layerx Raises $100M Series B to Automate Enterprise Back Office

Transforming Finance and HR in Japan with AI: LayerX Secures $100 Million

Several factors are prompting Japanese companies to embrace automation in finance, tax, procurement, and human resources. These include shifting demographics with an aging population, existing labor shortages, the increasing influence of Generative AI, and the recent mandate for e-invoicing in 2023.

Despite the drive for digital transformation, success rates remain low. Only 16% of these initiatives achieve their goals, with even lower rates – between 4% and 11% – observed in more traditional industries.

Key Challenges to Digital Transformation

• Insufficient commitment from leadership
• Inflexible organizational cultures
• A scarcity of skilled digital talent

LayerX addresses these challenges by offering an AI-powered SaaS platform designed to facilitate the scaling of back-office automation for enterprises.

LayerX Raises $100 Million in Series B Funding

LayerX, a Japanese startup specializing in AI SaaS solutions, has successfully completed a $100 million Series B funding round. This round was led by TCV, marking the firm’s inaugural investment in a Japanese company.

While the company has not publicly disclosed its valuation, it confirms that both the valuation and the funding amount represent some of the largest figures ever secured by a Japanese startup at the Series B stage after seven years of operation.

Additional investors participating in this round include MUFG Bank, Mitsubishi UFJ Innovation Partners, JAFCO Group, Keyrock Capital, Coreline Ventures, and JP Investment. This brings the total funding raised by LayerX to $192.2 million.

LayerX’s Core Product Offerings

LayerX provides a suite of solutions designed to streamline business processes. These include:

• Bakuraku: A platform automating corporate spending workflows, encompassing expense management, invoice processing, and corporate card operations, currently serving over 15,000 companies.
• Alterna: A digital investment platform for retail investors in digital securities, developed in collaboration with Mitsui & Co.
• Ai Workforce: A generative AI solution focused on optimizing workflows and leveraging enterprise data.

Company History and Founding Principles

Founded in 2018 by Yoshinori Fukushima, a serial entrepreneur with a background in machine learning from the University of Tokyo, LayerX originated from his previous ventures in digital transformation and blockchain technology.

Fukushima identified a critical impediment to efficiency within Japanese enterprises: the reliance on paper-based invoice processing. This realization led to the development of Bakuraku, LayerX’s AI-driven SaaS platform.

The platform’s intuitive, AI-native user experience quickly gained acceptance, enabling LayerX to establish key strategic partnerships, notably with MUFG and Mitsubishi UFJ Financial Group, ultimately securing the recent funding round.

Competitive Landscape

Despite increasing digitalization, many Japanese businesses continue to depend on manual processes like paper-based expense reports and invoice handling. LayerX competes with domestic players such as Money Forward Cloud Keihi, freee, and Rakuraku Seisan.

On a global scale, its competitors include SAP Concur, Rippling, Brex, Ramp, Spendesk, and Airbase. In the AI Workforce sector, LayerX faces competition from companies like Harvey.

Bakuraku’s Differentiators

Bakuraku distinguishes itself through its AI-enhanced user experience. The company consistently invests in improving automation features, including “auto-entry and document splitting,” as well as developing AI agents and AI-powered business process outsourcing (BPO) solutions.

The LayerX team boasts a strong technical foundation, including “more than 12 former CTOs and a Kaggle Grandmaster.” Bakuraku provides a unified platform encompassing expense management, invoice processing, corporate cards, workflows, e-ledger compliance, attendance tracking, and receivables – all within a single solution.

Rapid Growth and Expansion

LayerX secured its Series B funding less than two years after completing its Series A round in November 2023. The company’s flagship Bakuraku Suite has experienced substantial growth during this period.

“We surpassed 10,000 customers in February 2024 and reached 15,000 by April 2025, with a growing number of enterprise clients,” stated the CEO.

The company’s headcount has also increased significantly, growing from approximately 220 employees in October 2023 to around 430 by the end of July 2025.

Record-Breaking Growth Trajectory

LayerX is projected to achieve $68 million (¥10 billion) in annual recurring revenue faster than any other SaaS company in Japanese history. The company has already exceeded its T2D3 growth benchmark and anticipates surpassing the previous domestic record, which took eight years to achieve, in under five years.

Key Clients and Future Outlook

Ai Workforce’s clients include prominent organizations such as Mitsui & Co. and MUFG Bank. Bakuraku serves a diverse customer base, including Ippudo, IRIS Ohyama, the Imperial Hotel, and Sekisui Chemical.

Looking ahead, LayerX aims to reach $680 million (¥100 billion) in annual recurring revenue by fiscal year 2030, with approximately half of this revenue expected to originate from its AI agent business. The company also plans to expand its workforce to around 1,000 employees by 2028.