KUALA LUMPUR, July 12 (Bernama) -- Paidy Inc -- an instantly issued post-pay credit account linked to a mobile phone number company -- received Series C funding round of US$55 million or RM 225.5 million from ITOCHU Corp and Goldman Sachs. (1US$ = RM 4.10).
Founder and executive chairman of Paidy, Russell Cummer said they expect to launch new merchants in order to deliver Paidy's frictionless and intuitive financial solution to a much broader audience with addition of new payment functions and diverse financial services.
Paidy started Japan's first instant post-pay credit service for ecommerce consumers in October 2014 which requires no pre-registration or credit card for consumers to purchase products online using only a mobile phone number and email address, a statement said.
The service also supports multi-pay installments and subscriptions which currently there are over 1.4 million Paidy accounts in use by June 2018 and the company expects to grow its customer base to 11 million accounts by 2020.
Its proprietary models and machine learning makes transactions in seconds, with guaranteed payment to merchants and increases their revenues by reducing incomplete transactions, increasing conversion rates and facilitating easy repeat buying.
Paidy, offering real-time monthly consolidated credit service in Japan has the total amount of capital raised to US$80 million or RM 328 million combined with two previous rounds (Series A and B). More information at visit www.paidy.com.
-- BERNAMA
Founder and executive chairman of Paidy, Russell Cummer said they expect to launch new merchants in order to deliver Paidy's frictionless and intuitive financial solution to a much broader audience with addition of new payment functions and diverse financial services.
Paidy started Japan's first instant post-pay credit service for ecommerce consumers in October 2014 which requires no pre-registration or credit card for consumers to purchase products online using only a mobile phone number and email address, a statement said.
The service also supports multi-pay installments and subscriptions which currently there are over 1.4 million Paidy accounts in use by June 2018 and the company expects to grow its customer base to 11 million accounts by 2020.
Its proprietary models and machine learning makes transactions in seconds, with guaranteed payment to merchants and increases their revenues by reducing incomplete transactions, increasing conversion rates and facilitating easy repeat buying.
Paidy, offering real-time monthly consolidated credit service in Japan has the total amount of capital raised to US$80 million or RM 328 million combined with two previous rounds (Series A and B). More information at visit www.paidy.com.
-- BERNAMA
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