Japan-based mobile payment technology provider Coiney has closed ¥800m ($7.1m) in financing from investors including Dentsu Digital Holdings, the corporate venturing vehicle for digital marketing company Dentsu, The Bridge reported yesterday.
SBI Investment, a subsidiary of financial services firm SBI Group, also participated in the round, as did public-private partnership Innovation Network Corporation of Japan (INCJ), while Seibu Shinkin Bank provided the debt portion.
Founded in 2012, Coiney has built a mobile payment device that allows brick-and-mortar merchants to accept credit card payments.
The company also supplies software that e-merchants can use to receive payments and operates a small-business lending service that uses data gleaned from past Coiney use to evaluate the potential of borrowers. It will use the funding to expand its engineering, sales and marketing teams.
Coiney has now raised more than $21m altogether, having received an undisclosed amount of seed funding in 2012 from CyberAgent Ventures, the corporate venturing arm of internet company CyberAgent, venture capital firm East Ventures and VC fund Anri.
Payment services firm Credit Saison invested $5m in the company in August 2013 before INCJ provided $8m at a $50m valuation two months later.