Oct 30, 2013

[The Bridge] Japanese mobile payments processor Coiney secures $8M in funding

Japan’s Nikkei reported that Tokyo-based mobile payments processor Coiney will soon raise up to 800 million yen (approximately $8 million) from Innovation Network Corporation of Japan, the country’s state-run investment fund which promotes emerging technology businesses. 
Our readers may recall that the startup raised 500 million yen ($5 million) back in August from Credit Saison, one of Japan’s top credit card companies. The company expects to transact more than 1 trillion yen ($10 billion) through its payment platform in the next five years. ...
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The Bridge 10/28/2013 [en]

  • INCJ invested in another credit card payment service, Royal Gate recently. It seems bit strange to invest in the same area, but it seems Coiney mainly targets small shops, while Royal Gate focuses on enterprise customers. Needless to say, competitors from US such as Square and Paypal are very strong. INCJ may hope to grow Japanese company to compete with others because payment is a platform for commerce.
  • http://coiney.com/

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