hey, a Japanese payments and e-commerce platform for businesses to create bespoke online stores and process in-store cashless payments, secured a Series E funding round of undisclosed amount.
The round was led by Bain Capital Tech Opportunities with participation from PayPal Ventures, Goldman Sachs, YJ Capital, Anatole, and existing investor World Innovation Lab. Concurrent with the new investment, Naofumi Nishi, a Principal at Bain Capital Private Equity in Japan will join hey’s board of directors.
The company intends to use the funds to accelerate growth. In conjunction with the new round, hey also announced that it has acquired Coubic, a consumer-facing reservations platform that will allow hey further scale and diversify into adjacent categories.
Formed in 2018 and led by Yusuke Sato, President, by the merger of mobile point of sale (mPOS) terminal business Coiney and e-commerce platform Stores.jp, hey provides end-to-end support for businesses as they create and maintain personalized virtual storefronts and accept in-person payments through the development of the online store establishment service STORES, cashless payment STORES Terminal, and the development of STORES Digital Store Platform.