Japan payments player Origami raises $60m Series C
Origami, a Tokyo-based mobile payments platform, has raised JPY6.6 billion ($60 million) in Series C funding from investors including SBI Investment, Union Pay International, Mitsui Sumitomo Card, and Credit Saison.
Origami, which allows customers to pay with their mobile phones by scanning QR codes at more than 20,000 locations in Japan such as convenience stores, taxis, and fast food chains, will use the new capital to support its global expansion through hiring new talent and improving its products, according to a release.
The company will also add new partners, including some of the participants in this round. For instance, Origami will be accepted at Union Pay’s approximately 7.5 million QR code-enabled outlets in Asia, North America, the Middle East, and Africa by the first quarter of next year. Union Pay’s QR payment service will also soon be accepted at Origami’s partner stores in Japan.
Origami was founded in 2012 and launched its payment service in 2015. In addition to deducting payments from customers’ bank accounts, the app also functions like a social media service by allowing users to follow the accounts of their favorite companies and brands and make purchases within the app.
The latest round brings Origami’s total capital raised since its launch to nearly JPY8.9 billion. The company’s previous funding rounds include a JPY1.6 billion Series B round in 2015 from the likes of SoftBank and Credit Saison, as well as a $5 million round in 2013 from telecom player KDDI and digital ad agency Digital Advertising Consortium.
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