Paidy Inc., a Tokyo, Japan-based payment provider offering instantly-issued credit, raised $143m in equity and debt funding.
The funding included:
– $83M in Series C extension: PayPal Ventures, Soros Capital Management, JS Capital Management (the family office of Jonathan Soros), Tybourne Capital Management and one more company invested in Paidy as part of the Series C extension. This latest round of funding will bring the total amount of investments received to $83m including the funding from existing investors such as Eight Roads Ventures.
– $60M in in debt financing: On October 9, 2019, the company established a Warehouse facility worth $52m USD2 with Goldman Sachs Japan Co., Ltd. In addition, at the end of October, they established a credit facility worth $8m USD2 with Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank, Limited.
This funding will allow the company to strengthen their balance sheet, which in turn will help accelerate their business growth. Moving forward, they will focus on increasing its customer base to 11,000,000 accounts by the end of 2020.
Led by Founder, Russell Cummer, Paidy offers instant, monthly-consolidated credit to consumers throughout Japan. In October 2014, the company started Japan’s first instant post-pay credit service for e-commerce consumers. It uses proprietary models and machine learning to underwrite transactions in seconds and guarantee payments to merchants.