Paidy, a Tokyo, Japan-based cardless e-commerce payment and instant credit service from Exchange Corporation K.K., has expanded its Series A to US$8.3m.
Backers included existing Series A lead Arbor Ventures, and new investors SIG Asia and MS Capital. In addition to the round, Tim Gong, Managing Director of SIG China, joined Paidy’s board of directors.
This funding allows the company to accelerate product development and bolster the team.
Founded in Tokyo in 2008 and led by Russell Cummer, chief executive officer, ExCo Exchange Corporation builds financial service platforms for Japan and Asia. It offers two platforms:
– AQUSH, a peer-to-peer exchange for consumer loans, and
– Paidy, a cardless e-commerce payment service for merchants that allows consumers to purchase products online using only their mobile phone number and email address.
ExCo is now working with Japanese retailers including STORES.jp, MILLEPORTE (Brands for Friends), MONOCO, CrossBorder and Fifth.