Investment company Arbor Ventures led the round together with CyberAgent Ventures and Recruit Strategic Partners. Existing investors, 500 Startups and Cherubic Ventures, also participated.
Paidy is a new way for consumers to pay at online stores that does not require a credit card or pre-registration. Optimized for mobile and instant-checkout, Paidy allows consumers to buy online using only their name and email address. Consumers have the flexibility to pay at one time or spread payments over installments.
Ecommerce volume in Japan is expected to top USD 140 billion in 2014, with less than 60% of purchases settled by credit card payment. More than 40% of Japanese smartphone users purchase products on their devices, while many ecommerce merchants are now majority mobile in terms of sales.
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