POS financing solution Paidy secures $143m in funding

Paidy, a point-of-sale financing platform, has collected $143m in a funding round made up of both equity and debt.

The round was comprised of $83m in Series C extension funding adding to the $55m it secured last year. The new tranche of equity was supplied by PayPal Ventures, Soros Capital Management, JS Capital Management, Tybourne Capital Management, and another unnamed company.

The former Series C investment was backed by ITOCHU Corporation and Goldman Sachs.

In addition to the equity, Paidy received $60m in debt financing, of which, $52m came from Goldman Sachs Japan and $8m from Mizuho Bank, Sumitomo Mitsui Banking Corporation, and Sumitomo Mitsui Trust Bank.

Having closed the round, the FinTech is looking to increase its customer base to 11 million accounts by the end of 2020. To do this, it will acquire large-scale merchants and offering additional financial services.

Paidy is a Japanese FinTech platform which offers instant, monthly-consolidated credit lines to e-commerce consumers at the time of purchase. Through machine learning technology it underwrites transactions within seconds and ensuring a merchant is always paid.

Paidy founder Russell Cummer said, “As the Paidy network continues to grow, we are very pleased to continue innovating and to offer best-in-market solutions to merchants and new friction less payment experiences to consumers. 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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