Toyota is expected to buy toyota financial and insurance services (TIF) company Toyota Financial Services, which owns the US online trading platform TIF Market.
The deal is valued at $1.1 billion, a person familiar with the matter told CNBC.TIF Market, which offers a platform for investors to trade stocks and bonds on the Tokyo Stock Exchange, was founded in 2011 and offers financial trading for Japanese companies.
Tiger Global Capital Partners, a New York-based investment bank, also bought a stake in TIF, and the firm has been investing in Toyota’s financial business.
Toyota’s interest in Tif was first reported by The Wall Street Journal.
The company is a major player in the online retail industry and has been a top investor in the Japanese toy retail sector.
Tif has seen growth as online shoppers have flocked to the market to buy electronics from Japanese manufacturers such as Panasonic and Hitachi, and online retailers such as Amazon and eBay.
Toyotas investment in TIFF has been bolstered by its recent acquisition of Toyota Motors.
The deal comes amid a strong yen and slowing demand for US toys and electronics.