hey, a payments and e-commerce platform in Japan that helps businesses easily create bespoke online stores and process in-store cashless payments, announced on Tuesday it secured a Series E investment, which was led by Bain Capital Tech Opportunities with participation from PayPal Ventures, Goldman Sachs, YJ Capital, Anatole, and existing investor World Innovation Lab.
Founded in 2018, hey claims it provides end-to-end support for businesses as they create and maintain personalized virtual storefronts and accept in-person payments.
“The platform plays an important role allowing merchants in Japan to engage and transact with current and prospective consumers at a fraction of the cost of other alternatives in the market.”
hey also revealed that it has acquired Coubic, an emerging consumer-facing reservations platform that will help the payment’s platform further scale and diversify into adjacent categories. Speaking about the investment round, Yusuke Sato, President of hey, stated:
“Partnering with Bain Capital as well as PayPal Ventures and leveraging their global platform and deep payments and e-commerce experience will enable us to meet the growing demand for dynamic, remote shopping experiences for Japanese consumers.”
Funds from the Series E round will go towards enabling hey to accelerate growth and serve the large and growing number of businesses in Japan who are looking to establish an online retail presence and accept cashless payments in stores. The company did not enclose the amount that was raised during the investment round.