hey, Leading Payments and e-Commerce Player in Japan, Closes Growth Investment Led by Bain Capital Tech Opportunities

In conjunction with the new investment round, hey also announced that it had completed its acquisition of Coubic, a rising consumer-facing reservations platform that will help hey further scale and diversify into adjacent categories

FREMONT, CA: hey, a leading payments and e-commerce platform in Japan that supports businesses to easily create bespoke online stores and process in-store cashless payments, raised a Series E investment led by Bain Capital Tech Opportunities with active participation from PayPal Ventures, Anatole, Goldman Sachs, YJ Capital, and existing investor World Innovation Lab. The funding, along with Bain Capital's global expertise with integrated software and payments, will allow hey to boost growth and serve the large and growing number of businesses in Japan who are planning to establish an online retail presence and accept cashless payments in stores.

In addition to the new investment round, hey also announced that it had completed its acquisition of Coubic, a rising consumer-facing reservations platform that will help hey further scale and diversify into adjacent categories.

"hey was formed with a vision to employ our innovative technology platform to foster connections between Japanese consumers and merchants who have been under-served by e-commerce solutions in the marketplace. Our 100 percent growth in gross merchandise value over the past year and this new partnership with a world class group of investors are key milestones in realizing that vision," stated Yusuke Sato, President of hey. "Partnering with Bain Capital as well as PayPal Ventures and leveraging their global platform and deep payments and e-commerce experience will enable us to meet the growing demand for dynamic, remote shopping experiences for Japanese consumers."

Established in 2018 by the merger of mobile point of sale (mPOS) terminal business Coiney and e-commerce platform Stores.jp, hey delivers end-to-end support for businesses as they create and maintain personalized virtual storefronts and accept in-person payments. The platform plays a vital role in allowing merchants in Japan to engage as well as transact with current and prospective consumers at a fraction of the cost of other alternatives in the market.