Paidy Announces US$55 Million Series C Funding from ITOCHU and Goldman Sachs
Summary
Paidy requires no pre-registration or credit card to use; Paidy consumers purchase products online using only a mobile phone number and email address (verification is established through a four-digit code via SMS or voice pin-code) and settle a single monthly bill for all their purchases, either at a convenience store, by bank transfer or auto debit.Its proprietary models and machine learning mean that transactions are underwritten in seconds, with guaranteed payment to merchants.Going forward, through the launches of large merchants, expansion into the offline market, and offering of additional financial services, Paidy expects to grow its customer base to 11,000,000 accounts by 2020.Furthermore, by adding new payment functions and diverse financial services, thereby making our customer attachments much more robust, we aim to promote our vision of removing barriers and creating unique consumer experiences to as many people as possible.”Paidy was founded with the mission to create a world of “We remove the barriers, embrace simplicity”, offering its real-time monthly consolidated credit service all across Japan.