マネーフォワード（3994） – Integrated Report “Forward Map” 2022

Forward MapAnd through it all, how can we support our users? 2 22Money Forward, Inc. Integrated Report 2022How will workstyles evolve?How will lifestyles change?PositivePositiveGrowth CycleGrowth CycleThe word “sustainability” is transforming society.The concept underpins the value we provide to users through all our services. By helping users visualize their money, they can feel a sense of security in household finances, enabling them to face the future with confidence. By helping streamline work, we help to create time to do the things they love. And by lending a hand where itʼs needed, we help them find the energy to embrace new challenges. It is all about creating a positive growth cycle in the everyday lives of our users. To help people move forward. We still have a lot to do, but weʼre ready to start.PositivePositiveGrowth CycleGrowth CycleThe word “sustainability” is transforming society.The concept underpins the value we provide to users through all our services. By helping users visualize their money, they can feel a sense of security in household finances, enabling them to face the future with confidence. By helping streamline work, we help to create time to do the things they love. And by lending a hand where itʼs needed, we help them find the energy to embrace new challenges. It is all about creating a positive growth cycle in the everyday lives of our users. To help people move forward. We still have a lot to do, but weʼre ready to start.1Started using Money Forward MELearned to spend while considering the futureAdvancing toward building a dream home!Advancing toward My Dream while Spending Money according to Family Life CycleMy wife and I had started bookkeeping together before marrying. We decided on certain rules, but it was hard because we would forget what we spent money on and had to jot everything down. After we started managing our finances on Money Forward ME, we no longer lost track of our expenses. I feel this has reduced stress stemming from money. I especially like the weekly report function, which shows me the total expenditure for the week. I can plan out whether I should save money or have some leeway during the upcoming week. With the addition of a new family member, we are also developing the habit of spending while considering our future; for example, redirecting dining-out expenses to savings for our child. My dream is to design and build a custom home for the Tomohito Tokuhoshithree of us, and I am working toward making this dream come true!User of Money Forward ME2Providing real-time financial dataShaping a Tomorrow in Which Businesses Can Enjoy Growth by Grasping Business Performance in Real TimeShaping a future in which Japanese companies can enjoy growthExpediting clients’ decision makingWe use Money Forward Cloud to support clients in setting up their businesses and rolling out their accounting, tax, and payroll operations. We are especially focused on enabling clients to grasp their performance on a real time basis. Companies will stop advancing if they cannot respond swiftly to ever-changing internal and external environments. Using monthly financial reports compiled at the traditional speed means making decisions in the dark. Figures would be those from several months earlier, leading to faulty decisions. Companies are able to find more joy in planning next actions and challenges if they can access real-time performance data and outcomes of daily activities. We are committed to spurring the positive growth of Japanese companies by helping to create such situations.Certified Member of Money Forward CloudTaiki KyuwaHongo Tsuji Tax & ConsultingHead of the Company Establishment CenterRaised productivity by eliminating manual accounting tasksCreating Services That Make the World a Better Place through Speedier Business OperationsLooking to launch 3rd, 4th products to bolster clients’ growthEnhanced speed of business operationsOur company was founded in 2016 with a focus on TUNAG, a ser vice that helps solve organizational challenges. We started using Money Forward Cloud about a year and a half af ter our founding, and now use multiple produc t s. Since our administrative department is quite small, eliminating manual tasks and raising productivity is crucial. I feel that these products have raised the speed of our accounting and other operations. In 2020, we also released FANT S, an online platfor m for suppor ting monetization in communities. We plan to subsequently launch our third and fourth products, thereby creating services that not only help individuals and organizations but make the world a better place.Released PFM app and BFM serviceUser of Money Forward CloudTaihei OnishiDirector and Corporate Division Manager stmn, inc.Contributing to the region with sanpo-yoshi spiritMany clients acknowledged benefits of DXEvolving with the Community while Embracing Mutual TrustOkazaki Shinkin Bank is the largest cooperative regional bank in the Chubu region, marking its 97th year in 2021. We first met members of Money Forward, Inc. in 2016, soon after its inception, and began jointly providing services. While Okazaki City’ s strength l i e s i n m o n o zu k u r i ( m a n u f a c t u r i n g ) , w i t h i t s c o n c e n t r a t i o n o f To y o t a M o t o r subcontractors, efforts in digital transformation (DX) have still just begun. I truly feel that our customers are benefiting from the new tools that streamline their accounting operations and enable them to easily grasp their c ash flow. We value the spirit of sanpo-yoshi, or mutual benefits for the seller, buyer, and society. Only after we satisfy all those involved and contribute to society, can we sustain our business. We will continue to contribute to the region while incorporating new challenges.Partner Financial Institution of Money Forward XKatsuhide NakagiriDirector and Head of Digital Planning Promotion Department Okazaki Shinkin BankProviding real-time financial dataShaping a Tomorrow in Which Businesses Can Enjoy Growth by Grasping Business Performance in Real TimeShaping a future in which Japanese companies can enjoy growthExpediting clients’ decision makingWe use Money Forward Cloud to support clients in setting up their businesses and rolling out their accounting, tax, and payroll operations. We are especially focused on enabling clients to grasp their performance on a real time basis. Companies will stop advancing if they cannot respond swiftly to ever-changing internal and external environments. Using monthly financial reports compiled at the traditional speed means making decisions in the dark. Figures would be those from several months earlier, leading to faulty decisions. Companies are able to find more joy in planning next actions and challenges if they can access real-time performance data and outcomes of daily activities. We are committed to spurring the positive growth of Japanese companies by helping to create such situations.Released PFM app and BFM serviceContributing to the region with sanpo-yoshi spiritMany clients acknowledged benefits of DXEvolving with the Community while Embracing Mutual TrustOkazaki Shinkin Bank is the largest cooperative regional bank in the Chubu region, marking its 97th year in 2021. We first met members of Money Forward, Inc. in 2016, soon after its inception, and began jointly providing services. While Okazaki City’ s strength l i e s i n m o n o zu k u r i ( m a n u f a c t u r i n g ) , w i t h i t s c o n c e n t r a t i o n o f To y o t a M o t o r subcontractors, efforts in digital transformation (DX) have still just begun. I truly feel that our customers are benefiting from the new tools that streamline their accounting operations and enable them to easily grasp their c ash flow. We value the spirit of sanpo-yoshi, or mutual benefits for the seller, buyer, and society. Only after we satisfy all those involved and contribute to society, can we sustain our business. We will continue to contribute to the region while incorporating new challenges.Certified Member of Money Forward CloudTaiki KyuwaHongo Tsuji Tax & ConsultingHead of the Company Establishment Center3Partner Financial Institution of Money Forward XKatsuhide NakagiriDirector and Head of Digital Planning Promotion Department Okazaki Shinkin BankGrasping cash flow in real timeDedicating Ourselves to Monozukuri Based on Visualized Business PerformanceJoined Money Forward, empathizing with its missionWelcoming More People from Around the World to Join the Company I LoveMaking clearer managerial decisionsFounded in 1969, the company develops and markets inner wear for the elderly. For SME owners like myself, ambiguous spending can be financially painful. We can devote ourselves to monozukuri owing to the sense of security we feel from being able to visually grasp our business performance. We have far less to worry about now that we have adopted Money Forward Cloud and can see our cash flow in real time. Comfort levels of clothes can change dramatically with such elements as yarn or knitting techniques, so it is a common practice to repeatedly create samples and test fitting. We generate added value by adapting to the times and environment, while resolutely protecting what must not be changed. We hope to revisit our roots in scrupulous monozukuri.Returning to our roots in scrupulous monozukuri(manufacturing products)User of Money Forward CloudKazumasa MikiRepresentative Director Shirasagi Knit Industry Co. Ltd. 4Aiming to create an organization where people around the globe can work freelyLeads job interviews and planning of hiring eventsI am responsible for recruiting new graduates and skilled engineers and designers. I joined Money Forward, Inc. out of university because I empathized with its mission, and love the fact that the Company’ s Mission, Vision, Values, and Culture are shared among every single person I work with. This also serves as the driving force of our recruitment activities. I feel overjoyed in moments during recruiting when I see students being rewarded for their efforts with a job offer. I also believe our mission to be viable across the globe. Having lived in Uganda as a student, my aspiration is to assemble an organization where people I met in Uganda would also want to join—a company where people around the world can work with a high level of freedom.New Graduate Hire,RecruiterFukina Ando Recruiting Department, People Forward DivisionMoney Forward, Inc.Creating products as a teamStudying Product Management, Motivated to Grow in Step with ServicesJoined new project in 2nd yearTaking a Chance—Rising to Challenges to Become an Engineer Who Can Drive the Team ForwardHoping to show my child how much I enjoy growing at workGaining expertise in whole product managementI am a designer of Money Forward Pay for Business. I love my current work, which enables me to nurture the service as a whole while listening to users’ voices. Consulting with team members, devising designs, and implementing the design with engineers—there is a sense of togetherness when we create products. Although I am currently a designer, my ambition is to eventually be able to manage a whole product. While my job is fun, there is so much to do. I enjoy stepping out of my field of expertise and reaching beyond my limits to achieve positive growth, for example by conducting research on overseas best practices and contemplating what can be done to promote product usage. I hope to show my child how vigorously and enthusiastically I am working.Mid-career Hire,DesignerNana MatsunagaPay Business DivisionMoney Forward, Inc.Achieved tangible personal growth! Aspiring to deliver even better productsPersistently tackled challenges with support of othersI came to Japan and joined Money Forward, Inc. in 2019 after graduating from a university in Hanoi. I am now developing new functions for cloud accounting. When I joined this project, I was still in my second year and didn’t feel very confident. I studied the accounting system and bookkeeping in addition to the technology. It was overwhelming. But with the help of others, I overcame one obstacle at a time.My wish is to become an engineer expert in both project management and technology. I enjoy propelling the project forward while sharing my motivation with the team to deliver great products to users, and aim to produce only the best products. I will continue stepping up to the challenge even if it means taking risks. Even if I happen to fail, everyone is there to help me, so why not take the chance?Non-Japanese Member,EngineerNguyen Thanh Nhan Money Forward Business Company Accounting & Finance Product DepartmentProduct Development DivisionJoined Money Forward, empathizing with its missionWelcoming More People from Around the World to Join the Company I LoveAiming to create an organization where people around the globe can work freelyLeads job interviews and planning of hiring eventsI am responsible for recruiting new graduates and skilled engineers and designers. I joined Money Forward, Inc. out of university because I empathized with its mission, and love the fact that the Company’ s Mission, Vision, Values, and Culture are shared among every single person I work with. This also serves as the driving force of our recruitment activities. I feel overjoyed in moments during recruiting when I see students being rewarded for their efforts with a job offer. I also believe our mission to be viable across the globe. Having lived in Uganda as a student, my aspiration is to assemble an organization where people I met in Uganda would also want to join—a company where people around the world can work with a high level of freedom.Joined new project in 2nd yearTaking a Chance—Rising to Challenges to Become an Engineer Who Can Drive the Team ForwardPersistently tackled challenges with support of othersI came to Japan and joined Money Forward, Inc. in 2019 after graduating from a university in Hanoi. I am now developing new functions for cloud accounting. When I joined this project, I was still in my second year and didn’t feel very confident. I studied the accounting system and bookkeeping in addition to the technology. It was overwhelming. But with the help of others, I overcame one obstacle at a time.My wish is to become an engineer expert in both project management and technology. I enjoy propelling the project forward while sharing my motivation with the team to deliver great products to users, and aim to produce only the best products. I will continue stepping up to the challenge even if it means taking risks. Even if I happen to fail, everyone is there to help me, so why not take the chance?Achieved tangible personal growth! Aspiring to deliver even better productsNew Graduate Hire,RecruiterFukina Ando Recruiting Department, People Forward DivisionMoney Forward, Inc.5Non-Japanese Member,EngineerNguyen Thanh Nhan Money Forward Business Company Accounting & Finance Product DepartmentProduct Development DivisionCEO Message 6 CEOMessage6Yosuke TsujiRepresentative Director, President and CEOWhile embracing our mission “Money Forward. Move your life forward,” we have deployed services in the field of SaaS and fintech. We aspire to resolve financial issues utilizing the power of technology, and to create a society where many people can actively take on challenges. We are thus implementing an array of initiatives, all of which are executed by our wonderful employees. Despite the intensifying competition in the hiring market, many talents continued to join us in FY11/21, with the number of employees increasing to 1,259 from 865 at FY11/20-end. Thanks to the endeavors of our many talented employees, we have built a foundation that will enable us to continue delivering new value to our users over the next decade. Meanwhile, it is also imperative to address various risk as we expand our business. Information security in particular is paramount since the Company collects and retains valuable user data. To fortify information security, our Chief Information Security Officer (CISO) is spearheading the clarification and compliance of operational rules and ensuring that appropriate safeguards are always in place against unauthorized system access and other risks. We will continue to reinforce information security while making ample investments.In the fiscal year ended November 30, 2021 (FY11/21), net sales totaled 15,632 million yen (up 38.1% YoY), SaaS annual recurring revenue (ARR) was 11,277 million yen (up 33.0% YoY), and EBITDA was 430 million yen, with all figures landing within the range of initial guidance. We also transferred our listing to the First Section of TSE in June 2021 and raised 31.5 billion yen through an international public offering in August. We thereby reinforced our financial base to pave the path for further growth. I would like to elaborate on our businesses. In Business domain, which provides services to corporates, SaaS applications for back-office operations now have over 180,000 users, while SaaS marketing platform BOXIL SaaS receives over 10 million page views per month. Particularly, in the rapidly growing domain of SaaS for the mid-cap market, we released eight new proprietary products in FY11/21. We expect these additions to become the new drivers of growth going forward. In Home domain, dedicated to services catering to individuals, the number of Money Forward ME users has topped 12 million. Also, as part of our shift in focus from “visualizing money” to “resolving users’ financial issues,” we have been releasing various new services, represented by Money Forward Financial Planning and Money Forward Fixed Cost Review. As for X domain, which primarily serves the financial sector, we offer our services to 44 financial institutions and are thus promoting digitalization and digital transformation (DX) of those institutions and their customers.Lastly, in Finance domain, the cumulative amount of receivables purchased in Money Forward Kessai exceeded 50 billion yen. We also established joint venture Biz Forward, Inc. with MUFG Bank, Ltd. and aim to further stimulate the growth of SMEs through online factoring services.CEO Message CCEEOOMMeessssaaggee97A Decade of Unceasing Endeavors.And Now, Looking Forward to the Decade Ahead.2021, a Year of New ProspectsThe spread of COVID-19 is directly impacting the daily lives of individuals and corporate In the fiscal year ended November 30, 2021 (FY11/21), net sales totaled 15,632 million In the fiscal year ended November 30, 2021 (FY11/21), net sales totaled 15,632 million activities. With many still facing adversities, we pray for life to return to normal and are yen (up 38.1% YoY), SaaS annual recurring revenue (ARR) was 11,277 million yen (up yen (up 38.1% YoY), SaaS annual recurring revenue (ARR) was 11,277 million yen (up constantly striving to offer help in any way possible through our services.33.0% YoY), and EBITDA was 430 million yen, with all figures landing within the range of 33.0% YoY), and EBITDA was 430 million yen, with all figures landing within the range of Meanwhile, the pandemic has caused dramatic societal changes. Many companies have initial guidance.initial guidance.introduced remote work, which was uncommon prior to the coronavirus outbreak. We also transferred our listing to the First Section of TSE in June 2021 and raised 31.5 We also transferred our listing to the First Section of TSE in June 2021 and raised 31.5 Additionally, companies’ adoption of cloud services and paperless offices has spread billion yen through an international public offering in August. We thereby reinforced our billion yen through an international public offering in August. We thereby reinforced our rapidly, in part owing to the government’s vigorous push for digitalization, including setting financial base to pave the path for further growth.financial base to pave the path for further growth.up the Digital Agency and revising the Act concerning Preservation of Electronic Books. I would like to elaborate on our businesses. In Business domain, which provides I would like to elaborate on our businesses. In Business domain, which provides Our lifestyles have also changed. I believe the pandemic has prompted many to services to corporates, SaaS applications for back-office operations now have over services to corporates, SaaS applications for back-office operations now have over reconsider the way they work and live, as indicated by the increase in time spent with 180,000 users, while SaaS marketing platform BOXIL SaaS receives over 10 million page 180,000 users, while SaaS marketing platform BOXIL SaaS receives over 10 million page family or in migrations to rural areas owing to remote work, albeit while harboring views per month. Particularly, in the rapidly growing domain of SaaS for the mid-cap views per month. Particularly, in the rapidly growing domain of SaaS for the mid-cap anxieties for the future.market, we released eight new proprietary products in FY11/21. We expect these market, we released eight new proprietary products in FY11/21. We expect these May 2022 marks our 10th anniversary. Our business, which kicked off in a studio additions to become the new drivers of growth going forward.additions to become the new drivers of growth going forward.apartment, has evolved thus far with the support of our many users and various partners. I In Home domain, dedicated to services catering to individuals, the number of Money In Home domain, dedicated to services catering to individuals, the number of Money would like to express my sincere gratitude to all the stakeholders who have supported us Forward ME users has topped 12 million. Also, as part of our shift in focus from “visualizing Forward ME users has topped 12 million. Also, as part of our shift in focus from “visualizing to this day.money” to “resolving users’ financial issues,” we have been releasing various new services, money” to “resolving users’ financial issues,” we have been releasing various new services, Our mission “Money Forward. Move your life forward” embodies our wish to alleviate represented by Money Forward Financial Planning and Money Forward Fixed Cost Review. represented by Money Forward Financial Planning and Money Forward Fixed Cost Review. to any extent possible the financial concerns and hassles of individuals and companies by As for X domain, which primarily serves the financial sector, we offer our services to 44 As for X domain, which primarily serves the financial sector, we offer our services to 44 offering our services, helping people to spend time on what they genuinely want to do, financial institutions and are thus promoting digitalization and digital transformation (DX) financial institutions and are thus promoting digitalization and digital transformation (DX) and encouraging everyone to take on challenges, thereby creating a forward-looking and of those institutions and their customers.of those institutions and their customers.optimistic society.Lastly, in Finance domain, the cumulative amount of receivables purchased in Money Lastly, in Finance domain, the cumulative amount of receivables purchased in Money Although the future may be obscure, we will view this environment positively as a Forward Kessai exceeded 50 billion yen. We also established joint venture Biz Forward, Forward Kessai exceeded 50 billion yen. We also established joint venture Biz Forward, chance for major societal changes and continue to make strenuous efforts toward Inc. with MUFG Bank, Ltd. and aim to further stimulate the growth of SMEs through online Inc. with MUFG Bank, Ltd. and aim to further stimulate the growth of SMEs through online achieving our mission.factoring services.factoring services.Creating a Positive Growth Cycle to Drive Society and Individual Lives ForwardYosuke TsujiRepresentative Director, President and CEOWhile embracing our mission “Money Forward. Move your life forward,” we have deployed services in the field of SaaS and fintech. We aspire to resolve financial issues utilizing the power of technology, and to create a society where many people can actively take on challenges. We are thus implementing an array of initiatives, all of which are executed by our We are thus implementing an array of initiatives, all of which are executed by our wonderful employees. Despite the intensifying competition in the hiring market, many wonderful employees. Despite the intensifying competition in the hiring market, many talents continued to join us in FY11/21, with the number of employees increasing to 1,259 talents continued to join us in FY11/21, with the number of employees increasing to 1,259 from 865 at FY11/20-end. Thanks to the endeavors of our many talented employees, we from 865 at FY11/20-end. Thanks to the endeavors of our many talented employees, we have built a foundation that will enable us to continue delivering new value to our users have built a foundation that will enable us to continue delivering new value to our users over the next decade.over the next decade. Meanwhile, it is also imperative to address various risk as we expand our business. Meanwhile, it is also imperative to address various risk as we expand our business. Information security in particular is paramount since the Company collects and retains Information security in particular is paramount since the Company collects and retains valuable user data. To fortify information security, our Chief Information Security Officer valuable user data. To fortify information security, our Chief Information Security Officer (CISO) is spearheading the clarification and compliance of operational rules and ensuring that (CISO) is spearheading the clarification and compliance of operational rules and ensuring that appropriate safeguards are always in place against unauthorized system access and other appropriate safeguards are always in place against unauthorized system access and other risks. We will continue to reinforce information security while making ample investments.risks. We will continue to reinforce information security while making ample investments.In the fiscal year ended November 30, 2021 (FY11/21), net sales totaled 15,632 million yen (up 38.1% YoY), SaaS annual recurring revenue (ARR) was 11,277 million yen (up 33.0% YoY), and EBITDA was 430 million yen, with all figures landing within the range of initial guidance. We also transferred our listing to the First Section of TSE in June 2021 and raised 31.5 billion yen through an international public offering in August. We thereby reinforced our financial base to pave the path for further growth. I would like to elaborate on our businesses. In Business domain, which provides services to corporates, SaaS applications for back-office operations now have over 180,000 users, while SaaS marketing platform BOXIL SaaS receives over 10 million page views per month. Particularly, in the rapidly growing domain of SaaS for the mid-cap market, we released eight new proprietary products in FY11/21. We expect these additions to become the new drivers of growth going forward. In Home domain, dedicated to services catering to individuals, the number of Money Forward ME users has topped 12 million. Also, as part of our shift in focus from “visualizing money” to “resolving users’ financial issues,” we have been releasing various new services, represented by Money Forward Financial Planning and Money Forward Fixed Cost Review. As for X domain, which primarily serves the financial sector, we offer our services to 44 financial institutions and are thus promoting digitalization and digital transformation (DX) of those institutions and their customers.Lastly, in Finance domain, the cumulative amount of receivables purchased in Money Forward Kessai exceeded 50 billion yen. We also established joint venture Biz Forward, Inc. with MUFG Bank, Ltd. and aim to further stimulate the growth of SMEs through online factoring services. CEOMessage10 We are thus implementing an array of initiatives, all of which are executed by our wonderful employees. Despite the intensifying competition in the hiring market, many talents continued to join us in FY11/21, with the number of employees increasing to 1,259 from 865 at FY11/20-end. Thanks to the endeavors of our many talented employees, we have built a foundation that will enable us to continue delivering new value to our users over the next decade. Meanwhile, it is also imperative to address various risk as we expand our business. Information security in particular is paramount since the Company collects and retains valuable user data. To fortify information security, our Chief Information Security Officer (CISO) is spearheading the clarification and compliance of operational rules and ensuring that appropriate safeguards are always in place against unauthorized system access and other risks. We will continue to reinforce information security while making ample investments.Talents, Teams, and Challenges to Realize Our VisionTo accelerate our growth in the decade ahead, we believe it is critical to develop and implement the right strategies, while also instilling our Mission, Vision, Values, and Culture (MVVC) among the members who will put those strategies into practice.Comrades with diverse characters and skills join one after another!Feeling thrilled everyday by the steady stream of ideasBolstering Money Forward to deliver more exhilarating experiences to all users! CEOMessage8 Previously, around the time our employee count was nearing the 100 mark, we rushed to attract which members with diverse backgrounds and values can express their abilities while being skilled talents to expand our business, but failed to sufficiently establish a common understanding true to themselves.of our culture. This ended up having a negative impact on the organization as a whole. As a new initiative, we have made English the official language among our engineers. Learning from this experience, we set three values, or action guidelines—User Focus, Demand for employing talented engineers is on the rise, and hiring in Japan alone will not Technology Driven, and Fairness—and have cherished them in our daily operations.suffice in realizing the world we envision. We will also be launching an overseas development Continually, raising the concentration of culture is a valuable task that a CEO must actively base in Hanoi, Vietnam, following the one in Ho Chi Minh. We are committed to cultivating an lead. We are enhancing the quantity and quality of communications with our members, environment where excellent engineers from across the globe can join us.starting with thorough assessment of corporate culture match in addition to capabilities at the We are also actively promoting young members as leaders. The CTOs of Home domain and Klavis, time of hiring, and following that up with on-board culture training and conveyance of our Inc., a Group company, are employees still in their 20s who joined the Company out of university.culture through Company-wide meetings thereafter. Regardless of such factors as age, gender, nationality, or educational background, we Money Forward currently has a diverse employee base, with the ratio of non-Japanese offer opportunities for talented members who are motivated to take on new challenges to employees to total employees exceeding 15%, and that of female managers to total managers demonstrate their capabilities and achieve personal growth through their work.exceeding 21%. We believe one of management’ s vital roles is to create an environment in In the fiscal year ended November 30, 2021 (FY11/21), net sales totaled 15,632 million In the fiscal year ended November 30, 2021 (FY11/21), net sales totaled 15,632 million yen (up 38.1% YoY), SaaS annual recurring revenue (ARR) was 11,277 million yen (up yen (up 38.1% YoY), SaaS annual recurring revenue (ARR) was 11,277 million yen (up 33.0% YoY), and EBITDA was 430 million yen, with all figures landing within the range of 33.0% YoY), and EBITDA was 430 million yen, with all figures landing within the range of initial guidance.initial guidance. We also transferred our listing to the First Section of TSE in June 2021 and raised 31.5 We also transferred our listing to the First Section of TSE in June 2021 and raised 31.5 billion yen through an international public offering in August. We thereby reinforced our billion yen through an international public offering in August. We thereby reinforced our financial base to pave the path for further growth.financial base to pave the path for further growth. I would like to elaborate on our businesses. In Business domain, which provides I would like to elaborate on our businesses. In Business domain, which provides services to corporates, SaaS applications for back-office operations now have over services to corporates, SaaS applications for back-office operations now have over 180,000 users, while SaaS marketing platform BOXIL SaaS receives over 10 million page 180,000 users, while SaaS marketing platform BOXIL SaaS receives over 10 million page views per month. Particularly, in the rapidly growing domain of SaaS for the mid-cap views per month. Particularly, in the rapidly growing domain of SaaS for the mid-cap market, we released eight new proprietary products in FY11/21. We expect these market, we released eight new proprietary products in FY11/21. We expect these additions to become the new drivers of growth going forward.additions to become the new drivers of growth going forward. In Home domain, dedicated to services catering to individuals, the number of Money In Home domain, dedicated to services catering to individuals, the number of Money Forward ME users has topped 12 million. Also, as part of our shift in focus from “visualizing Forward ME users has topped 12 million. Also, as part of our shift in focus from “visualizing money” to “resolving users’ financial issues,” we have been releasing various new services, money” to “resolving users’ financial issues,” we have been releasing various new services, represented by Money Forward Financial Planning and Money Forward Fixed Cost Review. represented by Money Forward Financial Planning and Money Forward Fixed Cost Review. As for X domain, which primarily serves the financial sector, we offer our services to 44 As for X domain, which primarily serves the financial sector, we offer our services to 44 financial institutions and are thus promoting digitalization and digital transformation (DX) financial institutions and are thus promoting digitalization and digital transformation (DX) of those institutions and their customers.of those institutions and their customers.Lastly, in Finance domain, the cumulative amount of receivables purchased in Money Lastly, in Finance domain, the cumulative amount of receivables purchased in Money Forward Kessai exceeded 50 billion yen. We also established joint venture Biz Forward, Forward Kessai exceeded 50 billion yen. We also established joint venture Biz Forward, Inc. with MUFG Bank, Ltd. and aim to further stimulate the growth of SMEs through online Inc. with MUFG Bank, Ltd. and aim to further stimulate the growth of SMEs through online factoring services.factoring services.CEO Message10 We are thus implementing an array of initiatives, all of which are executed by our We are thus implementing an array of initiatives, all of which are executed by our wonderful employees. Despite the intensifying competition in the hiring market, many wonderful employees. Despite the intensifying competition in the hiring market, many talents continued to join us in FY11/21, with the number of employees increasing to 1,259 talents continued to join us in FY11/21, with the number of employees increasing to 1,259 from 865 at FY11/20-end. Thanks to the endeavors of our many talented employees, we from 865 at FY11/20-end. Thanks to the endeavors of our many talented employees, we have built a foundation that will enable us to continue delivering new value to our users have built a foundation that will enable us to continue delivering new value to our users over the next decade.over the next decade. Meanwhile, it is also imperative to address various risk as we expand our business. Meanwhile, it is also imperative to address various risk as we expand our business. Information security in particular is paramount since the Company collects and retains Information security in particular is paramount since the Company collects and retains valuable user data. To fortify information security, our Chief Information Security Officer valuable user data. To fortify information security, our Chief Information Security Officer (CISO) is spearheading the clarification and compliance of operational rules and ensuring that (CISO) is spearheading the clarification and compliance of operational rules and ensuring that appropriate safeguards are always in place against unauthorized system access and other appropriate safeguards are always in place against unauthorized system access and other risks. We will continue to reinforce information security while making ample investments.risks. We will continue to reinforce information security while making ample investments.Talents, Teams, and Challenges to Realize Our VisionTo accelerate our growth in the decade ahead, we believe it is critical to develop and implement the right strategies, while also instilling our Mission, Vision, Values, and Culture (MVVC) among the members who will put those strategies into practice.Comrades with diverse characters and skills join one after another!Feeling thrilled everyday by the steady stream of ideasBolstering Money Forward to deliver more exhilarating experiences to all users!Sustainability at Money ForwardForward, and Talent Forward. We also established the Sustainability Committee in February 2022, chaired by myself, to facilitate our sustainability initiatives. Furthermore, we have set “Positive Growth Cycle” as the concept we aim to achieve. We want to help users’ lead optimistic lives by providing our services, to help society evolve by urging upgrades in social systems, and to spur growth of our employees by boosting their Corporate responsibility to create a sustainable society is becoming increasingly important. motivation and cultivating a friendly work environment. In this way, we hope to push society From dialogues with our users and investors, we acknowledge that there is strong demand for forward with our many stakeholders and shape a promising future where many companies pioneering companies like our own to not only expand our business but to resolve social and individuals can take on the challenges that they truly want to pursue. We aspire to create a issues through our businesses.society where such a virtuous cycle can be sustained. Money is merely a tool for living. Yet, many individuals and companies are pressured and All Money Forward members will continue to make a concerted effort to provide services affected by money because of lack of proper knowledge and are unable to take on the that address users’ issues while empathizing with them, and thereby propel a myriad of challenges that they wish to pursue. Through our services and businesses, we support each positive growth cycles in society. To this end, we ask for your ongoing support and guidance.and every individual to move their lives forward and to drastically enrich everyday life, thus creating a sustainable society that drives countless challenges. To shape such a society, we have set three materiality themes: User Forward, Society CCEEOOMMeessssaaggee191 Previously, around the time our employee count was nearing the 100 mark, we rushed to attract which members with diverse backgrounds and values can express their abilities while being skilled talents to expand our business, but failed to sufficiently establish a common understanding true to themselves.of our culture. This ended up having a negative impact on the organization as a whole. As a new initiative, we have made English the official language among our engineers. Learning from this experience, we set three values, or action guidelines—User Focus, Demand for employing talented engineers is on the rise, and hiring in Japan alone will not Technology Driven, and Fairness—and have cherished them in our daily operations.suffice in realizing the world we envision. We will also be launching an overseas development Continually, raising the concentration of culture is a valuable task that a CEO must actively base in Hanoi, Vietnam, following the one in Ho Chi Minh. We are committed to cultivating an lead. We are enhancing the quantity and quality of communications with our members, environment where excellent engineers from across the globe can join us.starting with thorough assessment of corporate culture match in addition to capabilities at the We are also actively promoting young members as leaders. The CTOs of Home domain and Klavis, time of hiring, and following that up with on-board culture training and conveyance of our Inc., a Group company, are employees still in their 20s who joined the Company out of university.culture through Company-wide meetings thereafter. Regardless of such factors as age, gender, nationality, or educational background, we Money Forward currently has a diverse employee base, with the ratio of non-Japanese offer opportunities for talented members who are motivated to take on new challenges to employees to total employees exceeding 15%, and that of female managers to total managers demonstrate their capabilities and achieve personal growth through their work.exceeding 21%. We believe one of management’ s vital roles is to create an environment in ContentsCEO Message Highlights History Value Creation Core Technology Sustainability 　CoPA Message 　-User Forward 　-Society Forward 　-Talent Forward 　　Governance That Balances Growth and Risk Control Our Business 　CFO Message Our Service 　CSO Message 61112141618192125283033343839Governance 　Discussion 　Governance 　Executives Fact & Data Business Overview Products 　-Business 　-Home 　-X 　-Finance 　Group Joins Driving Services Forward through Teamwork Moving Society Forward with Soccer Clubs 414243535760646668697074788310ContentsHighlights(For the Fiscal Year Ended November 30, 2021)iHghlights11Governance 　Discussion 　Governance 　Executives Fact & Data 6970747883■ Net Sales(¥ mn)Net SalesConsolidated Net SalesConsolidated EBITDA*1Consolidated net sales continued to grow rapidly, achieving a CAGR (compoundannual growth rate) of 59%.¥15,633mn(Up 38% YoY)¥430mn(EBITDA margin was XX%, increasing by XX% YoY)YoY+38%15,633Group Companies/Locations15/16(As of March 31, 2022)Employees/Ratio of Engineers and Designers1,248/39%CAGR from FY11/16 to FY11/21+59%11,3187,1574,5952,9001,542376441Paying Customers*2Certified Members*3540,000 plus19,000 plusPartnerships with Financial Services*42,590 plusFinancial Institutions That Provide Our Services40(As of November 30, 2021)FY11/13 FY11/14 FY11/15 FY11/16 FY11/17 FY11/18 FY11/19 FY11/20 FY11/21(Nonconsolidated) (Nonconsolidated) (Nonconsolidated) (Consolidated)(Consolidated)(Consolidated)(Consolidated)(Consolidated)(Consolidated)(Month/Fiscal Year) remuneration expenses*1 Consolidated operating profit/loss + depreciation and amortization + tax expenses included in operating expenses + share-based *2 The number of paying users of Money Forward ME and paying business customers of Money Forward Cloud and other SaaS applications *3 The total number of employees who use our services at major professional service firms.*4 Based on research by Money Forward, Inc. as of December 2021. for back-office operations.History12HistoryExpanding Business Scope through New Business Development and M&AsMoney 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 display all data on a single screen, making it easier for users to acknowledge 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 and user experience as with Money Forward ME. In consideration of the affinity between SaaS platforms and financial services, we then released Money Forward for XX Bank, which targets users of financial institutions as an OEM of Money Forward ME, to respond to financial institutions’ needs to digitally transform their services. Since then, we have continued to bolster co-developments with financial institutions in X domain. We established Money Forward Kessai, Inc. in 2017 as a company dedicated to financial services, to address companies’ key managerial challenge of 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 For ward Vietnam Co., Ltd. as a development foothold in 2018 with the aim of raising the quality and volume of product development, followed by Money Forward Lab in 2019 with the aim of promoting utilization of technology and data. In the same year, we extended our business coverage through the acquisition of SMARTCAMP Co., Ltd. through an M&A. It offers BOXIL, a marketing platform for SaaS businesses. Five companies, including SMARTCAMP Co., Ltd., have joined the Group since 2017, 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 M&As to meet the expectations of our users and all * We refrain from using the term “acquisitions” and refer to M&As as “Group joins.” stakeholders. May 2012 Moneybook Co., Ltd. (currently Money Forward, Inc.) is establishedDec. 2012 Money Forward ME is released as a service for visualizing personal financesNov. 2013 Money Forward Cloud Accounting/Tax Return is releasedNov. 2015 Money Forward for XX Bank is released Customized versions of Money Forward ME for individual customers of financial institutionsMar. 2017 Money Forward Kessai, Inc. is established Provides an accounts receivable financing service and B2B invoicing/payment BPO serviceSep. 2017 The Company is listed on TSE’s MothersNov. 2017 Klavis, Inc. joins the Group accounting data Provides STREAMED, which converts scanned paper documents, such as receipts, into digital Jul. 2018 Knowledge Labo, Inc. joins the Group Provides cloud-based budget and cash flow management software Manageboard and consulting services in business administrationAug. 2018 Money Forward Vietnam Co., Ltd. is establishedMar. 2019 Money Forward Lab is established An R&D organization for promoting effective use of technology and dataSep. 2019 Money Forward Synca, Inc. is established Supports financing, IPO, and M&As of startupsNov. 2019 SMARTCAMP Co., Ltd. joins the Group Deploys a SaaS marketing platform business centered on BOXIL SaaS, a comparison site for SaaS targeting corporatesJul. 2020 HIRAC FUND is launched An entrepreneur fund targeting Japanese startups in their seed or early stagesAug. 2020 R&AC Co., Ltd. joins the Group Mainly provides V-ONE Cloud, a cloud service for payment reconciliation and receivables managementOct. 2020 Money Forward Cloud ERP for medium-sized companies is announcedJun. 2021 The Company changes the listing of its shares to TSE’s First SectionAug. 2021 Money Forward IT Management Cloud is released Sep. 2021 Money Forward Pay for Business is released Biz Forward, Inc., a joint venture with MUFG Bank, Ltd., is established Dec. 2021 HiTTO Inc. joins the Group Provides HiTTO, which holds the top share in Japan for internal AI chatbots** Market share for in-house AI chatbots in 2018 (on sales amount basis) from Marketing Analysis for Task Automation Tools Market (May 2019) that was issued as a market research report by Techno Systems Research Co., Ltd. Expansion and Growth of Business FieldHistory13Cloud IT Management CloudFixed Cost ReviewValue CreationMission Money Forward. Move your life forward.InputsGrowth StrategyHuman capitalGroup employees1,248Ratio of engineers and designersRatio of non-Japanese membersRatio of female employees%39%15%33Intellectual capitalR&D investment in data utilization and cutting-edge technologyDesign and product development know-howIntellectual property such as patentsInvestments related to security measuresSocial capitalPartnerships with financial institutions, accountants, and business corporations across JapanParticipation in industry groups, makingrecommendations to the government, among other effortsFinancial capitalStable financial baseBusiness field expansionLeverage existing assets to create new opportunitiesSynergy creationMultiple avenues for future growth with significant synergies14 Va lue・CultureAdvancement of value propositionSuperior financial platform with differentiated Go-to-Market strategyHuman resourcesCultureCo-creation relationships with stakeholdersM&A strategy executionDisciplined M&A strategy with proven track recordGovernance that balances gro w t h a n d r i sok cn tr olValue CreationMission Money Forward. Move your life forward.Vision Becoming the financial platform for all.InputsGrowth StrategyOutputsOutcomesHuman capitalGroup employees1,248Ratio of engineers and designersRatio of non-Japanese membersRatio of female employees%39%15%33Intellectual capitalR&D investment in data utilization and cutting-edge technologyDesign and product development know-howIntellectual property such as patentsInvestments related to security measuresSocial capitalPartnerships with financial institutions, accountants, and business corporations across JapanParticipation in industry groups, makingrecommendations to the government, among other effortsFinancial capitalStable financial base Va lue・CultureAdvancement of value propositionSuperior financial platform with differentiated Go-to-Market strategyHuman resourcesCultureCo-creation relationships with stakeholdersM&A strategy executionDisciplined M&A strategy with proven track recordBusiness field expansionLeverage existing assets to create new opportunitiesSynergy creationMultiple avenues for future growth with significant synergiesGovernance that balances gro w t h a n d r i sok cn tr olWe offer various services that solve financial issues for corporates, individuals, and financial institutions.Providing a safe and secure user experiencePaying business customers*1Individuals*2Paying individual users*3Financial institutions180,00012,000,000360,0007 1 156.311.2billion yenbillion yenNet sales SaaS ARRCloud *1 The total number of business owners and corporates paying for Money Forward Cloud and our other services*2 The total number of Money Forward ME users*3 The total number of individual users paying for Money Forward ME or Money Forward for XXX BankRealization of better social systems through co-creation with diverse partnersPromotion of institutional reform through research and policy recommendationsCertified members19,000Financial institutions that provide our services 40113Alliances with chambers of commerceNumber of financial institutions(Scraping and API connections with FIs)Efforts to attract superior talents, create growth opportunities, promote diversity and inclusionManagement’s efforts such as Leadership Forward Program, create a culture to establish a global development teamRatio of women among managers Childcare leave acquisition rateOverallBusinessFemaleMaleUser ForwardTo 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 growthSociety ForwardTo 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)1,071%21%3110052%%Talent ForwardTo drive our employeesʼ potential forwardCreate diverse growth opportunities that bring out the potential of our members, realize a comfortable and rewarding work environment for employees in diverse situationsl VaueCreation15 CoreTechnoogyl16Core TechnologyWe 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.UsersCorporatesIndividualsFinancial Institutions, etc.SaaS ApplicationsCloud 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.Core TechnologiesCommon ID/authentication platform: Provides common IDs and authentication across various services.Account aggregation platform: Automatically connects data among various services used by customers.2,590* plus connected services* Based on research by Money Forward, Inc. as of Dec 2021.Securities Electronic moneyE-commerceCredit cardsBank accountsCreating Unique Value through Inter-Domain SynergiesHome domainBusiness domainSaaS marketing platformsX domainRefers sole proprietor customers (Tax return)Offers OEM to financial institutionsMarketing support and collaborationBusiness domainSaaS applications for back-office operationsCloudCloud Connects and offers service functions for corporatesRefers corporate customersIT Management CloudMarketing support and collaborationRefers corporate customers through financial institutionsRefers financial institutionsFinance domainOffers OEM to financial institutions CoreTechnoogyl17SustainabilityAspiring to Resolve Financial Issues for All and Create a Society that Drives ChallengeSince our founding, we have embraced our corporate mission “Money Forward. Move your life forward,” and aspired to eliminate financial issues and concerns from the world. Through our services and businesses, we support each and every individual in their efforts to move their lives forward and enrich everyday life, thus creating a society that drives challenge.Identifying Our MaterialitiesStructure for Promoting SustainabilityIn February 2022, we set up the Sustainability Committee to bolster our efforts in sustainability, a priority agenda of the Company. The committee holds regular discussions with external directors and managers of each business division. Committee members are appointed by the Board of Directors, with the Representative Director, President and CEO serving as chairperson, and Executive Officer and Head of Sustainability Toshio Taki serving as vice chairperson. Business division managers and external directors are also asked to participate as necessary to ensure effectiveness and viability of sustainability initiatives. More specifically, meetings will be held every other month to discuss matters regarding sustainability and monitor the progress of initiatives, and reports will be made to the Board of Directors. Once the committee and Board of Directors deliberate and decide upon initiatives to be carried out, the committee’s secretariat To realize the society we envision and to continuously improve our corporate value, members will promote such initiatives by collaborating with and gathering we have set User Forward (to drive users’ lives forward), Society Forward (to drive information from the sustainability officers, a new post established in each Group our society forward), and Talent Forward (to drive our employees’ potential company and business division. Sustanabiility18forward) as three priority materialities. We identified our materialities by selecting prospective items referencing major guidelines, including the SDG Compass*1 and SASB’s materials*2, as well as ESG criteria, combining that information with interviews with internal and external stakeholders, and holding discussions at Board of Directors meetings and management meetings.*1 Guidance for companies to align their strategies with the SDGs*2 SASB=Sustainability Accounting Standards Board Boardof DirectorsDelegate monitoring of initiativesReport statusSustainability CommitteeChairperson: Representative Director, President and CEOMembers: Executive Officer/Head of Sustainability and persons appointed by Board of Directors* Business division managers and external directors attend if neededMeetings: Once every other month Comittee’s OfficeCollaborate businessdivisionsw iithn theGroup liaisons i n relatedcorporateand CoPA MessageCreating a Society Where AllIndividuals Can Realize TheirPotential and Dreams, EnablingThem to Fulfill TheirResponsibilities to the FutureToshio TakiExecutive OfficerHead of SustainabilityCoPA (Chief of Public Affairs)Head of Fintech ResearchSustanabiility / CoPAMessage 19Sustainability at Money ForwardDecisions surrounding finance tend to be left to experts or in many cases, simply procrastinated over. Money Forward, Inc. was founded driven by the desire to change the world in which many people are overwhelmed by financial concerns, such as not having access to the right experts or the tools for making sound judgements. Our wish remains unaltered—we aim to alleviate financial anxieties and create a society that unleashes each and every individual’s potential by constantly developing user-centric products. Since our founding days, Japan has continued to face a host of social issues stemming from its declining and aging population. Individuals are burdened by never-ending pressures, including uncertainties over the social security system and the need to build wealth to prepare for longevity or protect wealth in later life. Meanwhile, workplaces that lag behind in digitalization amid a chronic labor shortage face a decline in managerial capabilities. We feel that the prevalence of such issues may have eroded energy directed toward societal change and productivity in the workplace.financial issues. We believe that many of these problems can be solved by tackling certain For example, User Forward, the pillar of our sustainability efforts, calls for moving society forward by addressing users’ challenges. If individuals can grasp where they stand financially, see next actions clearly, and access thoroughly designed services, many matters vaguely perceived as “uncertainties“ would transform into practical “issues” that can be solved. As for businesses, by automating their back office, understanding their financial standing, and eliminating concerns regarding operating funds, they will be able to pursue profitability, raise employee salaries, and cultivate a mindset for creating medium- to long-term value. Resolving financial issues also requires the involvement of the financial service industry, various ecosystems surrounding financial decisions, and an array of governmental regimes and services. We are also focused on actively promoting digital transformation (DX) in these areas with the aim of boosting the probability that businesses will succeed in their mission. This commitment links to the concept of Society Forward, which I will discuss later. Furthermore, our stakeholders also include many employees working with the Group. As an organization comprising over 1,200 individuals, we believe it is essential that each and every member be able to exert their true self and maximize their potentials by working with us. Cultivating such an environment will in turn enable us to merge the power of our many colleagues to jointly drive society forward. Decisions regarding money are inextricably linked to judgements made in everyday life and business. Wholehearted decisions made upon careful consideration should prepare us for the future and allow us to bring out the best of ourselves. We believe that Money Forward’s initiatives toward sustainability will be greatly instrumental in driving such social innovations.Three MaterialitiesTo achieve the aforementioned objectives, we position the three areas of “User,” “Society,” and “Talents” as our corporate materiality themes. User Forward is a commitment to deliver ground-breaking services more broadly, 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. Under Society Forward we aim to contribute to the DX of society as a whole by collaborating with diverse partners. Since the Company’s early days, we have been making policy proposals toward building an optimal future in areas where DX has traditionally been viewed as a challenge, including fintech and digital public services. In doing so, we have leveraged insights from users to depict an ideal, yet achievable future. To achieve our mission, we must simultaneously pursue societal change. We will thus continue making recommendat