Japan's Paidy secures $143m in funding
Paidy, one of Japan’s largest financial technology start-ups, has confirmed $143 million in new funding, comprising an extended Series C round and debt financing.
The company has raised a total of $83 million in Series C equity, including a $55 million investment last year led by Itochu Corporation and joined by Goldman Sachs and Visa. Additional participants include Eight Roads Ventures, PayPal Ventures, Tybourne Capital Management, Soros Capital Management, and JS Capital Management, the family office of Jonathan Soros, son of George Soros.
It follows a $15 million Series B in 2016 led by Eight Roads that also brought together Itochu, Arbor Ventures, SIG Asia, and SBI Investment's JPY30 billion ($277 million) FinTech Business Innovation Fund. Series A backers include MS Capital, CyberAgent Ventures, 500 Startups, Cherubic Ventures, and Recruit Strategic Partners.
The latest funding also includes a debt component of $60 million backed by Goldman Sachs, Mizuho Bank, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank. Proceeds will support plans to increase the customer base to 11 million accounts by the end of 2020 through the acquisition of large merchants as the launch of additional financial services.
“As the Paidy network continues to grow, we are very pleased to continue innovating and to offer best-in-market solutions to merchants and new frictionless payment experiences to consumers,” Russell Cummer, Paidy’s founder, said in a statement.
Founded in 2008, Paidy provides secure, real-time credit accounts that allow consumers to shop online and settle a single monthly bill using only a mobile phone number and email address. It is said to increase merchant revenues by reducing incomplete transactions, improving conversion rates, boosting average order values, and facilitating easy repeat buying.
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