Japanese payment solution Paidy has received an investment from Visa, alongside the formation of a new partnership between the pair.
The deal value was not disclosed, but is part of the company Series C which closed on $55m a couple of months back.
As part of the transaction, the companies have formed a partnership which will offer Japanese consumers more options when buying online or in-store. The companies are exploring a range of alternative payment methods, such as cash on delivery.
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.
Paidy founder and executive chairman Russell Cummer said, ?Through this tie-up, we expect to deliver Paidy frictionless and intuitive transactional credit to a much broader audience.
?Furthermore, by adding new payment functions and diverse financial services, together with Visa, we can promote our vision of removing barriers and create unique consumer experiences for as many people as possible.p>
Paidy Series C was led by ITOCHU Corporation and also received a contribution from Goldman Sachs.
Visa made a similar investment and partnership deal earlier in the month with Behalf, a working capital solution provider for SMBs.
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