Japan-based VCs invest $7.1m in mobile payments startup Coiney

Visual from Coiney website.

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.

Also Read:

Japan: INCJ invests $103m in MedVenture, Universal Materials

Japan: Money Forward raises $11m, seeks global expansion of fintech biz

Japanese e-commerce platform Base raises $14m to develop payment service

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.