hey, which helps businesses in Japan create online stores and accept cashless payments in-store, has closed a Series E round led by global private equity investor Bain Capital Tech Opportunities.
Other contributions came from PayPal Ventures, Goldman Sachs, YJ Capital, Anatole, and existing investor World Innovation Lab.
With the fresh funds and support from Bain Capital, hey is looking to increase the adoption of its services in Japan and help more businesses embrace technology.
hey was founded in 2018 through the merging of mobile point-of-sale terminal business Coiney and e-commerce platform Stores.jp. The FinTech offers end-to-end support for businesses as they create and maintain personalised virtual storefronts, while also the ability to accept cashless payments in physical stores.
In tandem with the funding round, hey has revealed the acquisition of booking platform Coubic. This addition will enable hey to scale and diversify its offerings.
hey president Yusuke Sato said, “hey was formed with a vision to employ our innovative technology platform to foster connections between Japanese consumers and merchants who have been under-served by e-commerce solutions in the marketplace. Our 100% growth in gross merchandise value over the past year and this new partnership with a world class group of investors are key milestones in realizing that vision.
“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.”
Despite Japan being the third largest economy in the world, with $2.7trn in consumer spending, cashless spending and e-commerce have not been as popular as other markets. The coronavirus pandemic could help to push adoption of these types of services.
The biggest FinTech deal in Japan since 2015 was the $182m raised by Line Pay in February 2019.
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