Rakuten and Mitsui Sumitomo Insurance have invested in Folio, which is developing a robo-advisor investment platform, bringing its overall funding to almost $19m.

Japan-based fintech developer Folio has raised ¥‎1.8bn ($16m) in a funding round backed by Rakuten Fintech Fund, a subsidiary of e-commerce and internet company Rakuten, The Bridge has reported.

The round also included Mitsui Sumitomo Insurance Venture Capital, the corporate venturing arm of insurance provider Mitsui Sumitomo Insurance, as well as Monex Ventures, Jafco, DCM Ventures and Draper Nexus.

Founded in 2015, Folio is working on an asset management platform that uses robo-advisors. It aims to make asset management more…