Japanese buy now, pay later (BNPL) outfit Paidy has raised US$120 million in a Series D funding round.
JS Capital Management, Soros Capital Management, Tybourne Capital Management, and Wellington Management joined the round.
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 now claims more than five million consumer accounts that can be used at over 700,000 websites.
The new funding will be used to expand transactions with large merchants, develop new services and strengthen Paidy's balance sheet to deal with the popularity of a new offering called '3-Pay', which allows customers to split charges into three equal, interest-free, monthly instalments.
Russell Cummer, executive chairman, Paidy, says: "As our payment volume increases and “3-Pay” is used by more and more customers, we are strengthening our financial base to secure our growth trajectory as a trusted brand and reliable business partner for our merchants."