Paidy Raises $120 Million to Expand Business Operations
Summary
The startup company does not require consumers to have a credit card or pre-registration; instead, it uses email addresses and mobile phone numbers to confirm purchases. In addition, the BNPL startup recently started offering “3-pay,” allowing consumers to split their transactions into three equal, interest-free monthly installments. The BNPL business platform can be used at more than 700,000 ecommerce stores, including Amazon, Gladd, Shoplist.com, Dean & Deluca, and Rakuten. Russell Cummer, founder and executive chairman of Paidy, said in the press release, “Having the support of a powerful lineup including our existing shareholder JS Capital and Soros Capital of the United States and Tybourne of Hong Kong, and Wellington Management, makes me feel very encouraged about the future growth potential of a born-in-Japan startup that offers new values to the world…” With the new funding, the fintech company will use the capital to expand business operations by developing new services, magnifying transactions with larger merchants, and strengthening its balance sheet as a response to the rapid growth of 3-pay. When commenting on funding for the startup company, James Chang, an investment partner of JS Capital and Soros Capital, added in the press release, “As existing investors, we are pleased to support Russell, Riku and the entire Paidy management team with financial and strategic support by co-leading this financing round.