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In June 2016, Paidy CEO Russell Cummer spoke to the American Chamber of Commerce in Japan (ACCJ) Alternative Investment Committee after the company had completed raising a Series A round of funding. Now Paidy returns to share the current state of its successful Fintech venture, which allows ecommerce shoppers to buy now and pay later without a credit card.
Paidy provides more than 100 million Japanese consumers with real-time online payments. It aggregates the most popular non-credit card payments into a single, real-time, 100% guaranteed payment network available to all qualifying consumers. By combining Big Data streaming and machine learning with years of risk analysis experience, Paidy has developed the largest cardless, real-time payment network in Japan.
When Cummer spoke in 2016, he talked about the challenges and rewards of launching a venture, raising funds, creating the service, raising consumer awareness, and generating revenue. Now, Paidy faces a range of challenges as it scales its business. Having raised $200 million in venture capital funding, the company has grown its team in Roppongi to 150 staff members representing more than 30 nationalities and is planning to sell services to large organizations in Japan.
About the Speaker
Russell Cummer is the founder and executive chairman of Paidy, and has been a fintech-focused entrepreneur in Asia for more than 10 years. At the start of his career, Cummer spent seven years in financial markets—first as a member of the Merrill Lynch Global Equity Derivatives Strategy Group in Hong Kong and then as a proprietary-focused trader on the Asia Credit and Convertibles Trading desk at Goldman Sachs in Tokyo and Hong Kong. He holds a Bachelor of Science in Physics from Imperial College London and an Master of Science in Financial Mathematics from Stanford University. Cummer was born in
Singapore and grew up in Hong Kong and Canada.
Frank Packard, Chair
Christopher Wells, Jenifer Rogers, and Pieter Franken, Vice-Chairs
ACCJ Alternative Investment Committee
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