Japan-based instant credit provider Paidy has secured $143 million in additional funding in its series C round, the company said in a statement.
Those who participated in the funding round include PayPal Ventures, Soros Capital Management LLC (a Robert Soros Enterprise), JS Capital Management LLC (the family office of Jonathan Soros), and Tybourne Capital Management Ltd, besides one undisclosed company.
The round comprises both equity in ‘Series C extension’ and debt financing. While $83 million has been raised as part of ‘Series C Extension’, the remaining $60 million has flown into the company as part of debt financing.
Paidy offers instant, monthly-consolidated credit to consumers throughout Japan. The startup began its first instant post-pay credit service for e-commerce consumers in October 2014.
It claims to use proprietary models and machine learning to underwrite transactions in seconds.
“We are pleased that our vision of an instant buy-now pay later consumer experience has been validated by millions of consumers and by global leaders like PayPal and Goldman Sachs,” said Paidy founder Russell Cummer said in a statement.
Paidy is listed as one of the top 20 companies with the largest investment in Japan’s fintech industry.
Earlier this month, Paidy established a warehouse facility worth $52 million with Goldman Sachs Japan. By the end of October, the startup also established a credit facility worth $8 million with Mizuho Bank, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank.
The funding will strengthen Paidy’s balance sheet, which in turn will help spruce up the company’s expansion plans. Paidy is set to focus on increasing its customer base to 11 million accounts by the end of 2020 by acquiring large-scale merchants and offering additional financial services.