Paidy, a Japan-based fintech startup that allows customers to make online purchases without using credit cards, has raised a USD 48 million Series C extension from ITOCHU.
According to TechCrunch, the company has now raised a total of USD 281 million in equity and debt. Its latest investment from ITOCHU, a Japan-based trading company, was equity funding. ITOCHU previously participated in Paidy’s Series B and C rounds, and this brings the total it has invested into the startup to USD 91 million.
The last funding announcement made by the startup was in November 2019, with investors including PayPal Ventures. The latest funding will be used to strengthen Paidy’s balance sheet during the COVID-19 pandemic and to support the development of more 'buy now pay later' services in 2020.
Paidy’s payment service allows users to make purchases online and then pay for them each month in a consolidated bill. The company uses proprietary technology to underwrite transactions and guarantee payments to merchants, among other things.
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