Our Japenese portfolio company, Paidy, has raised a $48 million Series C extension from ITOCHU. Paidy allows customers to make online purchases without credit cards.

The company says it has now raised a total of $281 million in equity and debt. The latest funding will be used to strengthen Paidy’s balance sheet during the COVID-19 pandemic and also support the development of more “buy now pay later” services it will launch later this year.

Paidy’s platform allows users to make purchases online, and then pay for them each month in one bill. The company uses proprietary technology to score creditworthiness, underwrite transactions and guarantee payment to merchants. Since many Japanese consumers prefer not to use credit cards for online payments, Paidy’s service can help vendors increase their conversion rates, average order values and repeat purchases.