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Paidy Launches to Advance Asia's Cardless Payment Economy E-Commerce Payment Platform Secures Series A Investment from Arbor Ventures, CyberAgent Ventures and Recruit Strategic Partners

TOKYO, July 29, 2014-- 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

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

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 (

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,
Japan Russell Cummer, ExCo,

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