Japanese mobile payments company Coiney wraps up $7.1m

Japanese mobile payments firm Coiney has raised ¥800m ($7.1m) in a Series B round of funding.

The capital comes from Innovation Network Corporation of Japan (INCJ), SBI Investment and Dentsu Digital Holdings (DDH) as well as a bank borrowing from Seibu Shinkin Bank.

The Tokyo-based firm offers a range of payments technologies to merchants in the Japanese market which still operates primarily in cash.

These include card reader devices that connect smartphones in a similar manner to Square and iZettle’s as well as a web-based solution for online payments.

It also offers Coiney Engine, an artificial intelligence-based service enabling enterprise businesses to generate credit reports of businesses applying for loans.

Coiney says it will use the capital to hire more engineers as well as expand it sales and marketing teams.

Copyright © 2017 FINTECH GLOBAL