Japanese fintech firm Paidy has raised $55m in a Series C funding round, which was led by ITOCHU.

The new funding round also involved the participation of Goldman Sachs and increases the total capital raised by Paidy to $80m.

Commenting on the development, Paidy founder and executive chairman Russell Cummer said: “We are extremely honoured that Paidy’s business concept was highly valued by one of Japan’s most prestigious business conglomerates, ITOCHU. Through this tie-up, we expect to launch new merchants in order to deliver Paidy’s frictionless and intuitive financial solution to a much broader audience.

“Furthermore, by adding new payment functions and diverse financial services, thereby making our customer attachments much more robust, we aim to promote our vision of removing barriers and creating unique consumer experiences to as many people as possible.”

Launched in October 2014, Paidy is an instant post-pay credit service for ecommerce consumers.

Requiring no pre-registration or credit card, Paidy enables users to purchase products online using only a mobile phone number and a verified email address.

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Users can pay for all their purchases afterwards through a single monthly bill at a convenience store by bank transfer or auto debit. They can also pay in instalments and subscriptions.

As of last month, Paidy reported nearly 1,400,000 customers. The company intends to expand its customer base to 11,000,000 by 2020 by expanding to the offline market and offering additional financial services.