Japanese mobile payments processor Coiney secures $8M in funding

Japanese mobile payments processor Coiney secures $8M in funding

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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.

Coiney was launched back in March of 2012 by ex-PayPal Japan employee Naoko Samata, and has been providing mobile payments solutions using swipe card readers for smartphones. In Japan, other competitors in this space are Square, Paypal Here, and Rakuten Smartpay.

On a related note, it was announced a couple of weeks ago that the aforementioned fund announced will also invest up to 1 billion yen ($10 million) in another payments processor company, Royal Gate.