MFS,Inc.
196A・Growth Market・Other Financing Business
Business
MFS, Inc. operates under the mission of "Empowering users through technology and analytics," and runs two businesses: the mortgage brokerage service "Mogecheck" and the investment real estate platform "INVASE." Its primary customers are individuals considering mortgage borrowing or refinancing, and those considering the purchase of investment real estate. The company's strength lies in its bespoke loan proposal capability, leveraging proprietary credit analysis technology (Patent No. 7366355), and it has established an online, end-to-end mortgage brokerage model since launching its service in 2015. The company listed on the Tokyo Stock Exchange Growth Market in June 2024. Through its consolidated subsidiary Condominium Asset Management Co., Ltd., it is also building an integrated service structure covering the sourcing, sale, and management of investment real estate.
Business Model
In the MoneyForward MoGeCheck (mortgage) business, users utilize the service free of charge, and the company receives a fee per case from banks or advertising agencies contracted with banks when a mortgage loan screening application occurs. In the INVASE business, the main revenue sources are brokerage commissions on the sale and purchase of investment real estate and sales gains from purchase-and-resale transactions. Consolidated net sales for FY2025 (ended June 2025) were ¥2,917 million (up 54.4% year on year), of which the MoGeCheck business accounted for ¥1,982 million and the INVASE business accounted for ¥935 million.
Company Strengths
Holds a patent (Patent No. 7366355) related to calculating loan approval probability, enabling made-to-order proposals that calculate the pass rate for screening at each bank based on 12 items of user information. Whereas other mortgage comparison sites are centered on interest rate rankings on an advertising business basis, the company has established differentiation as a service based on the money lending business.
The number of customer acquisitions in the MogeCheck business expanded for three consecutive fiscal periods, from 4,364,810 in FY2023 (ended June 2023) to 5,819,747 in FY2024 (ended June 2024) to 7,651,916 in FY2025 (ended June 2025). The number of screening applications increased 50.3% year on year, from 46,783 in the previous period to 70,290 in the current period, and the number of user registrations rose 72.2% year on year to 134,952.
The capital adequacy ratio as of the end of the interim period of FY2026 (ending June 2026) remained at a high level of 73.9%. As of the end of FY2025 (ended June 2025), total net assets were ¥2,230,584 thousand and total liabilities were only ¥306,703 thousand, with repayment of long-term borrowings also proceeding. A third-party allotment of new shares (¥267,135,200) to Zenkoku Hosho Co., Ltd. as the allottee strengthened both the financial base and the strategic partnership.
ENVALITH's Perspective
Performance Trend
Cumulative sales for the first nine months of FY2026 (ending June 2026) surged to ¥5,764 million (up 194.7% year on year). This was primarily driven by the shift of the INVASE business to a buy-and-resell model, which generated sales of ¥4,867 million (approximately 12.9 times the prior-year period). On the other hand, operating profit fell sharply to ¥64 million (down 63.3% year on year), ordinary profit to ¥77 million (down 55.5%), and quarterly net profit to ¥57 million (down 55.1%). Profitability was squeezed by the deferral of revenue recognition following the shift to execution-based fees in the MoneyForward Mortgage Check (MogeCheck) business, and by a sharp rise in the cost-of-sales ratio associated with the expansion of INVASE's buy-and-resell model. The full-year earnings forecast has been revised to sales of ¥8,092 million (up 177.4% year on year) and operating profit of ¥200 million (up 2.1%). As an external factor, the shift into a full-fledged rising interest rate environment has heightened user interest in the mortgage market, contributing to an increase in the number of customer acquisitions (5,985,015). On the financial front, the equity ratio remained sound at 72.6%, although new interest-bearing debt has been incurred.
Growth Strategy
Dual-axis growth driven by stabilization of MogeCheck execution-based fees and expansion of the INVASE buy-and-resell business
Promoting the transition to execution-based fees (revenue recognized at loan execution) with major partner financial institutions to stabilize revenue recognition. A recovery trend has been observed since Q3, and the company is advancing its shift toward a stable revenue structure through steady growth in the number of loan executions and efficient use of advertising expenses.
An integrated system covering property procurement, sales, and leasing management has already been established. Through a focused procurement strategy targeting high-demand areas and collaboration with partner financial institutions, the number of contracts reached 484 (up 93.6% year on year). The company aims for further expansion through a proprietary property valuation model and automated customer service using conversational AI.
The introduction of an AI advisor function and mortgage diagnosis comments using generative AI has enhanced both the quality and quantity of customer acquisition for MogeCheck. In the INVASE business, the company is advancing the system integration of its proprietary property valuation model and the automation of the customer service process through conversational AI, aiming to evolve into a platform where real estate transactions can be completed entirely online.
The early-released real-time screening function has proven effective, steadily increasing the number of loan executions at partner financial institutions. Improvements in user convenience and the conversion rate from screening application to loan execution support revenue growth under the execution-based fee model.
Last updated: July 17, 2026