TOKYO, July 29, 2014 /PRNewswire/ -- Exchange
Corporation K.K. ("ExCo") today announced that the company has
closed a US$3.3 million Series A to
launch Paidy, a cardless e-commerce payment and instant credit
service. Arbor Ventures led the round together with CyberAgent
Ventures and Recruit Strategic Partners. Existing investors, 500
Startups and Cherubic Ventures, also participated.
Paidy is a new way for consumers to pay at online stores that
does not require a credit card or pre-registration. Optimized for
mobile and instant-checkout, Paidy allows consumers to buy online
quickly and safely using only their name and email address.
Consumers have the flexibility to pay at one time or spread
payments over installments.
E-commerce volume in Japan will
top US$140 billion in 2014, with less
than 60% of purchases settled by credit card payment. Paidy's
launch was spurred by demand for non credit card payment solutions
and the explosive growth of smartphone purchases in Japan. More than 40% of Japanese smartphone
users purchase products on their devices, while many category
leading e-commerce merchants are now majority mobile in terms of
sales.
Paidy's fast and simple checkout process is ideally suited to
mobile e-commerce. Using proprietary models and machine
learning, Paidy is able to underwrite transactions in 30 seconds or
less, allowing consumers to purchase quickly, while guaranteeing
payment to merchants.
"E-commerce merchants and credit-worthy borrowers are
underserved by traditional lending institutions and processes,"
said Russell Cummer, co-founder and
president, ExCo. "We expect this platform to significantly boost
merchant conversions and order values while giving shoppers a
better checkout experience."
"We see a huge market opportunity in the growth of e-commerce in
Asia and with cardless payment
services, driven by the rising tide of mobile purchases." said
Melissa Guzy, managing partner,
Arbor Ventures. "Paidy allows consumers a way to buy a product
online instantly then pay it back within a timeframe that works for
them."
The company will use the funding for product development, new
hires, marketing and the expansion of the Paidy merchant
network.
About ExCo
Founded in Tokyo in 2008,
Exchange Corporation ("ExCo") builds financial service platforms
for Japan and Asia. Leveraging expertise in credit-
and big data- analysis technologies, ExCo strives to create simple,
easy to use and rewarding customer experiences in its credit,
payment and asset management services. ExCo offers two platforms:
AQUSH, Japan's largest
peer-to-peer exchange for consumer loans, and Paidy, a cardless
e-commerce payment service for merchants that allows consumers to
quickly and safely purchase products online using only their name
and email address. For more information visit
www.exchange.co.jp.
About Arbor Ventures
Arbor Ventures is an early-stage venture capital firm focused on
the intersection of Big Data, financial services and digital
commerce with an affinity for end markets in Asia. The firm is led by industry veterans
Melissa Guzy and Wei Hopeman. The Arbor Ventures team has a
successful track record of investing in, growing, and exiting
venture investment opportunities in the U.S. and Asia, and years of entrepreneurial experience
building innovative technology companies. For more information,
visit www.arborventures.com.
About CyberAgent Ventures
CyberAgent Ventures, Inc. (HQ: Shinjuku-ku, Tokyo, President: Soichi Tajima), is the venture capital arm of
CyberAgent, Inc. (HQ: Shibuya-ku, Tokyo, President: Susumu Fujita, TSE Mothers: 4751).
Company
Name:
|
CyberAgent Ventures,
Inc.
|
President:
|
Soichi
Tajima
|
Address:
|
6-1
Nishi-shinjuku 2-chome, Shinjuku-ku, Tokyo
|
About Recruit Strategic Partners
(www.recruitstrategicpartners.com)
Recruit Strategic Partners (RSP Fund No. 5, LLC) a wholly-owned
subsidiary of Recruit in Japan, is
a venture capital firm investing in innovative startups from around
the world.
Company
name:
|
RSP Fund No. 5,
LLC
|
Representative:
|
Akihiko
Okamoto
|
Address:
|
8-4-17 Ginza,
Chuo-ku, Tokyo
|
Media Contacts:
U.S. – Jonathan Cutler, JCUTLER
media group, jc@jcmg.com
Japan – Russell Cummer, ExCo,
russell.cummer@exchange.co.jp
SOURCE Exchange Corporation