Bain Capital leads Series E funding in Japanese payments platform hey

Kabukicho, Tokyo, Japan. Photo: Fabrizio Chiagano

Japan-based payments and e-commerce platform hey announced that it has raised a Series E funding round led by Bain Capital Tech Opportunities, the tech-focused investment arm of US-based private equity firm Bain Capital.

hey did not disclose the amount it raised in the latest round but said the financing was backed by PayPal Ventures, Goldman Sachs, YJ Capital, Anatole, and existing investor World Innovation Lab.

Established in 2018 by the merger of mobile point of sale terminal business Coiney and ecommerce platform Stores.jp, hey provides end-to-end support for businesses that seek to keep virtual storefronts and accept in-person payments.

The company said it will use the fresh funding to serve this growing market.

“Partnering with Bain Capital as well as PayPal Ventures and leveraging their global platform and deep payments and e-commerce experience will enable us to meet the growing demand for dynamic, remote shopping experiences for Japanese consumers,” said Yusuka Sato, president of hey.

Additionally, hey announced that it has acquired Coubic, an emerging consumer-facing reservations platform that will help the company further scale and diversify into adjacent categories.

The company operates in a market that is in the midst of a generational transition to a more modern, digital consumer economy. hey said the current coronavirus pandemic has driven an acceleration in consumer and merchant demand for mobile payment options as a frictionless alternative to cash.

Commenting on the investment, Darren Abrahamson, Managing Director at Bain Capital Tech Opportunities, said hey developers integrated mPOS and ecommerce solutions that enable Japanese merchants to engage with and sell to consumers across the country, even those using legacy payment methods.

Bain Capital Tech Opportunities focuses on companies in large, growing end markets with innovative or disruptive technology. Its portfolio includes online training platform A Cloud Guru, fraud prevention firm BioCatch, and technology design house Hudl.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.