Paidy, a Tokyo, Japan-based instantly issued post-pay credit account linked to mobile phone number company, raised a Series C funding round of US$55m.
The round, which brings the total amount to US$80m, is being led by ITOCHU Corporation, with participation from Goldman Sachs.
Paidy, which started Japan’s first instant post-pay credit service for ecommerce consumers in October 2014, requires no pre-registration or credit card to use. Consumers purchase products online using only a mobile phone number and email address (verification is established through a four-digit code via SMS or voice pin-code) and settle a single monthly bill for all their purchases, either at a convenience store, by bank transfer or auto debit.
Paidy also supports multi-pay installments and subscriptions.
There are currently over 1,400,000 Paidy accounts in use (June 2018). Going forward, through the launches of large merchants, expansion into the offline market, and offering of additional financial services, Paidy expects to grow its customer base to 11,000,000 accounts by 2020.
The company is led by Russell Cummer, Founder and Executive Chairman.