Three Japan-based venture capital firms Innovation Network Corp of Japan (INCJ), SBI Investment, Dentsu Digital Holdings (DDH), including Seibu Shinkin Bank co-invested up to $7.1 million (Y800 million) in local mobile payments startup Coiney.
SBI, and Dentsu Digital made their transactions through their units FinTech Business Innovation Investment Ltd, and Dentsu Digital Investment Ltd, the TechCrunch Tokyo reported on Monday (February 6).
Launched in October 2012, Coiney uses AI (artificial intelligence) for its payment service solutions catering to hospitals, used car dealers, maintenance factories, automobile areas such as remodeling and renovation, among others, and now aims to collaborate with local financial institutions.
The fintech company plans to use the latest proceeds to expand its online and smartphone-based payment solution business, develop more product innovations and new services, as well as boost its sales and marketing team.
Coiney president and representative director Kani Satata said by using the transaction data for Coiney engine, they aim to provide financial institutions with speedy and accurate credit information. It currently has business partnership with Seibu Shinkin Bank via Credit Saison.
The company now sees Japan’s domestic mobile payment market to be hundreds of billions of yen on settlement amount basis, and will reach 1.5 trillion yen by 2020.