档案库 · 金融科技 · 产品决策 · 2008–2021
Paidy无卡分期赌注以 PayPal 27亿美元收购告终
Paidy赌日本购物者会仅凭姓名和电子邮件在线结账，并在便利店按月结算；PayPal于2021年以27亿美元收购了这家BNPL先锋。
Paidy
做的是什么生意
Paidy was Tokyo-based Exchange Corp's cardless buy now, pay later checkout: consumers bought online with only their name and email, then settled one consolidated bill each month at a convenience store or by bank transfer, while Paidy's proprietary scoring underwrote each transaction and guaranteed payment to merchants.
启动资金：$3.3 million Series A led by Arbor Ventures at launch in 2014; CyberAgent Ventures and Recruit Strategic Partners also joined.
起因
Russell Cummer, a former Goldman Sachs trader in Japan, built Exchange Corp in Tokyo as a peer-to-peer lender; by 2014 it had lent about $15 million, but he found the bottleneck was identifying creditworthy borrowers. Watching roughly 40% of Japanese transactions settle offline — at convenience stores or by bank transfer — because consumers distrusted cards online, he pivoted the same credit engine into Paidy.
经过
Paidy launched in July 2014 backed by Arbor Ventures, CyberAgent Ventures and Recruit Strategic Partners, then scaled into Japan's leading BNPL service: by September 2021 it had more than six million registered users, had added installment offerings and the Paidy Link digital-wallet integration, and was reported (Financial Times, August 2021) to be weighing an IPO.
结果
On September 7, 2021 PayPal agreed to acquire Paidy for ¥300 billion — about $2.7 billion, principally in cash — and completed the deal in October 2021. Paidy kept its brand, kept operating its existing business, and founders Russell Cummer and Riku Sugie continued to lead it.
背景
2014年，前高盛交易员罗素·卡默在东京创立了P2P借贷平台Exchange Corp，随后推出Paidy，其赌注很简单：日本消费者并非回避在线购物，而是回避在线信用卡支付。当时约40%的交易仍在便利店或银行转账结算。Paidy的设想是，只需提供姓名和电子邮件即可结账——由Paidy承担信用风险并保障商家——可以将这种线下舒适感转移到线上。
该机制将P2P信贷经验转化为产品：Paidy对每位购物者进行评分，确保零售商在18天内收到付款，并将购物者所欠金额合并为每月一单，可通过便利店或银行转账支付。在Arbor Ventures领投的330万美元A轮融资支持下，该服务到2021年9月已扩展至超过600万注册用户，并新增分期付款选项和数字钱包集成，成为日本领先的BNPL服务商。
这场赌注最终被收购而非IPO：有报道称Paidy在考虑上市后，PayPal于2021年9月7日同意支付3000亿日元（约27亿美元），主要为现金，并于2021年10月完成收购。Paidy继续以其自主品牌运营，创始人罗素·卡默和杉江陆仍领导公司——一个以330万美元赌注起家、最终以约27亿美元退出的无卡结账创业故事。
这件事要成立，得有什么
- 它攻击了卡发行机构忽视的摩擦点：仅需姓名和电子邮件的结账方式契合了日本厌卡购物者已有的线下按月付款习惯。
- 承担信用风险使商家成为销售渠道——有保障的18天结算和更少的弃购率是商家在结账时接入Paidy的理由。
- P2P时期积累的信用评分能力至关重要，使Paidy能够大规模承保即时无卡信贷。
- 时机：当PayPal需要进军日本这个全球第三大电商市场时，BNPL需求正蓬勃发展，其双边网络因此获得溢价。
可借鉴之处
保障商家，去掉信用卡，让购物者每月在便利店支付账单：Paidy将日本的结账摩擦转化为一个双边网络，并最终以27亿美元退出。
后续进展
截至2021年10月12日，收购已完成：Paidy成为PayPal在日本先买后付领域的工具，保留其品牌、产品和团队，创始人罗素·卡默和CEO杉江陆继续留任。这笔3000亿日元（约27亿美元）的交易发生在疫情期间BNPL整合热潮中，此前Square也同意以290亿美元收购澳大利亚的Afterpay。
资料来源
- Exchange Corp. Launches Cardless Payment Service With $3.3 Million Series A
- PayPal acquires Japanese buy now, pay later platform Paidy for $2.7bn
- PayPal heats up buy now, pay later race with $2.7 billion Japan deal
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