Japanese fintech startup Paidy Increases $143m from PayPal
Japanese fintech firm Paidy has increased a total of US$143 million in series C funding and debt financing from new and current investors.
PayPal Ventures, Soros Capital Management, JS Capital Management, Tybourne Capital Management, and an undisclosed company invested in Paidy within their 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.
Paidy plans to boost its customer base to reach 11 million accounts by the end of 2020 by acquiring large-scale merchants and supplying additional financial services.
“As the Paidy network continues to grow, we’re very pleased to continue innovating and to offer best-in-market solutions to merchants and brand new frictionless payment experiences to consumers,” stated Paidy founder Russell Cummer.
Founded in 2014, Paidy claims to have started Japan’s first instant post-pay credit service for eCommerce consumers. The cellular – and instant checkout-focused company enables customers to buy 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 raised US$3.3 million from Arbor Ventures, CyberAgent Ventures, and Recruit Strategic Partners.