Japan’s Payments Firm Hey Nets Series E Funding Led By Bain Capital

Japanese eCommerce and payments platform hey announced a Series E investment led by Bain Capital, a press release says.

The round was also supported by PayPal Ventures, Goldman Sachs, YJ Capital, Anatole, and existing investor World Innovation Group, according to the release.

Hey works in the business of aiding companies in making their own online stores and processing payments, using end-to-end support and helping customers access what the release claims are cheaper prices for the service.

The company plans to use the money to accelerate its growth amid Japan’s thriving business environment, including numerous customers who want to use contactless, digital means of payment.

In addition to the funding round, hey has also acquired consumer-facing relations platform Coubic. That acquisition will aid it in scaling and diversifying where such is needed, according to the press release.

Japan has seen a boost in interest for cashless payments and eCommerce as of late. Those things have not traditionally been popular in Japan but are currently seeing a surge as the country transitions to a more modern, digital-friendly economy, the release says — spurred on, as elsewhere in the world, by the coronavirus pandemic.

Another Japanese firm, Paidy, which works in buy now, pay later (BNPL) payments, recently secured a Series C extended funding round, bringing its value to $281 million in equity and debt.

Yusuke Sato, President of hey, said the partnership with Bain Capital and PayPal Ventures “and leveraging their global platform and deep payments and eCommerce experience will enable us to meet the growing demand for dynamic, remote shopping experiences for Japanese consumers,” according to the release.

Darren Abrahamson, Managing Director at Bain Capital Tech Opportunities, said hey was “at the forefront of developing integrated mPOS and eCommerce solutions that enable Japanese merchants to engage with and sell to consumers across the country, even those using legacy payment methods,” the release said.