Arbor leads $3.3m Series A round for Japan e-payments service

Launched 2008, Tokyo-based ExCo builds financial service platforms for both domestic and Asian markets. It will use the latest funding roll out its latest service, Paidy, which allows is users to pay at online stores without a credit card or pre-registration.

The platform - which is optimized for mobile and instant checkout - also allows users to pay at one time or spread payments over installments. Paidy claims to be able to underwrite transactions in 30 seconds or less, allowing consumers to purchase quickly, while guaranteeing payment to merchants. ExCo also has a second platform, AQUSH, which it says is Japan's largest peer-to-peer exchange for consumer loans.

Japanese E-commerce volume will top US$140 billion in 2014, with less than 60% of purchases settled by credit card payment.More than 40% of Japanese smartphone users purchase products on their devices, while many e-commerce firms now report mobile purchases making up the majority of sales.

"We see a huge market opportunity in the growth of e-commerce in Asia and with cardless payment services, driven by the rising tide of mobile purchases." said Melissa Guzy, managing partner, Arbor Ventures, in a statement. "Paidy allows consumers a way to buy a product online instantly then pay it back within a timeframe that works for them."

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