nearest million.
FY11/13
(Nonconsolidated)
FY11/14
(Nonconsolidated)
FY11/15
(Nonconsolidated)
FY11/16
(Nonconsolidated)
FY11/17
(Consolidated)
FY11/18
(Consolidated)
FY11/19
(Consolidated)
FY11/20
(Consolidated)
FY11/21
(Consolidated)
FY11/22
(Consolidated)
Employees 10 47 93 162 241 394 691 865 1,248 1,909
* Does not include delegated executive officers or directors.
Financial Data
103
Facts

Data
/
Financial
Data

Balance Sheet
Statement of Cash Flows
(¥ mn)
FY11/13
(Nonconsolidated)
FY11/14
(Nonconsolidated)
FY11/15
(Nonconsolidated)
FY11/16
(Nonconsolidated)
FY11/17
(Consolidated)
FY11/18
(Consolidated)
FY11/19
(Consolidated)
FY11/20
(Consolidated)
FY11/21
(Consolidated)
FY11/22
(Consolidated)
Current assets 536 137 2,418 2,948 6,195 6,213 10,868 13,460 44,026 38,815
Non-current assets 8 18 95 143 1,202 2,447 5,445 8,251 12,917 27,172
Total assets 543 153 2,513 3,091 7,397 8,660 16,313 21,712 56,943 65,987
Current liabilities 13 101 566 664 1,431 2,849 5,395 8,240 12,276 23,965
Non-current liabilities 0 0 0 540 1,955 2,428 2,888 3,234 2,333 6,939
Net assets 528 33 1,946 1,887 4,012 3,383 8,030 10,238 42,333 35,083
(¥ mn)
FY11/13
(Nonconsolidated)
FY11/14
(Nonconsolidated)
FY11/15
(Nonconsolidated)
FY11/16
(Nonconsolidated)
FY11/17
(Consolidated)
FY11/18
(Consolidated)
FY11/19
(Consolidated)
FY11/20
(Consolidated)
FY11/21
(Consolidated)
FY11/22
(Consolidated)
Cash flows from
operating activities
̶ (467) (1,023) (718) (499) (795) (3,605) (1,120) (2,328) (4,124)
Cash flows from
investing activities
̶ (14) (93) (60) (1,066) (1,288) (2,784) (2,606) (5,199) (14,780)
Cash flows from
financing activities
̶ 55 3,298 1,172 4,609 1,306 8,638 5,257 34,798 9,074
Free cash flow ̶ (480) (1,117) (777) (1,564) (2,083) (6,389) (3,726) (7,527) (18,904)
* Figures have been rounded to the nearest million.
104
Facts

Data
/
Financial
Data

ESG Data
Greenhouse Gas Emissions
Environment
FY11/22
GHG*1
Emissions
Scope 1 (Direct emissions) 0 (t-CO2)
Scope 2
（Energy-derived indirect emissions）
*2
370 (t-CO2)
*The chart above summarizes emissions from December 1, 2021 through November 30, 2022.
*1 GHG:Greenhouse Gas
*2 Scope 2 is calculated by location-based method.

Our headquarters office has been powered by 100% real renewable energy electricity since 2021. Tokai Branch Office
and Nagoya Development Center have been utilizing sustainable energy source since 2022.
Overview of Corporate Governance (As of February 22, 2023)
Governance
Organizational Form Company with Audit Supervisory Board
Chairperson of the Board of Directors Yosuke Tsuji
Directors
Members 9
（among whom 1 is female）
% of External
Members
55.5% (5 persons. All of them have experience of
managing other companies.)
Board of Directors
Meetings
（FY11/22）
No. of
Meetings
14
Attendance
Rate
100%
Audit Supervisory
Board Members
Members
4 (All are independent external Audit Supervisory
Board members with knowledge and experience in
finance and accounting, with 1 also having knowledge
and experience in legal affairs)
% of External
Members
100%
Audit Supervisory
Board Meetings
（FY11/22）
No. of
Meetings
14
Attendance
Rate
100%
Nomination and
Compensation
Committee
No. of
Members
4 (among whom 3 are independent external directors)
% of External
Members
75%
Nomination and
Compensation
Committee Meetings
(FY11/22)
No. of
Meetings
5
Attendance
Rate
100%
Director and Audit Supervisory Board Member Compensation
Director
Compensation
Maximum Pool
500 million yen or less per year
*The total amount of monetary compensation
receivables for granting restricted stock to eligible
directors is set at 200 million yen or less per year
Type
Base compensation (fixed monetary compensation),
short-term variable compensation, etc., non-monetary
compensation,etc. (restricted stock compensation)
Audit Supervisory
Board Member
Compensation
Maximum Pool 50 million yen or less per year
Type Base compensation (i.e., fixed monetary compensation)
Compliance Training Attendance Rate
Content
2023
Attendance Rate
New officers and employees 100%
Compliance 96.1%
Information security, personal information protection 94.4%
Insider trading prevention 96.4%
Harassment prevention 91.6%
Intellectual property 100%
Total Amount of Compensation in FY11/22
Title
Total
Compensation,
etc.
(¥mn)
Breakdown by Compensation Type
(¥mn)
No. of
Eligible
Officers
Base
Short-Term
Variable
Compensation,
etc.
Non-
Monetary,
etc.
Directors
(External Members)
222
(58)
126
(45)
38
(̶)
57
(12)
11
(7)
Audit Supervisory
Board Members
32
(32)
32
(32)
̶ ̶
3
(3)
Total
255
(91)
159
(78)
38
(̶)
57
(12)
14
(10)
*
Short-term variable compensation includes the amount expensed as a reserve before taking into account the
performance evaluation for the fiscal year ending November 30, 2022.
*
The table above includes one director who resigned as of the end of the 11th Annual General Meeting of Shareholders
held on February 22, 2023.
Chief Officers 14
Chief Officers
CEO, CFO, CTO, CISO, CDO (Chief Design Officer), CIO,
CoPA (Chief of Public Affairs), CLO (Chief Legal
Officer), CCO (Chief Compliance Officer), CQO (Chief
Quality Officer)
Accounting Auditors Deloitte Touche Tohmatsu LLC
105
Facts

Data
/
ESG
Data

As of 2021/11/30 As of 2022/11/30
(Persons) (%) (Persons) (%)
Number of
consolidated
employees*1
(Full time
employees)
Total number of people 1,248 1,894
Male 834 66.8% 1,235 65.2%
Female 414 33.2% 659 34.8%
Non-Japanese*2
members 181 14.5% 272 14.4%
Engineers and designers 480 39.0% 703 37.1%
Number of employees in Japan 1,126 1,730
Number of overseas employees 122 164
Male-to-female
ratio in
management*3
Total number of people 44 48
Male 40 90.9% 44 91.7%
Female 4 9.1% 4 8.3%
Male-to-
female ratio in
employees
Total number of people 1,248 1,894
Male 834 66.8% 1,235 65.2%
Female 414 33.2% 659 34.8%
Of which,
managerial
positions
Overall 177 257
Male 140 79.1% 205 79.8%
Female 37 20.9% 52 20.2%
Of which,
non-
managerial
positions
Overall 1,071 1,637
Male 694 64.8% 1,030 62.9%
Female 377 35.2% 607 37.1%
* This survey covers full-time employees of our Group (unless otherwise indicated)
*1 Does not include delegated executive officers,direct and Audit Supervisory Board.
*2 A full-time employee whose native language is other than Japanese.
*3 Directors, executive officers, etc. of Money Forward Group
As of 2021/11/30 As of 2022/11/30
Male-to-
female ratio
in business
positions
Overall 768 1,191
Male 422 54.9% 652 54.7%
Female 346 45.1% 539 45.3%
Of which,
managerial
positions
Overall 118 181
Male 82 69.5% 134 74.0%
Female 36 30.5% 47 26.0%
Of which,
non-
managerial
positions
Overall 650 1,010
Male 340 52.3% 518 51.3%
Female 310 47.7% 492 48.7%
Of which, non-Japanese members 29 3.8% 31 2.6%
Male-to-
female ratio
in engineers
Overall 429 616
Male 384 89.5% 538 87.3%
Female 45 10.5% 78 12.7%
Of which,
managerial
positions
Overall 51 68
Male 51 100.0% 64 94.1%
Female 0 0.0% 4 5.9%
Of which,
non-
managerial
positions
Overall 378 548
Male 333 88.1% 474 86.5%
Female 45 11.9% 74 13.5%
Male-to-
female ratio
in designers
Overall 51 87
Male 28 54.9% 45 51.7%
Female 23 45.1% 42 48.3%
Of which,
managerial
positions
Overall 8 8
Male 7 87.5% 7 87.5%
Female 1 12.5% 1 12.5%
Of which,
non-
managerial
positions
Overall 43 79
Male 21 48.8% 38 48.1%
Female 22 51.2% 41 51.9%
Personnel-Related Data
106
Facts

Data
/
ESG
Data

As of 2021/11/30 As of 2022/11/30
Average years of service
Overall 2.0 years 1.9 years
Male 2.1 years 2.0 years
Female 2.0 years 1.9 years
Average age
Overall 31.0 years old 32.7 years old
Male 31.1 years old 32.7 years old
Female 30.7 years old 32.7 years old
As of 2021/11/30 As of 2022/11/30
Employee age
status
(Percentage
of males and
females in the
total)
Under 30
years old
Overall 462 687
Male 329 71.2% 470 68.4%
Female 133 28.8% 217 31.6%
30 - 39
years old
Overall 625 951
Male 393 62.9% 583 61.3%
Female 232 37.1% 368 38.7%
40 - 49
years old
Overall 143 224
Male 97 67.8% 157 70.1%
Female 46 32.2% 67 29.9%
50 - 59
years old
Overall 16 30
Male 13 81.3% 24 80.0%
Female 3 18.8% 6 20.0%
60 years
old or
older
Overall 2 2
Male 2 100.0% 2 100.0%
Female 0 0.0% 0 0.0%
Turnover rate*4
Overall 11.2% 13.6%
Male 11.9% 15.1%
Female 9.7% 10.6%
As of 2021/11/30 As of 2022/11/30
Number of
new
employees
hired*5
New
graduates
Overall 48 58
Male 36 75.9% 51 87.9%
Female 12 24.1% 7 12.1%
Non-Japanese
members*6 22 45.8% 17 29.3%
Mid-career
employment
Overall 482 748
Male 320 66.4% 464 62.0%
Female 161 33.4% 284 38.0%
Non-Japanese
members*6 126 26.1% 125 16.7%
Number of paid holidays (average) 11.9 days 13.4 days
Acquisition rate of
childcare leave*7
Male 51.9% 50.0%
Female 100% 100%
Percentage of employees
returning to work after
childcare leave*8
Male 100% 100%
Female 100% 100%
MF Group Survey (engagement survey,
conducted twice a year) participation rate*9 97.0% 97.0%
*4
For FY2022, percentage of retired persons between December 1, 2021 and November 30, 2022 out of employees as of
December 2021. For FY2021, percentage of retired persons between December 1, 2020 and November 30, 2021 out of
employees as of December 1, 2020.
*5
For FY2022, number of employees who joined the company between December 1, 2021 and November 30, 2022. For FY
2021, number of employees who joined the company between December 1, 2020 and November 30, 2021.
*6
For FY2021, of the hired new graduates, 19 non-Japanese members (14 males and 5 females) on standby for entry into
Japan due to the spread of the COVID-19 are included.
*7
For FY2022, calculated based on the number of employees whose children were born between April 1, 2021 and March
31, 2022 who took childcare leave. For FY2021, calculated based on the number of employees whose children were born
between April 1, 2020 and March 31, 2021who took childcare leave.
*8
For FY2022, percentage of employees who returned to work from childcare leave between April 1, 2021 and March 1, 2022
who continued working six months from the return date. For FY2021, percentage of employees who returned to work from
childcareleavebetween April 1,2020 andMarch1,2021whocontinued working six months from thereturndate.
*9
For FY 2022, targeted full-time employees and contracted employees employed by the Group as of January 15, 2022. For
FY2021, targeted full-time employees and contracted employees employed by the Group as of January 31, 2021
107
Facts

Data
/
ESG
Data

Listed exchange
Prime Market of the Tokyo Stock Exchange
(Transferred market listing on April 2022)
Securities code
3994
Total number of authorized shares
89,956,000 shares
Total number of issued shares
53,828,535 shares
Number of shareholders
10,243
Share trading unit
100 shares
Shareholder composition
Overseas institutional
investors 45%
Founding management
members 19%
Strategic
partners 4%
Individual
investors 9%
Domestic institutional
investors 23%
Major Shareholders (Top Ten)
Number of
shares
(%)
Yosuke Tsuji 7,136,365 13.27
The Master Trust Bank of Japan, Ltd. (Trust
Account)
7,022,000 13.06
SSBTC CLIENT OMNIBUS ACCOUNT 4,134,755 7.69
MSIP CLIENT SECURITIES 3,033,500 5.64
BNY GCM CLIENT ACCOUNT JPRD AC ISG
（FE-AC） 3,015,662 5.61
Takashi Ichikawa 2,229,839 4.15
Custody Bank of Japan, Ltd. (Trust Account) 1,671,200 3.11
NORTHERN TRUST CO. (AVFC) RE FIDELITY FUNDS 1,319,429 2.45
The Shizuoka Bank, Ltd. 1,188,240 2.21
MLI FOR CLIENT GENERAL OMNI NON
COLLATERAL NON TREATY-PB
1,184,600 2.20
* Excludes treasury shares (36,475 shares) owned by the Company.
Stock Information
(As of November 30, 2022)
Stockprice
(¥)
Volume
(thousandshares)
Stock price
■ Trading volume
Offering price at the
time of IPO: ¥1,550
(¥775 when
reflecting stock split)
Closing price on
March 31, 2023: ¥4,565
As of December 1, the Company conducted a two-for-one stock split of its common shares using November 30, 2020, as the base date.
108
Facts

Data
/
Stock
Information

109
Company name Money Forward, Inc.
Business activities Internet service development
Established May 2012
Representative
Yosuke Tsuji,
Representative Director, President and CEO
Fiscal year end November
Capital ¥23,316 million
Group employees 1,909 (As of November 30, 2022)
Head office
21F Tamachi Station Tower S,
3-1-21 Shibaura, Minato-ku, Tokyo 108-0023
Locations
Tokyo, Sapporo, Sendai, Nagoya, Kyoto, Osaka, Hiroshima,
Fukuoka, Ho Chi Minh and Hanoi (Vietnam)
Group
companies
Money Forward Kessai, Inc.
Money Forward Hosho, Inc.
Klavis, Inc.
Money Forward Fine, Inc.
Money Forward Financial, Inc.
Money Forward i, Inc.
Money Forward Vietnam Co., Ltd.
Money Forward Synca, Inc.
SMARTCAMP Co., Ltd.
Money Forward Venture Partners Co., Ltd.
RAC Co., Ltd.
ADXL, Inc.
Biz Forward, Inc.
HiTTO Inc.
Nexsol CO., LTD.
Editorial Policy
Integrated Report 2023, Money Forward, Inc. is a report for all stakeholders, comprehensively covering
financial and non-financial information, including financial results, management policies for creating
medium- to long-term value, and business strategies of Money Forward, Inc. (on a consolidated
basis). In writing this report, we mainly referred to the International Integrated Reporting Framework
of the Value Reporting Foundation (VRF).
Scope of Report
Companies covered: Money Forward, Inc. and Group companies (subsidiaries)
*
Throughout the report, “the Company“ refers to Money Forward, Inc., while “the Group“
refers to companies of Money Forward Group.
Period covered: From December 1, 2021 to November 30, 2022
Also includes information on activities before and after this period
Contact: Investor Relations Team, Money Forward, Inc.
Phone: +81-3-6453-9160 (Front desk)
Email: ir@moneyforward.co.jp
Month of issuance:
April 2023
Disclaimer:
This report is a translation of the original Japanese report. In the event of any discrepancy
between this translated report and the original Japanese report, the latter shall prevail.
The forward-looking statements and other content included in this report are
determined based on information available at the time of preparing this report, and may be
subject to change due to macroeconomic trends, changes in the market environment or
industry in which the Group operates, or for other internal or external factors.
Money Forward, Inc. shall not represent or warrant the accuracy or completeness of the
information contained in this report.
Any company names as well as product and service names (including logos) in the
report are trademarks of their respective companies or registered trademarks of their
respective right holders.
Disclosures
[Non-financial information]
Please visit the following site for non-financial information.
• Corporate Governance https://corp.moneyforward.com/en/aboutus/governance/system
• Sustainability https://corp.moneyforward.com/en/sustainability/
• ESG Data https://corp.moneyforward.com/en/news/investorrelations/?category=integrated
[Financial information]
Timely disclosures, financial results briefings, and other financial-related information are available
on the IR website.
• IR library https://corp.moneyforward.com/en/news/investorrelations/
Company Information
(As of May 31, 2023)
109
Facts

Data
/
Company
Information

Issued: April 2023
https://corp.moneyforward.com/en/

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