Paidy secures yet another Series C extension hot off the heels of its previous one

Paidy, a Japanese point-of-sale financing platform, has reportedly secured $48m in a Series C round, coming just months after its former round.

The FinTech secured the new funds came Paidy secures yet another Series C extension hot off the heels of its previous one as a Series C extension from ITOCHU, according to a report from TechEDT.

Capital from the new round will be used to balance its sheet during the coronavirus, the article stated. It will also be used to support the launch of a new service later in the year.

The FinTech chose to raise an extension round as opposed to its Series D so it could use a similar type of preferred shares, the article said.

Paidy offers instant, monthly-consolidated credit lines to e-commerce consumers at the time of purchase. Through machine learning technology it underwrites transactions within seconds and ensuring a merchant is always paid.

Prior to this investment, the FinTech secured $143m in a debt and equity round in November 2019. It was made up of $83m in Series C extension funding from PayPal Ventures, Soros Capital Management, JS Capital Management, Tybourne Capital Management and another unnamed company.

The remaining $60m of the capital injection was in debt financing, of which, $52m came from Goldman Sachs Japan and $8m from Mizuho Bank, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank.

Paidy originally collected $53m in its Series C round back in 2018 from ITOCHU and Goldman Sachs.

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