Paidy, which offers credit lines at during online shopping purchases, has raised $55m in a Series C round.
ITOCHU Corporation led the round, which also saw participation come from Goldman Sachs. Combined with the company’s previous rounds, Paidy has raised a total of $80m.
Japan-based Paidy is a post-pay credit service for the e-commerce market, without the need of pre-registration or credit cards. The platform enables consumers to make purchases online and with just their mobile phone number and email address, access a loan to buy the product and then they can pay back monthly. Its service allows for all purchases through this method to be tracked and paid through a single bill each month.
Repayments can be made by convenience store, by bank transfer or auto debit. Its machine learning technology is able to underwrite within seconds and provide the merchant with a quick payment.
This equity line will be used to launch new large merchants, expand into the offline market and offer more tolls and services. It also hopes to grow its customer base to 11 million accounts by 2020 – there are currently 1.4 million accounts in use.
Paidy founder and executive chairman Russell Cummer said, “Through this tie-up, we expect to launch new merchants in order to deliver Paidy’s frictionless and intuitive financial solution to a much broader audience.
“Furthermore, by adding new payment functions and diverse financial services, thereby making our customer attachments much more robust, we aim to promote our vision of removing barriers and creating unique consumer experiences to as many people as possible.”
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