Japan-based mobile payment technology provider Origami has raised $66.6m in series C funding from investors including payment services firms Mitsui Sumitomo Card Company, Union Pay International, JCB and Credit Saison.
Systems integrator Nihon Unisys and financial services providers Shinkin Central Bank, Toyota Finance, Ogaki Kyoritsu Bank and SBI, the latter through SBI Investment, as well as DG Lab Fund, a subsidiary of Daiwa Ventures, the joint venture between internet company Digital Garage and Daiwa Securities.
Founded in 2012, Origami has created a mobile app that enables users to pay for items by inputting the amount and scanning an in-shop QR code, or by showing shop staff a barcode on the app that they can scan.
The app is free for users, and the company claims it offers the lowest settlement fees for businesses in the industry. Origami will use the series C capital to increase headcount and accelerate product development.
The round boosted Origami’s overall funding to $88m, it said. Advertising agency Digital Advertising Consortium and telecommunications firm KDDI’s Open Innovation Fund supplied $5m in series A funding for the company in 2013.
Telecoms group SoftBank subsequently led Origami’s $13.3m series B round two years later, investing together with Credit Saison and private investor Makoto Takano.