Business Wire

Paidy Announces $143 Million USD in Funding: $83 Million USD in Series C Extension & $60 Million USD in Debt Financing

Share

Paidy Inc. ("Paidy"), a payment provider offering instantly-issued credit, announced additional funding worth $143 million USD. The funding was composed of a Series C extension and debt financing. Financing for the Series C extension was provided by both new and existing investors to the company, whereas the debt financing was led by four financial institutions including a Warehouse facility. According to a report on the top 20 corporate valuations (post funding) found in “Japan Startup Finance Report 2019H1”1, this investment ranks as the largest in the Fintech industry. This funding will help Paidy strengthen their balance sheet, which in turn will help accelerate their business growth.
1: https://biz.entrepedia.jp/report/japan-startup-finance-2019h1/ (as of Aug 29, 2019)

Series C extension
PayPal Ventures, Soros Capital Management LLC (a Robert Soros Enterprise), JS Capital Management LLC (the family office of Jonathan Soros), Tybourne Capital Management Ltd. and one more company invested in Paidy as part of the Series C extension. This latest round of funding will bring the total amount of investments received by Paidy to $83 million USD including the funding from existing investors such as Eight Roads Ventures. Additionally, the total amount of investments from the foundation of the company to this round is $163 million USD.

Debt financing
On October 9, 2019, Paidy established a Warehouse facility worth $52 million USD2 with Goldman Sachs Japan Co., Ltd. In addition, at the end of October Paidy established a Credit facility worth $8 million USD2 with Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank, Limited. Together these investments bring the total amount received for debt financing to $60 million USD2.
2: JPY 100=$0.92 USD (as of Oct 31, 2019)

Moving forward, Paidy will focus on increasing its customer base to 11,000,000 accounts by the end of 2020. It plans to achieve this by acquiring large-scale merchants and offering additional financial services.

Paidy’s Founder, Russell Cummer, stated the following “As the Paidy network continues to grow, we are very pleased to continue innovating and to offer best-in-market solutions to merchants and new frictionless payment experiences to consumers. 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.”

About Paidy
Paidy offers instant, monthly-consolidated credit to consumers throughout Japan. In October 2014, Paidy started Japan’s first instant post-pay credit service for e-commerce consumers. With the goal of removing barriers and embracing simplicity, Paidy uses proprietary models and machine learning to underwrite transactions in seconds and guarantee payments to merchants. Paidy increases revenue for merchants by reducing the number of incomplete transactions, increasing conversion rates, boosting average order values, and facilitating repeat purchases from consumers.

Contact information

Paidy Inc.
Shoko Okimura (Ms.), +81-3-5544-8729
shoko.okimura@paidy.com
or
PR Office: AUR, Inc.
Miyabi Ishida (Ms.), +81-3-5545-3888
paidy-ml@aur.co.jp

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Hurricane Electric Expands High Speed Connectivity With Global Switch in Amsterdam, London, and Sydney22.1.2020 11:30:00 EETPress release

Hurricane Electric, the world’s largest IPv6-native Internet backbone, announced today that it has expanded its point of presence (PoP) at Global Switch, a leading owner, operator and developer of large-scale, carrier and cloud neutral multi-customer data centers across Europe and Asia-Pacific, with highly resilient power and cooling infrastructure and sophisticated security and monitoring systems. Global Switch’s Amsterdam West data center, at Johan Huizingalaan 759, 1066 VH Amsterdam, boasts 40,576 sq. m of space and with a second data center, Amsterdam East planned on the existing campus the footprint will increase by 28,000 sq. m. Additionally, Amsterdam West has access to peering platforms AMS-IX and NL-IX, and offers bespoke solutions, from single rack deployments through to multi-megawatt bespoke solutions. Global Switch London East is located, together with London North, in the heart of the connectivity rich London’s Docklands, one of the most network dense locations in the wor

Jefferies to Hold Asia Pacific Trading Day in Support of Australia Wildfires Relief Today, January 2222.1.2020 10:00:00 EETPress release

Jefferies announced that today is the firm’s trading day to support relief efforts caused by the recent wildfires in Australia. Jefferies will offer investors the opportunity to join efforts to assist those affected by the devastation of this event by trading with Jefferies. As previously announced, Jefferies will donate net trading commissions from today, Wednesday, January 22 for all trading in Asia Pacific securities, including equities, fixed income and FX, by the firm’s clients globally. Simultaneously, all of the firm’s global employees will also be given the opportunity to personally donate to the relief effort. Jefferies will match all client trading commissions generated today, as well as match all employee donations from across the firm. The total contribution will then be donated to relief organizations directly involved in the rescue and recovery efforts in Australia. Rich Handler, CEO, and Brian Friedman, President, of Jefferies commented: "All of us at Jefferies, includin

Data Security Innovator, Secure Channels, Chooses Thales to Provide Key Management and Software Licensing Platform For IoT Security Solution22.1.2020 10:00:00 EETPress release

Thales has announced its encryption key management and software licencing platforms have been chosen by Secure Channels to protect its quantum-resilient encryption keys for its IoT-enabled devices. By using Thales’ key management platform, both companies’ customers will benefit from increased data protection no matter the connected device, even if there is no current security protection in place. In addition, Thales’ software licensing platform will enable easy access to Secure Channels’ cybersecurity software technology for customers and manufacturers, thus ensuring all IoT devices can be protected easily either at source or retrospectively. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200121005189/en/ (Photo: Thales) “Thales’s Sentinel Entitlement Management Software has enabled the first generation of truly secure connected devices,” said Secure Channels Chief Executive Officer Richard Blech. “With the vast increase in

Naspers Limited: Results of the Sale by Naspers Limited of 22 Million N Ordinary Shares of Prosus N.V. Through an Accelerated Bookbuild Offering to Institutional Investors22.1.2020 09:30:00 EETPress release

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAWs and REgulations. THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION, INCLUDING THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN. NEITHER THIS ANNOUNCEMENT NOR ANYTHING CONTAINED HEREIN SHALL FORM THE BASIS OF, OR BE RELIED UPON IN CONNECTION WITH, ANY OFFER OR COMMITMENT WHATSOEVER IN ANY JURISDICTION. Naspers Limited (JSE: NPN; LSE: NPSN) ("Naspers") has sold 22 million N ordinary shares (the "Prosus N Ordinary Shares") in Prosus N.V. ("Prosus"), corresponding to c. 1.4% of the issued Prosus N Ordinary Shares, at a price per Prosus N Ordinary Share of €67.50, resulting in gross proceeds of approximately €1.5 billion for Naspers. The sale was effected through an accelerated bookbuild offering to institutional investors (the "Placin

CollabNet VersionOne and XebiaLabs Combine to Create Integrated Agile DevOps Platform22.1.2020 05:10:00 EETPress release

CollabNet VersionOne (CollabNet), a leading provider for Agile planning and collaborative development, and XebiaLabs, the leader in release orchestration, deployment, and continuous delivery, announced today that the two companies have merged. The combination, which was backed by TPG Capital, unites CollabNet’s upstream Agile planning and enterprise version control functionality with XebiaLabs’ downstream release orchestration and deployment automation capabilities to create an Agile, end-to-end, DevOps platform for enterprises. In connection with the transaction, Ashok Reddy, an accomplished industry veteran and former Broadcom executive, has joined the combined company as CEO. He replaces Flint Brenton, who is stepping aside to focus on family and personal interests after nearly five years of successful stewardship. Derek Langone, current CEO of XebiaLabs, will serve as President of the combined company. Stephen Gregorio, EVP and CFO of XebiaLabs, will serve as the combined company’s

Gilead Sciences to Release Fourth Quarter and Full Year 2019 Financial Results on Tuesday, February 4, 202022.1.2020 01:30:00 EETPress release

Gilead Sciences, Inc. (Nasdaq: GILD) announced today that its fourth quarter and full year 2019 financial results will be released on Tuesday, February 4, after the market closes. At 4:30 p.m. Eastern Time, Gilead’s management will host a conference call to discuss the company’s fourth quarter and full year 2019 financial results and will provide a business update. The live webcast of the call can be accessed at the company’s Investors page at http://investors.gilead.com. Please connect to the company’s website at least 15 minutes prior to the start of the call to ensure adequate time for any software download that may be required to listen to the webcast. Alternatively, please call 877-359-9508 (U.S.) or 224-357-2393 (international) and dial the conference ID 9634129 to access the call. Telephone replay will be available approximately two hours after the call through 8:00 p.m. Eastern Time, February 6, 2020. To access the replay, please call 855-859-2056 (U.S.) or 404-537-3406 (intern

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom