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

Japanese fintech startup Paidy Increases $143m from PayPal, others
Paidy founder Russell Cummer / Photo credit: Tech in Asia

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

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

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

Paidy founder Russell Cummer / Photo credit: Tech in Asia

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.

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

“Since the Paidy network keeps growing, we’re extremely happy to keep on innovating and to provide best-in-market solutions to retailers and brand new frictionless payment experiences to customers,” stated Paidy founder Russell Cummer.

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

Before the Protracted series C round, the company increased US$15 million in July 2016 at 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 increased US$3.3 million from Arbor Ventures, CyberAgent Ventures, and Recruit Strategic Partners.

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