Paidy, a Minato-ku, Tokyo, Japan-based fintech startup, raises USD$48m in Series C extension funding.
General trading company Itochu made the investment in and will partner with Paidy to provide end-to-end customer experiences in Japan and Taiwan.
The company, which has now raised a total of $281m in equity and debt funding, intends to use the funds to continue to expand operations and its business reach and develop more ‘buy now pay later’ services in 2020.
Founded in 2014 and led by President and CEO Riku Sugie and Executive Vice President Tomohashi Hashimoto, Paidy Paidy offers a monthly-consolidated payment account to consumers throughout Japan. The company uses proprietary models and machine learning to underwrite transactions in seconds and guarantees payments to merchants.