Japanese mobile payments startup Coiney raises $7.1 million

Coiney Payge now available in six languages.
Image credit: Coiney

See the original story in Japanese.

Tokyo-based Coiney, the Japanese mobile payments startup, announced today that it has completed a 800 million yen funding as the sum of investment from Innovation Network Corporation of Japan (INCJ), SBI Investment and Dentsu Digital Holdings (DDH) as well as bank borrowing from Seibu Shinkin Bank. Financial details of the deal such as the investment ratio and the payment date have not been disclosed.

The company claims that it will use the funds to increase engineers as well as strengthen their sales and marketing team for expanding their payments solution and services: Coiney Terminal (smartphone-based payments solution for real stores), Coiney Payge (web-based payments solution for online transactions) in addition to Coiney Engine.

Coiney Engine uses artificial intelligence to offer an evaluation of business enterprises based on the accumulation of payments history and various statistical data from the Coiney Terminal and Coiney Payge services. It is used to see the credibility of a company when they apply for business loans from banks partnering with the payments startup.

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Translated by Masaru Ikeda