The move was first announced in October to accelerate the development of new features and services of the app.
Following the addition of the new capital, two Ripple executives (Eric van Miltenburg and Emi Yoshikawa) will join MoneyTap. Apart from Ripple, the subsidiary has 38 other shareholders.
20 banks by the end of 2021
The MoneyTap application, supported by the RippleNet network, is expected to connect to 20 banking institutions by the end of 2021. Three more banks are expected to become operational by the end of February.
In the spring, the app will also introduce more stringent Know Your Customer (KYC) procedures with bio-recognition-based digital identity.
MoneyTap was launched in 2016 by SBI Ripple Asia, a joint venture of Ripple and SBI Holdings.
MoneyTap is expected to eventually enroll all members of the Japan Bank Consortium.