Japan-based, corporate-backed consumer finance service Paidy has received $120m in series D funding from JS Capital Management, Soros Capital Management, Tybourne Capital Management and Wellington Management.
The company also secured debt facilities of up to $182m supplied by financial institutions including Goldman Sachs and Sumitomo Mitsui Bank.
Paidy has built a digital repayment tool that helps users finance their online purchases in fixed monthly quotas. It has now raised $585m in total, including $337m in equity financing, since it was founded in 2008.
Trading firm Itochu provided $48m for a series C extension in April 2020 that followed a $143m first close five months before which included $83m in equity funding from investors including Itochu and payment services providers Visa and PayPal, the latter through its PayPal Ventures unit.
Goldman Sachs, JS Capital Management, Soros Capital Management and Tybourne Capital Management also chipped into the equity portion of the round.
An additional $52m warehouse facility was supplied by Goldman Sachs Japan while Mizuho Bank, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank provided an $8m credit facility.
Itochu had already backed Paidy’s $15m series B round in 2016, investing with financial services firm SBI and its SBI Investment vehicle, and Eight Roads Ventures and SIG Asia, on behalf of investment and financial services group Fidelity and quantitative trading firm Susquehanna International Group (SIG) respectively, in addition to Arbor Ventures.
SIG Asia and Arbor Ventures had joined CyberAgent Ventures and Recruit Strategic Partners – respective vehicles for internet company CyberAgent and staffing firm Recruit – for an $8.3m series A round a year earlier that included MS Capital and returning investors 500 Startups and Cherubic Ventures.
