Japanese fintech startup Paidy Increases $143m from PayPal, others

Japanese fintech startup Paidy Increases $143m from PayPal, others

Japanese fintech startup Paidy Increases $143m from PayPal, others

Japanese fintech company Paidy has raised a total of US$143 million in series C financing and debt financing from new and existing investors.

PayPal Ventures, Soros Capital Management, JS Capital Management, Tybourne Capital Management, and an undisclosed firm invested in Paidy within the firm’s US$83 million series C round, according to the statement.

The debt funding, on the other hand, included US$52 million from Goldman Sachs Japan and US$8 million from Mizuho Bank, Sumitomo Mitsui Banking Corp., and Sumitomo Mitsui Trust Bank.

Japanese fintech company Paidy https://www.techinasia.com/

Paidy plans to boost its customer base to reach 11 million accounts by the end of 2020 by obtaining large-scale retailers and offering additional financial services.

“As the Paidy network continues to grow, we’re extremely pleased to continue innovating and to offer best-in-market solutions to retailers and new frictionless payment experiences to consumers,” said Paidy founder Russell Cummer.

Founded in 2014, Paidy claims to have started Japan’s first immediate post-pay credit service for ecommerce consumers. The cellular – and instantaneous checkout-focused company enables customers to buy online with no credit card or pre-registration using proprietary models and machine learning to underwrite transactions.

Prior to the Protracted series C round, the company raised US$15 million in July 2016 in a series B round led by Eight Roads Ventures Japan and Softbank spin-offs SBI Holdings and SBI Investment’s fintech fund.

In July 2014, the company raised US$3.3 million from Arbor Ventures, CyberAgent Ventures, and Recruit Strategic Partners.

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