Japanese fintech firm Paidy raises fresh funding from existing investor Itochu

Photo: Paidy website

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. 

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.