MUFG Innovation Partners, Co., Ltd. (MUIP), a subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG), the largest and oldest bank in Japan, invests in the company following partnership for company-wide digital transformation
Ripcord, a Silicon Valley-based provider that combines cutting-edge robotics digitization with a SaaS platform to help enterprises accelerate digital transformation, today announced MUIP has decided to invest capital in the company. The investment by MUIP comes on the heels of a multi-year deal signed in 2019 for Ripcord’s robotic and machine learning solutions to digitize critical and sensitive documents for its parent company, MUFG, making the data more efficient and powerful while fully integrating within its existing big data platform.
With over 2,700 locations in 50 countries and more than 360 years of experience in Japan alone, MUFG first partnered with Ripcord in November 2019 to get a handle on its hundreds of millions of sheets of paper kept in a central location that wasn’t readily accessible to branch locations. MUFG Bank’s decision to use Ripcord to digitally transform these documents and processes, improves on a legacy system by making the digital documents immediately accessible by all the branches, materially reducing the time required to retrieve customer information.
On the success and strength of this partnership, MUFG is undertaking a first for Ripcord by not only being a customer but also an investor. After experiencing the power and possibilities for true digital transformation through Ripcord’s platform, MUFG will also serve as an investor in the brand, helping to shape and support Ripcord’s vision and commitment to unlocking the intelligence in data to affect real, actionable change.
“We are honored to not only call Mitsubishi UFJ Financial Group a customer but an investor in our brand,” said Alex Fielding, Founder of Ripcord. “There can be no greater expression of the belief and trust a company has in your brand than a prominent customer becoming an investor in your business. We are proud that MUFG recognizes and wants to join our mission to digitally transform how we receive and access information around the globe.”
“We are excited to be a partner in Ripcord’s journey to help businesses transform digitally,” said Nobutake Suzuki, President and CEO of MUIP. “MUFG Bank partnered with Ripcord to tap its capability of unlocking value from paper documents, making the data digitally accessible with speed, at scale, and securely. As more businesses digitalize, we look forward to deepening our partnership as Ripcord scales its solution both in Japan and new geographies.
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