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PayPal Ventures invests in Japanese instant credit firm Paidy

PayPal Ventures invests in Japanese instant credit firm Paidy

Paidy, a Japanese instant credit startup, has raised $83 million in a Series C extension joined by PayPal and secured an additional $60 million in debt financing.

PayPal Ventures, Soros Capital Management, JS Capital Management and Tybourne Capital Management joined the extension round. The debt financing comes from Goldman Sachs Japan, Mizuho Bank, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank.

Paidy launched its post-pay credit account for ecommerce in 2014, helping Japanese consumers make online purchases without credit cards.

Once registered, customers make purchases using a mobile phone number and email address with a four digit SMS or voice verification code, before settling a single monthly bill for all their purchases, either at a convenience store, by bank transfer or auto debit.

The firm says it will use the latest funding to increase its customer base to 11 million by the end of next year by bringing onboard large-scale merchants and expanding into new financial services.

Russell Cummer, founder, Paidy, says: "We are pleased that our vision of an instant buy-now-pay-later consumer experience has been validated by millions of consumers and by global leaders like PayPal and Goldman Sachs."

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