Japan’s Paidy closes $15m Series B round

Paidy, a Tokyo-based cardless e-commerce payment and instant credit service, has closed a $15m Series B round.

Eight Roads, the investment arm of Fidelity, SBI Holdings and SBI’s FinTech Business Innovation LPS led the round.

Itochu Corporation and returning investors Arbor Ventures and SIG Asia also participated, bringing its total funding to $25.8m

In May last year, the company raised $8.3m in Series A financing, with Tim Gong, managing director of SIG China, joining Paidy’s board of directors.

The Series B round will enable the company to grow its userbase and invest in new financial products.

Founded in 2000, Paidy, which is owned by Exchange Corporation, is a developer of a cardless, real-time payment network in Japan.

Its goal is to ‘aggregate the most popular non-credit card payments into a single, real-time, 100 per cent guaranteed payment network available.’

ExCo said on its website that Paidy covers over 100 million Japanese consumers for real-time online payments.

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