Japanese fintech firm Paidy has secured an additional funding of $143m through a combination of debt financing and an extension of Series C round.
In the Series C extension, the company raised $83m from PayPal Ventures, Soros Capital Management, JS Capital Management, Tybourne Capital Management and another unnamed firm.
Separately, the company received $60m through debt financing. It includes establishing a $52m warehouse facility with Goldman Sachs Japan and $8m credit facility with Mizuho Bank, Sumitomo Mitsui Banking and Sumitomo Mitsui Trust Bank.
Paidy plans to utilise the new funding to strengthen capital flow as well as support business growth.
The fintech firm aims to achieve 11 million customer accounts by the end of next year by acquiring large-scale merchants. Expanding financial service portfolio is also part of its growth strategy.
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 frictionless 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.”
Paidy provides instant post-pay credit to e-commerce consumers in Japan. Subsequently, the customers can settle purchases monthly or on specific instalments.
The service improves conversion rates and boosts revenue for the merchants. Last year, the company secured an investment from Visa.