KKR leads $60.6m funding in Japan’s largest QR code payment gateway Netstars
Summary
Netstars Co Ltd, the operator of Japan’s largest QR code payment gateway, has raised 6.6 billion yen ($60.6 million) in its latest funding round led by private equity giant KKR & Co, according to an announcement. Hong Kong-based investment firms SIG and LUN Partners also participated in the round, which was made through a combination of capital infusion and allotment of new shares. Netstars said it will use the fresh funding to attract more StarPay customers and expand the platform’s network to include more member stores that accept QR settlements in Japan. “Netstars is well-positioned to advance businesses’ digital transformation and their shift from offline to online, which has become increasingly important during COVID-19,” said Eiji Yatagawa, partner at KKR. KKR Asian Fund IV exceeded its $12.5-billion target and surpassed the record $10.6 billion raised by Hillhouse Capital Group for Asia in 2018.