February 22, 2023
Cool Japan Fund Inc.

Cool Japan Fund invests in Gojo, a Japan-based Impact Startup
expanding financial inclusion and improving livelihood oflocal households through microfinance in India
and other developing countries
Cool Japan Fund Inc. (CJF) has decided to invest 3 billion JPY in Gojo & Company, Inc. (Gojo),a Japan-based Impact Startup expanding financial inclusion and improving livelihood of local
households through microfinance in India and other developing countries.
Despite rapid economic growth, India ranks 139th in the world in terms of per capita GDP (2022) 1and has around 380 million people living in poverty 2. Furthermore, although the percentage of bankaccount ownerships in India is high, the number of individuals leveraging the bank loan remains low
compared with other developed countries and emerging economies.
Under such circumstances, microfinance institutions providing micro credits and other financial
services to low-income households and small business owners are growing rapidly in India.
Gojo’s core business operation closely adheres to its Guiding Principles, which are a moderninterpretation of jingireichishin - the five Confucian virtues (empathy, integrity, courtesy, wisdomand trust) applied in gojōkō, a financial system based on the idea of mutual support, which firstoriginated in Japan. CJF's investment supports Gojo to achieve desired social impact in acommercially sustainable and scalable manner. Gojo's further business expansion can be expected
to promote the positive image and culture of Japan, where Gojo is headquartered, and is also aimed
at increasing Japan's presence in the Impact Sector as well as building trust amongst global society.
The investment is also expected to create opportunities for collaboration with Japanese companies
operating overseas.

1

IMF https://www.imf.org/external/datamapper/NGDPDPC@WEO/OEMDC/ADVEC/WEOWORLDUNDP 2021 Global Multidimentional Poverty Index (MPI) https://hdr.undp.org/content/2021-globalmultidimensional-poverty-index-mpi#%2Findicies%2FMPI=2

Message from Taejun Shin, Founder & CEO
As a person born and raised in Japan, I consider Sontoku Ninomiya the best Japanese businessperson. He founded a cooperative called “Gojo-co” in 1820, which played a significant role inJapanese 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 isright, 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 importantvalues in running financial service providers. We are committed to continuously spreading thesevalues 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 thegovernment, 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, Inc.
Gojo was established in July 2014 to extend financial inclusion across the globe by creating the“Private Sector World Bank”.
Gojo has established or acquired local licensed entities providing microfinance and other financial
services in five countries including India, and is committed to expanding financial inclusion andimproving livelihood of local households. The company provides client-centric, affordable, and highquality financial services by applying the framework and philosophy of gojōkō, a financial system
based on the idea of mutual support that originated in Japan. Its Guiding Principles, which are amodern interpretation of the gojōkō's Five Confucian Virtues or jingireichishin, guide the day-to-day
judgments and actions of the Gojo Group's managements and employees, and serve as theunderlying foundation of the Group's services.
Gojo has strong competitive advantages which include increasing operational efficiency andimproving client convenience through digitization of the entire loan process - from loan application,assessment to disbursement of loans, and repayment.
Gojo group companies include SATYA (India), Humo (Tajikistan) and MAXIMA (Cambodia).

SATYA in particular has leveraged the digitization of operations to become one of the fastest
growing MFIs in India.
Founded: 2014

Head office: Shibuya-ku, TokyoCEO: Taejun Shin

Details of business: Microfinance for micro-, small- and medium-sized enterprises in developingcountries
Website: https://gojo.co/Inquiries about this document:
Cool Japan Fund (PR Representatives: Hashimoto/Tachibana)Tel: +81(0)3-6406-7500

(Reference)

Cool Japan Fund invests in Gojo, a Japan-based Impact Startup
expanding financial inclusion and improving livelihood of local households
through microfinance in India and other developing countriesProject Scheme
FoundersandemployeesEnterprises

FinancialInstitutionsand VC

3 billion JPY
Gojo & Company, Inc.

Aiming to increase Japan's presence and building trust
amongst the social impact sector and global society
Characteristics of Gojo
⮚ Expands financial inclusion and improves livelihood of local households throughmicrofinance (providing micro-credit services for micro-, small- and medium-sizedenterprises) to more than 1.5 million households in five countries including India⮚ Encourages Gojo Group managements and employees to be guided in their

management decisions and day-to-day actions closely adhered to Guiding Principles,
which are a modern interpretation of the five Confucian virtues - applied in a mutual
support-type financial system of the gojōkō created by Ninomiya Sontoku in the 19thcentury⮚ Aspires to be the “Private Sector World Bank” and to achieve desired social impact in
a commercially sustainable and scalable manner⮚ Increases operational efficiency and improves client convenience through digitizationof the entire loan process from loan application, assessment to disbursement ofloans, and repayments
Gojo’s Values⮚ 仁 (Empathy): Stand by our Clients. We strive to see things from the perspective of our end
clients so that our services support their goals.
⮚ 義 (Integrity): Act on Principles. We are guided in all we do by our principles without
exception.
⮚ 礼 (Courtesy): Listen First. We always keep an open mind, and uphold everyone’s right to beheard and respected.
⮚ 知 (Wisdom): Learn–Think–Share. We challenge the conventional, consider the practical,and share our knowledge with others.
⮚ 信 (Trust): Be Genuine. We build trust and demonstrate our loyalty by telling the truth without
concern for appearances.