Gojo & Company, Inc. (“Gojo”) is pleased to announce that we have signed a Memorandum of Understanding with Sumitomo Mitsui Banking Corporation (“SMBC”, President and Chief Executive Officer, Akihiro Fukutome). Gojo and SMBC will work together on sharing insights and co-developing solutions for financial inclusion in developing countries.
Gojo established UNLEASH Capital Partners, Inc.("UNLEASH") jointly with our former employee, Natsuki Sugai, a venture capital business specialising in financial inclusion. Gojo also signed an investment agreement with UNLEASH 1st Investment Partnership (the "1st Fund"), the first fund launched by UNLEASH. The 1st Fund is committed to investing in early-stage companies that are at the forefront of tackling the wide-ranging challenges associated with financial inclusion in India. As the start of the collaboration with Gojo, SMBC also decided to invest in the Fund.
In addition to financial returns, Gojo will gather information on trends in digital technology and build a network of potential investment and collaboration partners through UNLEASH.
About UNLEASH and the Fund
Name：UNLEASH Capital Partners, Inc. Foundation：October 2023 India Office：Mumbai, Bengaluru Managing fund：UNLEASH No. 1 Investment Partnership AUM：JPY 4.5 billion* Vision：Enable a world where everyone can determine their future. Mission：Extend financial inclusion by unleashing bold entrepreneurs’ potential. Long Term Goal：Deploy USD 10 billion in total by 2050. HP：https://unleashcp.com Contact：info@unleashcp.com
*The AUM was changed from JPY 45 billion to JPY 4.5 billion (edited on May 13, 2025).
About Gojo & Company
Gojo was founded to extend financial inclusion across the globe. Gojo encourages the formalisation and growth of micro, small, and medium-sized enterprises. Our long-term goal is to enable the provision of high-quality affordable financial services for 100 million clients in 50 countries by 2030. Nine years since our establishment, we work in Cambodia, Myanmar, Sri Lanka, India and Tajikistan with USD 792 million Assets Under Management and 8,800 employees, serving more than 1.88 million clients (Consolidated, as of September 2023).
Gojo & Company, Inc. (“Gojo”) is pleased to announce that we have successfully raised JPY 9.0 billion (USD 60 million) from Sumitomo Mitsui Banking Corporation (“SMBC”, President and Chief Executive Officer, Akihiro Fukutome) to Gojo’s Group Company.
This transaction marked the first debt fundraising from one of the largest Japanese commercial banks for Gojo group. A Social Loan of JPY 9.0 billion (USD 60 million) and 3 years loan term has been executed by SMBC to Gojo’s group company. Gojo will work towards improving the livelihoods and empowerment of rural women entrepreneurs in developing countries.
A Social Loan is a form of financing that enables companies to raise funds for projects that contribute to solving social problems and creating societal benefits (“Social Projects”) and is specifically designed to ensure that (i) the proceeds are allocated exclusively to Social Projects, (ii) the funds raised are securely tracked and managed, and (iii) transparency is ensured through post-financing reporting.
For inclusive financial service providers in low and lower-middle-income countries, one of the major challenges is the high cost of funding. Establishing a sustainable mechanism to channel funds from developed countries such as the US, Europe and Japan to people who need access to affordable financial services in emerging countries is one of the most important roles played by Gojo as a holding company. Gojo continues to work on optimising funding cost by pursuing global scale and risk diversification, building strong relationships with Japanese financial institutions and individual investors, and diversifying financing methods.
About Gojo & Company
Gojo was founded to extend financial inclusion to everyone in the world, beginning with developing countries. Gojo encourages the formalisation and growth of micro, small, and medium-sized enterprises. Our long-term goal is to enable the provision of high-quality affordable financial services for 1 million unserved and underserved people in 50 countries by 2030. Nine years since our establishment, we work in Cambodia, Myanmar, Sri Lanka, India and Tajikistan with USD 759 million Assets Under Management and 8,500 employees, serving more than 1.83 million clients (Consolidated, as of August 2023).
Gojo & Company, Inc. (“Gojo”) is pleased to announce that we have successfully raised an additional USD 30.8 million in the final close of our Series E fundraising. The cumulative Series E financing amount has now reached USD 100 million, with paid-in capital since our establishment in July 2014 reaching USD 215 million. Gojo also closed FY2023/3 with JPY 18.6 billion financial income, JPY 1.7 billion operating profit, and achieved profitability.
Gojo Closed USD 100 Million Series E2 Equity Financing
With our cumulative Series E financing amount now at USD 100 million, we are strengthening Gojo’s financial foundation, investing in further growth after the group’s recovery from the impact of COVID-19, and promoting the digitalization of group companies, particularly in India and Tajikistan, as well as expanding to new markets in Asia and Africa.
Gojo has also agreed with Renet Japan Group, Inc. to acquire shares in their subsidiary CHAMROEUN MICROFINANCE PLC., a microfinance institution in Cambodia. Gojo will issue the equivalent of JPY 950 million of Class E2 Preferred Shares to Renet Japan Group, Inc. as a part of the consideration for the share transfer.
Achieved Consolidated Profit
Gojo reported a consolidated profit for the year ended March 2023, with financial revenue of JPY 18.6 billion and operating profit of JPY 1.76 billion. This is due to the full-year contribution from the performance of Humo, a microfinance institution in Tajikistan in which Gojo invested in September 2021, sustained growth of group companies especially in India, and provisions for overdue loans affected by COVID-19 and the coup in Myanmar.
Strengthening Group Governance and our Management Team
As a holding company, Gojo provides support for finance, management, and technology to our group companies. This support is made possible by Gojo’s implementation of the best practices in governance for our group companies.
Gojo Group’s governance practices are underpinned by a solid foundation of microfinance industry knowledge. Gojo’s expert management team has been involved in microfinance businesses around the world and has practical knowledge and an extensive network of entrepreneurs and investors around the world. This knowledge enables Gojo to establish new businesses and undertake M&A in new geographies in a replicable and scalable manner.
We recently welcomed Sohil Shah and Haruna Tanaka to Gojo’s Executive Committee as Principal of Investment & Head of VC and Head of Corporate Planning respectively. With the expansion of our management team, we will work on further strengthening the group’s governance through strong partnerships with the local management team and network development in each country.
Debt Fundraising Support for Group Companies
Gojo has successfully raised a total of USD 55 million from major European Development Finance Institutions (DFIs) in order to support the growth of Gojo’s group companies: Finnfund, the Finnish development financier and impact investor, FMO, the Dutch entrepreneurial development bank, and Proparco, the private sector financing arm of the Agence Française de Dévelopment, all through senior debt over 5 years’ maturity.
About Gojo & Company
Gojo was founded to extend financial inclusion to everyone in the world, beginning with developing countries. Gojo encourages the formalisation and growth of micro, small, and medium-sized enterprises. Our long-term goal is to enable the provision of high-quality affordable financial services for 1 million unserved and underserved people in 50 countries by 2030. Nine years since our establishment, we work in Cambodia, Myanmar, Sri Lanka, India and Tajikistan with USD 759 million Assets Under Management and 10,000 employees, serving more than 1.75 million clients (Consolidated, as of June 2023).
Villagers in the Ayeyarwady region of Myanmar. They live in a remote area which can be reached only by boat. Their life remains much the same even after the coup / Taejun Shin
Gojo’s mission is to extend financial inclusion across the globe. To provide vulnerable people with access to high-quality, affordable and useful financial services, we need to deeply understand who we are serving and what their goals are. This is why we chose “Who Are Our Clients?” as the theme of this year’s impact report.
Highlights from the Impact Report
Client Profile: Using core banking system data, we learnt that the majority of our clients are micro- and small entrepreneurs who earn up to 30% above the World Bank poverty line of $6.85 PPP per capita per day. This tells us that our clients, although not extremely poor, belong to a segment of society that nonetheless struggles with income instability and is vulnerable to poverty as a result of shocks such as family illness or natural disasters.
Money management: We used our financial diaries data from Cambodia and Sri Lanka to look at how vulnerable people manage their money and use their loans. This has given us a more nuanced understanding of the factors that create good and bad outcomes from borrowing and how people cope with debt stress. We present this in the form of case studies in the report.
Client satisfaction and experience: Five of our group companies participated in the 2022-23 60 Decibels Microfinance Index survey. The survey results show that overall, clients have positive experiences with our group companies and would recommend them to family and friends, although there is room for improvement against global benchmarks.
Stakeholder impact: In recognition of our responsibility as an organisation towards our people (employees), local and international communities, the environment and our investors, we also include an overview of Gojo’s impact on these stakeholders in the report. This year, we piloted a greenhouse gas emissions calculator, and are sharing Gojo’s emissions at the holding company level in this report for the first time.
Corporate governance: The report includes a summary of Gojo’s governance structure, and announces the appointment of Ignacio Mas-Ribo as an Outside Director, and the retirement of Stuart Rutherford and Mangyo Kinoshita from our board in June 2023.
We hope you enjoy reading our impact report, and welcome any feedback or comments, which can be directed to Cheriel Neo (cheriel.neo@gojo.co).
Impact Report Webinar
We will be holding a webinar in English to share and discuss the key findings from our impact report. It will be held on Thursday 14 September at 1:00 pm CET / 9:00 pm JST. Please register for the webinar here: https://gojo.zoom.us/webinar/register/WN_BUEZqLQ-S3SG7g_WLJOw4g
Future impact research
In addition to continuing our financial diaries project in Sri Lanka, Gojo embarked on a collaboration with Stuart Rutherford and L-IFT (Low-Income Financial Transformation) to support and co-manage the Hrishipara Diaries as of 1 July 2023. We are honoured to be able to support the world’s longest running financial diaries project and believe the data from the Hrishipara Diaries will be a valuable counterpoint to our existing financial diary data, enabling Gojo to study money management behaviour in a setting with a deeply entrenched culture of micro-savings.
About us
Gojo & Company, Inc. is a Tokyo-based holding company of eight inclusive financial service providers operating in Cambodia, Myanmar, Sri Lanka, India, and Tajikistan. Gojo was founded to extend financial inclusion to everyone in the world, beginning with developing countries. Gojo encourages the formalisation and growth of micro, small, and medium-sized enterprises. Our long-term goal is to enable the provision of high-quality affordable financial services for 100 million clients in 50 countries by 2030. Established in 2014, Gojo Group is serving more than 1.7 million clients and managing an AUM of USD 763 million with 7,150 employees (consolidated total). Gojo was selected for the Global Award (METI Minister's Award) at the Nippon Startup Awards 2023.
Gojo & Company, Inc. (Gojo) is pleased to announce that Ignacio Mas-Ribo, an expert in financial inclusion and digital finance, has joined Gojo’s board as a new Outside Director.
Ignacio co-founded the Digital Frontiers Institute, a not-for-profit that develops professional development training courses around digital money and payments, and served as its executive director from 2015 to 2020. He is a Senior Fellow at the Fletcher School's Council on Emerging Market Enterprises at Tufts University.
Previously, Ignacio was Deputy Director in the Financial Services for the Poor program at the Bill & Melinda Gates Foundation and Senior Advisor at the Technology Program at Consultative Group to Assist the Poor (CGAP). Ignacio has been Director of Global Business Strategy at Vodafone Group, Executive VP of Marketing and Account Management at DoCoMo interTouch, and Senior Manager responsible for telecoms investments in Europe for Intel Capital.
Ignacio has undergraduate degrees in Maths and Economics from MIT and a PhD in Economics from Harvard University. He has been Adjunct Professor at the Booth School of Business at the University of Chicago.
Ignacio states, “I am delighted to be joining Gojo’s board as an Outside director. The company has a clear focus on helping drive client impact through the development of a broad range of money management services delivered over scalable digital platforms. I feel that I can bring many relevant insights and experiences that I have collected while at CGAP, the Bill & Melinda Gates Foundation and through the Digital Frontiers’ Institute that I co-founded. I am looking forward to working with such an enthusiastic, empathetic and mission-driven team”.
Gojo extends a warm welcome to Ignacio and looks forward to accelerating financial inclusion further!
Gojo’s Corporate Governance
We strengthened our governance by moving toward a three-committee board structure in 2021 to shift to a monitoring-model governance structure, and formalizing our processes for monitoring and reviewing the group companies’ business performances. The board members consist of 1 full-time executive director (CEO as well as Board Chair) and 6 Outside Directors as experts in the relevant sectors as below.
Taejun Shin (Founder & CEO / Board Chair)
Masahiro Kotosaka (Outside Director / Strategy & Management)
Stuart Rutherford (Outside Director / Microfinance)
Mangyo Kinoshita (Outside Director / M&A and Startup law)
Royanne Doi (Outside Director / Ethics, Culture and Compliance)
Millena Nikolova (Outside Director / Finance and Investment)
Ignacio Mas-Ribo (Outside Director / Microfinance and Technology)
About us
Gojo is a Tokyo-based holding company of eight inclusive financial service providers operating in Cambodia, Myanmar, Sri Lanka, India, and Tajikistan. Gojo was founded to extend financial inclusion to everyone in the world, beginning with developing countries. Gojo encourages the formalization and growth of micro, small, and medium-sized enterprises. Our long-term goal is to enable the provision of high-quality affordable financial services for 100 million clients in 50 countries by 2030. Established in 2014, Gojo is serving more than 1.6 million clients and managing the aggregated AUM of USD 810 million with 9,200 employees.
Gojo & Company, Inc. (“Gojo”) is pleased to announce that we have successfully raised an additional USD 23 million from Cool Japan Fund, Inc., a Japanese public-private fund, as part of our ongoing Series E equity fundraising. The cumulative Series E financing amount reaches USD 80 million and paid-in capital since our establishment in July 2014 has now reached USD 193 million. We are committed to further extending financial inclusion across the globe by leveraging Japanese and international financial assets.
Background of the Investment
Gojo has raised USD 23 million from Cool Japan Fund, Inc., on top of the USD 47.6 million close of Series E financing announced in November 2022. Cool Japan Fund is a public-private fund that aims to support and promote the development of overseas demand for excellent Japanese products and services. Gojo has been led by its Guiding Principles and a client-centric approach since establishment in July 2014. The Principles consist of management principles inspired by Greek philosophy, and the five Confucian values – empathy, integrity, courtesy, wisdom, and trust.
We believe this investment demonstrates Cool Japan Fund’s confidence in Gojo’s ability to achieve a double bottom line, seeking both financial sustainability and positive social impact through financial inclusion, aligned with the purpose of the Cool Japan Policy. We believe that our business contributes to improving the recognition and credibility of Japan in the area of financial inclusion and impact, as well as to creating partnerships with Japanese companies expanding business in developing countries.
This investment from Cool Japan Fund materialised thanks to the introduction from Nomura Securities Co., Ltd., which is recently strengthening its support for Japanese startup financings. We deeply appreciate the support by Nomura.
Message from Taejun Shin (Founder & CEO)
As a person born and raised in Japan, I consider Sontoku Ninomiya the best Japanese business person. He founded a cooperative called “Gojo-co” in 1820, which played a significant role in Japanese rural village development. “Gojo” (五常) means the 5 Confucian values of empathy, integrity, courtesy, wisdom, and trust, In other words, this means caring for others, doing what is right, behaving in the right way, being able to judge what is right, and being trusted by people through these four things. We believe, as Sontoku Ninomiya did, that these are the most important values in running financial service providers. We are committed to continuously spreading these values in each and every country we operate.
I have been involved in social work and policy-making for foster care in Japan for over 15 years outside of my professional career. As I have had budget discussions for foster care with the government, I know how precious the money from government-backed funds is. We are not only committed to improving the income of local households in developing countries through our financial services but also to doing our best to increase the national wealth by making investment returns.
About Gojo & Company
Gojo was founded to extend financial inclusion to everyone in the world, beginning with developing countries. Gojo encourages the formalisation and growth of micro, small, and medium-sized enterprises. Our long-term goal is to enable the provision of high-quality affordable financial services for 100 million unserved and underserved people in 50 countries by 2030. Eight years since our establishment, we work in Cambodia, Myanmar, Sri Lanka, India and Tajikistan with USD 756 million Asset Under Management, 8,500+ employees, serving more than 1.5 million clients.
数社の起業を経験の後、マッキンゼー・アンド・カンパニーの日本およびドイツを拠点に主に海外企業の経営支援に従事。その後、オックスフォード大学に移籍し、経営学の優等修士号と博士号を取得。立命館大学経営学部を経て、2016年より現職。専門は、経営戦略、国際経営、および、制度と組織の関係。慶應義塾大学政策・メディア研究科委員、上場企業を含む複数のスタートアップの社外役員を兼務。著書に『STARTUP優れた経営者は何を考え、どう行動したか』、『経営戦略原論』、『領域を超える経営学』、分担著に『Japanese Management in Evolution』などがある。
Haruna Tanaka
Head of Corporate Planning & PMI
Haruna is a professional with expertise in strategy, business development and incubation. She is the Head of Corporate Planning and PMI of Gojo, working on strategy development, post merger integration, corporate governance, social performance management, impact measurement, stakeholder impact management and any other projects that are needed to further enhance Gojo’s work.
Prior to Gojo, she worked for Rakuten, a Japanese internet services company for 10 years. As a member of the CEO’s office, she worked on special projects and other items on the CEO’s agenda, including acquisition of overseas companies, enrollment of Englishnization at Rakuten, strategy development of Rakuten Mobile and more. Amongst other things, she also led Rakuten’s ebook business as business manager in Japan and Taiwan, Asian business development, and innovation activities, including internal and external accelerator programs. Before Rakuten, she was a strategy consultant at Booz and Company. She graduated from Tokyo University majoring in Economics. She has lived 3 years in UK and a year in US in her childhood and is fluent in Japanese and English.
Outside of work, Haruna is a partner and board member of Social Venture Partners Tokyo, an NPO supporting seed stage social entrepreneurs to succeed. She is also a mother of 2 children, and enjoys reading and playing the flute.
Sohil Shah
Principal/Head of VC
Sohil graduated from the University of Michigan, Ann Arbor, with a Masters in Finance and completed his under graduation in Electronics Engineering from the University of Mumbai. Before joining Gojo, Sohil was a part of the Aavishkaar-Intellecap Group where he led Intellecap Impact Investment Network, an early-stage angel network focused on making investments in social impact start-ups. In his five years with the group, he led around 35 investments in India and East Africa of which they exited from 6 companies and another 15 companies raised follow-on round of investment.
An Investment Banking professional with over six years of experience in India and US, Sohil previously worked as a Senior Analyst at Bank of America. He was part of the Global Investment Banking team, with a key focus on the healthcare sector, where he was a part of a few billion-dollar M&A transactions. Prior to that, he worked with the investment banking teams at Fortune Financial Services (India) Ltd and Crucible Capital Group in New York.
Apart from being an avid brewer, Sohil is an angel investor in his personal capacity as well. He lives in Pune with his family.
Gürol Michael Sari
Chief Operating Officer
Gürol Sari joined Gojo in June 2020 as our Chief Operating Officer, and oversees the strategic and operational development of our partner institutions. Gürol has extensive leadership experience in retail banking, SME finance, microfinance & financial digitalization, as well as experience in turnarounds of several institutions. He has worked in the banking sector for over 30 years in many countries, including Germany, Austria, Myanmar, Turkey, Albania, Russia, Australia, and Tanzania.
From the start of his career, his interest was drawn towards innovation and impact: Gürol created the first fully automated online credit solution in Germany, easyCredit, which is ranked No.1 today in Germany. Prior to joining Gojo, Gürol worked as Chief Operating Officer of Vision Fund Myanmar, where he developed and implemented a fully digitized microfinance system that provided over 300,000 clients in extreme poverty with access to credit, savings, and education. He currently advises several international banks on digitization and change processes.
Gürol has a creative spirit and is always active. He is passionate about architecture, gardening, handicraft (particularly remodeling houses), and loves to bike and to play tennis. He dreams of sailing with his wife once his two children are independent.
Takao Takahashi
Chief People & Inclusion Officer
At Gojo, Takao leads corporate planning and HR. Before joining Gojo, Takao was an Investment Officer at International Finance Corporation (IFC), the private sector arm of the World Bank Group, based in both Washington DC and Jakarta. In his 7 years with IFC, he led investments in microfinance institutions, banks and fintech startups in emerging markets. Before IFC, Takao worked as the Bhutan Prime Minister’s Fellow, developing microfinance regulations and financial inclusion policy to contribute to Bhutan’s Gross National Happiness (GNH). He also worked for 4 years as a management consultant with McKinsey & Company based in Frankfurt and Tokyo.
Takao graduated from Georgetown University, USA, with a Master of Science in Foreign Service and completed his Bachelor of Laws from Kyoto University, Japan.
Takao loves singing, both opera and karaoke. Tennis is his favorite sport. He has authored a book in Japanese, the English translation of the title being; ‘What is true happiness? Thoughts from Bhutan’
Kohei Katada
Managing Partner & CFO
Prior to joining Gojo, Kohei has served as Senior Vice President of Finance at SmartNews, Inc., a developer of a news discovery app. As its 7th employee and part of its management team, he led $80 million of equity financing and undertook a wide range of responsibilities including financial control, accounting, recruiting, people operations, legal, and investor relations.
As one of the founding members and as Chief Financial Officer at LIFENET INSURANCE COMPANY, a leading online life insurer in Japan, Kohei led it’s successful $100 million Initial Public Offering in 2012, and also setup a joint venture in Korea.
Kohei started his career at Morgan Stanley in its Investment Banking Division, where he was involved in multiple cross-border M&A transactions. In 2005, he moved to Hong Kong and joined Och-Ziff Capital Management, a global asset management company.
Kohei has a B.A. in Law from the University of Tokyo. While at school, he did an internship at a local NGO in Bangladesh where he was inspired by the power of microfinance that can unlock the potential of micro-entrepreneurs.
Kohei enjoys playing with his two boys over the weekends. He loves sports and has successfully finished the long-distance triathlon.
Arnaud Ventura
Managing Partner
Arnaud has founded and led two of the leading European financial inclusion groups active in Micro and SME finance, as well as digital finance.
Between 1998 and 2008, Arnaud cofounded and led PlaNet Finance with the support of Jacques Attali (Chairman) and Muhammed Yunus (Chairman Advisory Board). It was one of the most successful European financial inclusion groups, providing mainly advisory services in the sector. Between 2008 and 2019, Arnaud founded & led Baobab (formerly MicroCred), the leading Micro&SME digital bank in Africa & China. In 2019 alone, Baobab lent $1 billion to 1 million clients, generating around $200 million total revenues and more than $40 million pre-tax profit.
Arnaud is a Young Global Leader of the World Economic Forum. He also cofounded the French China Foundation, the leading network of Young Leaders between France and China, and Share Africa, a platform to promote Africa’s innovation and creativity. Arnaud graduated from EFREI, Paris, in Computer Science, and La Sorbonne in Philosophy. He speaks French, English and Spanish fluently and loves reading history & philosophy. He loves skiing and hiking in the mountains (particularly in the South of France), and has 2 young boys.
Akira Kawashiro
Outside Director
Akira Kawashiro is an attorney qualified to practice both Japanese law and Illinois law, currently serving as a Partner at Southgate, a law firm in Tokyo. His practice primarily focuses on domestic and cross-border mergers and acquisitions (M&A), venture capital investments, and securities regulations. He has also been seconded to the Tokyo Stock Exchange, and has a deep knowledge of disclosure regulations.
Akira began his career in 2013 at Mori Hamada & Matsumoto, where he engaged in domestic and cross-border M&A and antitrust matters. At Gojo, Akira monitors management from an independent standpoint through board and committee meetings as an Outside Director.
Taejun Shin
Founder, Managing Partner & CEO
Taejun cofounded Gojo in 2014 and has led the company’s growth until today as the CEO. Before Gojo, Taejun worked as an investment professional at Morgan Stanley and Unison Capital. To deal with an enormous number of investment projects, Taejun studied programming and automated many financial models, some of which are used even today.
While working in the sector, Taejun founded Living in Peace, an NGO, in 2007 and created the first microfinance investment fund in Japan. Taejun has been involved in Japan’s child foster care for more than a decade and co-established Japan Office for Standards on Children Services in 2021 to conduct third-party inspections on the local authority children services in Japan.
Taejun is the Young Global Leader of the World Economic Forum and is the youngest founding board member of Endeavor Japan. He is an author of 10 books, a finisher of the 1648 km ultra-marathon, and a Karate black-belt holder (he just recently started Brazilian Jiu-jitsu and owns a blue belt as of 2022). Taejun is fluent in Japanese, Korean, and English. He plays drums and loves shooting street photos of the world.
Masahiro Kotosaka
Outside Director
Masahiro Kotosaka is Professor at Keio University, an Associate Fellow of Saïd Business School, University of Oxford, and a non-executive director of Gojo & Company since March 2017. He is an expert in Internationalization strategy and early stage business development, and advisor/non-executive director of several start-up/multinational companies.
Before moving to Keio, he was an associate professor of multinational management at Ritsumeikan University, a teaching & research associate at the University of Oxford, and a consultant at McKinsey & Company based in Frankfurt and Tokyo. As a practitioner, he worked for strategy/marketing projects with sixteen client organizations across nine industries and nine countries and spent four years running three profitable IT/Retail businesses before joining McKinsey.
He graduated from the University of Oxford with D.Phil. (Ph.D) in Management Studies and MSc in Management Research with Distinction. His recent publication includes STARTUP (Co-authored, NewsPicks Publishing, 2020), The Element of Strategic Management (Toyo Keizai, 2018), and The Japanese Business in Evolution (Co-authored, Routledge, 2017).
Royanne Doi
Outside Director
Royanne Doi is the former Corporate Chief Ethics Officer of Prudential Financial Inc., and former Advisor for Global Legal, Ethics & Compliance to Yamaha Corporation.
Prior to Yamaha, Royanne held senior legal positions with major global financial institutions. At one point, she managed 200+ staff around the world, with business experience in North and South America, Asia, and Europe. During her tenure as a global ethics officer, Prudential Financial received Ethisphere’s designation as one of the World’s Most Ethical Companies for the first time in 2015, and multiple times thereafter. As a member of Gojo’s board, she will further accelerate the strengthening of internal audit and corporate governance to enable the sustainable growth of Gojo group.
Royanne has an undergraduate degree in Philosophy, from Washington University in St. Louis, graduating Magna Cum Laude, Phi Beta Kappa. She earned her Juris Doctorate from UCLA School of Law. She is married to her law school sweetheart and has lived in Japan since 1994. She has three passions: economic empowerment for women, Asia with an emphasis on Japan, and the intersection between neuroscience and behavioral ethics.
投資銀行業務の専門家。以前はBank of Americaにシニアアナリストとして勤務していた。グローバル投資銀行チームに所属し、ヘルスケア分野に重点を置き、数十億ドル規模のM&A取引に関与。それ以前は、インドのFortune Financial Services LtdとNYのCrucible Capital Groupの投資銀行チームに所属していた。
キャリアをスタートさせた当初から、イノベーションとインパクトに関心があり、現在ドイツ1位にランクインする初の完全自動化オンラインクレジットソリューション、easyCreditを開発。五常入社以前は、Vision Fund MyanmarのCOOとして、完全デジタル化されたマイクロファイナンスシステムを開発・導入し、貧困顧客30万人以上にローン、預金、教育へのアクセスを提供。現在は、デジタル化と変革のプロセスについて、いくつかの銀行にアドバイスをしている。
Jacques Attaliとムハマド・ユヌスの支援を受け、プラネットファイナンスを共同設立し、世界中でアドバイザリーサービスを提供。またアフリカ9カ国と中国でBaobab（旧MicroCred）を設立・CEOとして主導。退職前の2019年にBaobabは100万人の顧客に10億ドルを貸し出し、約2億ドルの総収益と4000万ドル以上の経常利益を創出。
世界経済フォーラムのヤング・グローバル・リーダーであり、the French China FoundationとShare Africaの共同設立者でもある。パリのEFREIでコンピュータサイエンスを、La Sorbonneで哲学を学んだ。フランス語、英語、スペイン語を流暢に話し、歴史と哲学を愛する。スキーとハイキングが好きな二児の父。
堅田 航平
執行役CFO
大学在学中にバングラデシュのNGOにおけるリサーチ・インターンを通じて、マイクロファイナンスの可能性と課題を認識。大学卒業後、インドの英文校正スタートアップの立ち上げに関与したのち、モルガン・スタンレー証券 投資銀行本部においてM&Aアドバイザリー業務に従事。Och-Ziff Capital Management(Hong Kong)を経て、2008年にライフネット生命保険に入社し、経営管理、事業開発、組織開発、韓国におけるJV設立などを担当。IPO準備の責任者として同社を東証マザーズ上場に導き、執行役員CFOに就任。
ミレーナは、スタートアップ向けアドバイザーのTherion Advisersの共同創業者兼Managing Partner、気候変動の課題解決に取り組む革新的なソリューションに投資するグローバル・ベンチャーキャピタルであるAera VCのVenture Partner、ベンチャーキャピタルAntlerのVenture Partnerを務めています。以前はロンドンでUBSグループ投資銀行部門のExecutive Director、シンガポールのウェルスマネジメントのコンサルタントを歴任。慈善活動にも力を注いでおり、複数のNGOの創設者やパートナー。米国証券アナリスト。London School of EconomicsでInternational Accounting and Financeの修士号を取得。
金融機関で働くかたわら、2007年にLiving in Peaceを設立し(2017年に理事長退任)、日本初のマイクロファイナンス投資ファンドを企画した。過去15年以上にわたり社会的養育を受ける子どもの支援に携わっており、2021年に日本児童相談業務評価機関を共同設立した。
単著は10冊。日本縦断1648kmウルトラマラソン完走。空手黒帯、ブラジリアン柔術青帯(2022年時点)。世界経済フォーラムのYoung Global Leader 2018選出。朝鮮大学校法律学科、早稲田大学大学院ファイナンス研究科卒。趣味はストリート写真を撮ること。時々バンドでドラムを叩く。
Haruna’s Story
Why did you join Gojo? Since the beginning of my career I had wanted to spend my time on supporting people in developing countries. However, I ended up starting my career as a strategy consultant. After 3 years, I joined Rakuten, a Japan-based internet services company, where I worked mainly at the CEO office as an internal consultant. There were many interesting projects and I really enjoyed my time there, but I couldn’t give up on my original aspiration. After spending 10 years at Rakuten I decided to shift my career to pursue my personal mission. You can read more about my career here.
What does a day in your life look like? A typical day will be like this: 0700-0900 : Time with kids – breakfast, send them off to school, dish washing, laundry etc 0930-1200 : Start working at home. Morning is usually more quiet and I get time to do analysis, write / read reports etc. (if I’m lucky) 1200-1300 : Lunch 1300-1800 : Meetings with Gojo team members, group company counterparts, executive committees and board meetings 1800-2000 : Time with kids – dinner, bath, homework etc 2000-2200 : Not everyday but sometimes late night meetings, some additional work to be done
What do you find challenging and rewarding about your job? The best part is the people you work with. It is amazing to work with really talented people who share the same values and the goal to achieve a social mission. Everyone is very kind and empathetic, while being super professional. I also like the flat and open culture – you are encouraged to dissent without fear, almost all information is disclosed to everyone so transparency is quite high, very little hierachy. The challenges are workload management and distance with the clients. Being a startup there is always so much work that needs to be done, while as a working mother there is only limited time I can spend, so it sometimes becomes difficult. Being in Japan, it is sometimes difficult to provide effective support to clients in a timely manner. Having said that I feel that the challenges are possible to overcome with the great team members.
A word for prospective team members I think it was one of my best decisions I made in my life to come to Gojo. I am sure you will feel the same too.
Why did you join Gojo? Prior to joining Gojo, I worked with one of India’s largest impact investing groups covering many sectors like healthcare, financial services, agriculture, education etc. After 5 years, I felt the need to build deep expertise in a particular area so as to make a meaningful contribution. With financial inclusion as its core theme, Gojo not only gave me an opportunity to work directly on the field but also think about how I can make real impact.
What does a day in your life look like? Even after a few years at Gojo, my days are still intellectually stimulating! Typically I have a bunch of calls/meetings on various issues – building investment pipelines, negotiating new investments, managing group companies, etc. Initially it did look overwhelming, but I like the fact that it gives me an opportunity to cover multiple facets related to building a strong foundation for the group. There are also a lot of casual chats with colleagues between meetings which make for a fun day!
What do you find challenging and rewarding about your job? The only challenge I see at Gojo is our remote style of working. Throughout my career, I have worked with colleagues co-located in a physical office so this was definitely new to me. But the rewards outweigh the challenges and make it all worthwhile. The opportunity to understand the hardships of our clients, experience their lives, and constantly strive to make them better keeps me going. You feel that you’re making a dent in the universe, in your own small way, and that feeling has been very satisfying for me.
A word for prospective team members Despite the large scale, Gojo still operates like a start-up. If you want to make a difference to the society while working in a flat organization with a high level of ownership, then this is the place for you!
Why did you join Gojo? I’ve always been passionate about working at the intersection of social impact and business, so impact investing felt like a natural starting point for my career. What drew me specifically to Gojo was its hands-on involvement with its group companies. This allows Gojo to go beyond financial returns and actively extend its impact to reach more people, which really resonated with me.
What does a day in your life look like? Everyday is always different! I usually head to the Tokyo office in the morning to catch up on emails, Slack messages, and conduct analysis work. In the afternoon-evening, when colleagues in India, Europe, and our group companies start their workday, I shift to meetings. One of the perks of being in the office is the chance to have coffee breaks with the Tokyo team between tasks 🙂
What do you find challenging and rewarding about your job? The fast-paced environment is both the most challenging and most rewarding part of the job. Every day brings new developments across different teams and group companies. What truly makes it rewarding though, is hearing firsthand from clients about how Gojo’s services have made a difference in their lives.
A word for prospective team members If you are someone who wants to grow while contributing to something bigger than yourself, I am sure you will enjoy your time at Gojo as much as I do.
Milena has over 25 years of finance experience spanning across investment banking, wealth management, venture capital investing and startup advisory. She is a strong believer that directing capital for impact can be a powerful force for good without compromising financial returns.
Milena is Partner at Antares Ventures, an early-stage venture capital firm taking a strategic approach to investing globally in breakthrough innovations that address sustainability challenges in Asia’s Growth Markets. She is co-chair of the Climate Solutions Committee at the Singapore Venture & Private Capital Association. She is also involved in several philanthropic initiatives and is a Member of the Board of Trustees of the Clean Air Fund, a leading non-profit at the intersection of climate and health.
Prior to that she was Partner at Aera VC and focused on investing in transformative technologies to reverse climate change. In her earlier career as Executive Director at UBS Investment Bank in London, Milena advised leading financial institutions on mergers, acquisitions, and IPOs with over $10bn in deal value. In Singapore, she worked in UBS wealth management, advising ultra-high-net-worth individuals on asset allocation, wealth planning, and corporate structuring.
Milena holds a MSc Degree in International Accounting and Finance from the London School of Economics.
Kshama Fernandes
Outside Director
Kshama has three decades of experience in Capital Markets, Risk Management and Structured Finance, with the last 15 years focussed on the financial inclusion space in India. Respected for her knowledge and commitment towards the cause of unleashing the power of finance for the greater good, Kshama has been a member of various High Powered Committees setup by the Government of India and has worked on consulting assignments for the World Bank, the Chicago Mercantile Exchange, Ministry of Finance, Government of India, and NSEIT. Through her innovative and pioneering work, she has been instrumental in creating and developing the market for debt for the underbanked in India. Kshama is recognised as a leading figure in the Indian financial markets, and in the world of impact investing. She is also the Vice Chairperson of the Northern Arc Group, a leading finance company in India that invests and connects underbanked institutions and businesses to capital markets investors.
She has a bachelors in Mathematics, a Masters in Management and a Ph.D. in Finance. An adventure sports enthusiast, Kshama is a trained mountaineer, sailor, sky diver and an ardent biker.
Almira Zejnilagic
Outside Director
Almira has two decades of experience in risk and crisis strategy management, having worked as an advisor, board member and management, as well as having extensive Investment Committee experience. Most recently she was a senior executive in a global, fast-growing Web 3 financial services business and previously a Partner at FTI Consulting where she spent a decade and helped build and ran Global Risk and Investigation Practic in Europe, Central Asia and Africa.
During her formative years, as a Bosnian refugee, Almira experienced challenges relating to remittances and access to finance, which later shaped her keen interest in finacial inclusion and digital finance as well as broader issues of social justice.
Almira is a Young Global Leader of the World Economic Forum. She speaks English, Serbo-Croatian and Russian (as well as some basic Tajik). She enjoys reading and cooking with her family.
Ignacio Mas-Ribo
Outside Director
Ignacio is a non-executive director at Gojo & Company, Senior Fellow at the Fletcher School’s Council on Emerging Market Enterprises at Tufts University, and an independent consultant.
During 2015-2020, Ignacio was co-founder and executive director at the Digital Frontiers Institute, a not-for-profit that develops professional development training courses around digital money and payments. Previously, he was Deputy Director in the Financial Services for the Poor program at the Bill & Melinda Gates Foundation and Senior Advisor at the Technology Program at CGAP. I have been Director of Global Business Strategy at Vodafone Group, Executive VP of Marketing and Account Management at DoCoMo interTouch, and Senior Manager responsible for telecoms investments in Europe for Intel Capital.
Ignacio has undergraduate degrees in maths and economics from MIT and a PhD in economics from Harvard University. He has been Adjunct Professor at the Booth School of Business at the University of Chicago.
Sanjay Gandhi
Co-founder, Managing Partner & CIO
Sanjay co-founded Gojo in 2014 as Gojo’s Chief Investment Officer and has led the Investment Division since then. Apart from recommending the investments to be made by Gojo, he also represents Gojo on the Board and Committees of the partner entities and contributes actively towards strengthening the governance at the partner level.
Sanjay qualified as a Chartered Accountant (CPA) before graduating from Delhi University. After his first job as an Audit Manager in India in early 1990s, he led the Corporate Banking (North India) team for a Finance company.
Sanjay joined the microfinance industry in 2003 and has been part of it ever since: conducted about 125 MFI ratings & assessments in 29 countries; approved more than 400 MFI Rating reports. Some of the assignments were for the World Bank, ADB, UNDP, Cordaid and Mercy Corps. After his CEO assignment at a Cambodian MFI in 2013, Sanjay and Taejun got together to set up Gojo, where Sanjay’s extensive experience in the microfinance sector has been invaluable.
Sanjay operates from India, where he stays with his wife and two daughters. He speaks English, Hindi, and Punjabi. Loves reading; movies; and music. “The Beatles” is his all-time favourite music band.
Customers
Our key focus is our net positive impact on our clients through financial inclusion, something enshrined in our corporate mission. This continuous effort is reflected in our score in the “Customers” category, by far the highest in our assessment with 50.6 points overall, out of a maximum of 80. We are not satisfied yet: our work to further improve how we serve and support our clients is detailed in the impact reports we publish every year.
Kannan
Respondent Kannan, aged 30, married, a fisherman who lives with his family. He sends his children to private schools. He had lived on small-sized informal loans in 2022 during the economic crisis, when Sri Lanka experienced a significant currency depreciation and sharp price increases.
In early 2023, he repaired his fishing boat and purchased fishing nets through a local microfinance institution. He shares that the fishing nets need to be changed twice or thrice per year and the financial services help in his business continuity. He is also a participant of ROSCA (Rotating Savings and Credit Association) and his income has seen an increase since mid-2023. He faces financial setbacks when his boat engine fails and he depends on his relatives for immediate cash to meet the household needs in times of emergencies.
In the photo, Kannan stands beside his boat and fishing nets.
Jessy
Respondent Jessy, aged 37, is divorced and a mother of two children. She lives in her mother’s house and earns through tailoring where the sewing machine and other tailoring equipment were purchased through a local microfinance institution.
She manages her household needs through occasional alimony from her ex-husband, Samurdhi government benefits and support from close relatives. She keeps monthly shop credit for basic food and grocery expenses and repays the following month. She wants to earn more and focuses on her tailoring skills. Jessy desires to build her own house in the future.
In the photo, Jessy sits next to her newly purchased sewing machine.
We counted the monthly income for each household in the Cambodia Diaries and aggregated the frequencies based on magnitude. The leftmost bar represents the number of months with no recorded income. Levels ranging from less than USD 10 to around USD 70 were the most frequently observed income levels. We can also see that as income increases, its frequency decreases.
This graph shows how the diarists borrow from financial institutions like microfinance institutions and banks for larger loan sizes and in less frequency, and how they borrow from relatives and individual lenders for smaller sized loans.
This is the total number and cumulative amount of all transactions recorded in the Cambodia Diaries. All transactions have been categorised into four quadrants. You can see various sources of income and expenses, as well as the inflows and outflows from financial or asset transactions.
This graph represents the count of expenses for each household in the Cambodia Diaries for over a monthly period, aggregated by magnitude. There were no instances of zero expenses over a month. Levels ranging from less than USD 50 to around USD 90 were the most common expense levels. Compared to the income distribution, the distribution of expenses is more skewed. It suggests that expenses are necessary even when there is no income; in cases of substantial income, some of it is saved instead of spent.
Respondent Prema, aged 33, a housewife and a mother of 3 children, lives with her spouse. Her spouse is a driver and her 13-year-old helps record daily cash flow in the financial diary.
The household purchased a piece of land through a local institution and has done house repairs in phases by pawning gold goods. The loan repayments, utility bills, school and tuition fees are the recurring high expenditures in 2023. In January 2024, they invested in a small business towards fragrant agarwood plants. The household aims towards varied objectives balancing monthly income and expenditures.
In the photo, Prema stands on her purchased land with construction materials.
Chandri
Respondent Chandri, a housewife, aged 33, lives with her spouse, two children and parents. Her spouse is a carpenter and she participates in ‘Equipment Seettu’ where regular deposits are made to a shop and by the end of the stipulated period, she receives household goods. Seettu is a group saving method practiced among Sinhalese men and women, and it operates through friends and social circles in the community. In this case, it is probably in collaboration with the seller of these pots.
She has a children’s bank account where she tries to save, though not regularly. The household had utilized small-sized loans from welfare societies and local lenders for the consumption / purchase of household goods. Chandri shares that managing the medical expenses of the parents is hard to get by, yet the financial diary helps to cut unnecessary expenses and save for emergencies.
In the photo, Chandri carries her new cooking utensils (equipment seettu).
