Fundings & Exits / Startups / TC / e-commerce / finance / Fintech / Japan / Paidy

Japanese startup Paidy raises $55M Series C to let people shop online without a credit card

Posted On: Jul 12, 2018   |   Posted By: TechCrunch

Paidy , a fintech startup that enables Japanese consumers to shop online without using a credit card, announced today that it has raised a $55 million Series C. The round was led by Japanese trade conglomerate Itochu Corporation, with participation from Goldman Sachs.
The Tokyo-based startup says this brings its total funding so far to $80 million, including a $15 million Series B announced two years ago. One notable fact about Paidy's funding is that it's raised a sizable amount for Japanese startup, especially one with non-Japanese founders (its CEO and co-founder is Canadian and Goldman Sachs alum Russell Cummer, left in the photo above with CTO and co-founder Lee Smith).
Paidy was launched because even though Japan's credit card penetration rate is high, their usage rate is relatively low , even for online purchases. Instead, shoppers pay cash on delivery or at convenience stores, which function as combination logistics/payment centers in many Japanese cities.
This is convenient for buyers because they...

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