Rakuten Securities said its general securities account base crossed 14 million in April, after the online broker added 1 million accounts in roughly five months. The company linked the growth to continued inflows from Japanese households shifting cash deposits into stocks, funds, and tax-advantaged investment products.
The Minato-ku-headquartered firm, a unit of Rakuten Group, said the latest figure makes it the largest domestic securities company by total non-consolidated accounts, based on its own aggregation of publicly disclosed data from competitors. Rakuten Securities noted that this claim is subject to a methodological caveat, as some peers do not disclose comparable account statistics.
Account growth trajectory
The 14 million milestone extends a period of sustained account growth over the past two and a half years. Rakuten Securities reported 10 million accounts in December 2023, 11 million in April 2024, 12 million in January 2025, and 13 million in November 2025. The roughly five-month gap between the 13 million and 14 million marks is in line with the pace seen earlier in 2024 and 2025.
Founded in 1999 as Japan's first online-only securities firm, Rakuten Securities has expanded its product lineup in an effort to attract new retail investors. President and Chief Executive Yuji Kusunoki has overseen a strategy focused on lowering entry barriers and broadening access to equity markets.
Product initiatives and market positioning
As part of this push, Rakuten Securities made domestic stock trading commission-free in October 2023. It also launched KabuPita, a service that allows retail clients to purchase Japanese shares from 100 yen in 1-yen increments, aiming to facilitate small-ticket investing.
The broker has introduced AI-driven analytical tools for Japanese and US equity investing, a margin trading product branded Rakuraku Credit, and Rakuten Money Fund, described as an MRF-style cash management vehicle. These offerings are positioned to support both first-time and more active investors within its growing retail base.
Rakuten Securities' assertion that it is Japan's largest domestic securities company by total non-consolidated accounts is based on its analysis of publicly disclosed figures from rivals. However, it highlighted that SBI Securities, widely cited in the industry as Japan's largest online brokerage, does not publicly disclose its individual account count, limiting direct comparisons.
Competitive landscape
International and domestic competitors are also targeting Japanese retail investors. Interactive Brokers launched tax-advantaged NISA accounts through its Japanese unit in mid-2025, promoting access to more than 160 global exchanges as a differentiator from domestic firms.
Beyond securities, Japan's broader retail trading ecosystem includes more than 150 licensed FX and securities providers. Companies such as GMO Click Securities, DMM FX, and Monex Group, alongside Rakuten, are among the firms dominating retail FX volumes in the market.
