Paidy, the cardless e-commerce payment and instant credit service from Exchange Corporation K.K. (“ExCo”), announced that it has expanded its Series A to US$8.3 million. Existing Series A lead, Arbor Ventures, led the expansion together with new investors SIG Asia and MS Capital.
Russell Cummer, chief executive officer, ExCo., shared:
“We have experienced robust customer and retailer demand for Paidy since announcing our launch last year. The majority of all e-commerce purchases in Japan are now conducted on a mobile device, and nearly half of Japanese smartphone users purchase products on their devices as their primary method of shopping,” said . “This Series A expansion allows us to accelerate our product development and bolster our team.”
The company is now working with leading Japanese retailers including STORES.jp, MILLEPORTE (Brands for Friends), MONOCO, CrossBorder and Fifth. STORES.jp expands Paidy’s reach significantly through providing cardless checkout service to the platform’s 200,000 merchants. Paidy offers their customers the option to purchase products online quickly and safely using only their mobile phone number and email address.
Consumers have the flexibility to pay at one time or spread payments over installments. Using proprietary models and machine learning, Paidy is able to underwrite transactions in seconds, allowing consumers to purchase quickly, while guaranteeing payment to merchants.
Paidy also announced the appointment of a new board of directors member, Managing Director of SIG China, Tim Gong. Gong was named one of the top venture capitalists by Forbes China and brings over 20 years of FinTech management experience to Paidy’s board.
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