Rakuten Group is selling about 15% of its lucrative credit card arm to Mizuho Financial Group for ¥165 billion ($1.1 billion), the latest move by the online retailer to shore up its capital.

The sale would give the e-commerce pioneer, which reported its 17th straight quarterly net loss in the September period, a one-time gain of ¥159.4 billion in the current quarter, Rakuten said in a statement Wednesday.

The transaction "could bolster liquidity, ease domestic rating pressure and leave room for future fundraising by further selling down its stake, while maintaining control,” said Sharon Chen, a Bloomberg Intelligence analyst. The funds may enable Rakuten to cover 2025 bond maturities and negative free cash flow at its mobile unit, along with some bank loan repayments, Chen said.

Focus is on the Tokyo-based company’s ability to make bond repayments after an ill-timed foray into Japan’s capital-intensive wireless market.

For the September quarter, Rakuten reported a bigger-than-expected net loss of ¥74.4 billion, although losses at the mobile segment narrowed. Its total mobile subscribers came to 7.93 million users at end-September, up from 7.55 million three months earlier.

The credit card business was one of Rakuten’s biggest profit earners in the quarter.

Rakuten is preparing for about ¥515 billion worth of bond redemptions through 2025. The company began talks in April with Rakuten Bank, in which it holds a 49% stake, about ways to combine the group’s financial businesses under one umbrella. But that plan, which is seen as key to bolstering the group’s finances, has been delayed.

Rakuten CEO Hiroshi Mikitani called the move part of a "big strategic alliance” during an earnings call.

Mizuho said the tie-up with Rakuten Card will help it acquire new customers. Japan’s third-biggest bank already has a business and capital alliance with Rakuten’s online securities arm.