Tokyo-headquartered fintech startup Paidy Inc has raised additional capital from existing investor Itochu Corporation as part of its extended Series C round.
The latest capital injection brings the total investment by Itochu Corporation in Paidy to $91 million. The corporate investor had previously participated in the fintech startup’s Series B round in July 2016 and Series C round in July 2018.
Paidy had previously secured $143 million in funding as part of its extended Series C round in November 2019. The fintech startup has collected as much as $281 million in equity and debt to date, according to a company statement.
Founded in 2014, Paidy is an online payment platform offering instant, monthly-consolidated payment virtual credit accounts for e-commerce consumers in Japan. Paidy enables users to make a transaction by using email addresses and mobile phone numbers.
The company also launched buy now, pay later payments on Amazon Japan in November 2019, per its recent press release.
Paidy will also deepen its partnership with Japanese trading conglomerate Itochu and its long-term investor. In 2018, Itochu had led the $55 million Series C round funding in the startup. Previously, in 2016, Itochu had also infused money in its $15 million Series B round funding.
“Itochu Corporation will further contribute to the growth of Paidy by supporting them in enhancing their management, human resources, merchant network, and development of new services,” said Shuichi Kato, executive officer and executive vice president of Itochu’s ICT & Financial Business Company, in a statement.
Paidy had raised capital from a portfolio of investors including global leading online payment firm PayPal, payment solutions giant Visa, Goldman Sachs, Eight Roads, SBI Investment, Japanese Sumitomo Mitsui Banking Corporation and SIG Asia.
