Japan’s Smartpay has raised $7 million in a round led by SMBC Venture Capital, while London-based Terrapay has acquired a Major Payment Institution (MPI) Licence in Singapore.
SMBC VC leads Smartpay’s $7m funding round
Japanese fintech company Smartpay has raised $7 million in a pre-Series A round led by SMBC Venture Capital, according to an announcement. Other investors including Angel Bridge, Global Founders Capital, and Matrix Partners also participated.
Smartpay is a digital embedded finance firm in Japan—the first in Japan to offer no-interest, no-late-fee, and free-of-charge instalments at the point of purchase.
The company claims that it is the only payment company in Japan that has signed and integrated with the 19 largest banks in the country and over 200 credit unions, thus accessible to 90% of Japan’s population with bank accounts.
SMBC Venture Capital is one of Japan’s most experienced technology investors, with 123 portfolio companies that have completed IPOs (since July 2010).
MAS awards MPI licence to London-based TerraPay
Payment services company TerraPay has been given an MPI Licence by the Monetary Authority of Singapore, now allowing it to offer financial services in the country.
In a statement on Monday, TerraPay said that the services it plans to provide will include account issuance, domestic and cross-border money transfers, merchant acquisition, and e-money issuance.
“Being granted this licence by the Monetary Authority of Singapore is a big milestone for TerraPay, especially as we expand our reach and services across geographical borders,” said the company’s managing director Sheshagiri Malliah.
Founded in 2014, TerraPay is headquartered in London, with global offices in Bangalore, Dubai, Miami, Bogota, Dar es Salaam, Kampala, Hague, Dakar, Joburg, Nairobi, Milan, and Singapore. Its backers include International Finance Corporation, Prime Ventures, Partech Africa, and Visa.
Other MPI licence holders in Singapore include fintech firm Payoneer; USDC issuer Circle; and Int Payment Technology, the group entity of PayerMax.