Netstars, the operator of the Japanese QR code payment gateway has completed a $60 million round of funding in a plan for international expansion.
The round, which was made through a combination of a capital infusion and the allotment of new shares, includes a $40 million investment made from funds managed by KKR.
The Tokyo-based company operates StarPay, a digital gateway for efficient point-of-sale processing for consumers across multiple payment apps. To date, the company claims that StarPay is used by more than 280,000 merchants across Japan and has aggregated 37 payment providers onto its platform, including PayPay, LINE Pay, AliPay, WeChat Pay, and VIA.
According to media reports, Eiji Tanagawa, a partner of KKR speaking on the latest happening said, “Netstars is well-positioned to drive the digital transformation of companies and the increasingly important off-line to online transition during the Covid-19 period. KKR looks forward…to support Netstars’ business growth in Japan and overseas and support its preparations that may culminate in an IPO.”
The company plans to use the raised funding to expand StarPay’s network to include more stores that accept QR settlements in Japan and introduce a mini-app development platform for merchants. The company has also set its sights on expanding internationally in cooperation with overseas financial institutions.