Former banker founded a billion-dollar purchase-later service

Russell Cummer used to be a credit trader at Goldman Sachs in Tokyo (Japan). Despite working at a bank, Russell was not issued a credit card. This is a common problem in Japan. Especially for young people with no credit history. Russell decided to start a purchase-later service offering credit card replacement. “It’s hard to get a credit card in Japan.” That’s why, says Russell, “Paidy is an effective alternative to credit cards.” 

Russell Cummer

Along with Visa Inc., Paidy Inc is also backed by Soros Capital Management. These two rare unlisted Japan-based startups are currently valued at least $1.2 billion. Both are major Japan-based purchase-later services. This field is a business model that is gradually becoming popular in the world. “It was very difficult for me to get my first credit card in Japan,” Russell said in an interview at the age of 41. Paidy “became the equivalent of a credit card for people who didn’t use credit cards.” 

Kredivo launch its purchase-later services in Vietnam

PayPal Holdings Inc is the leading Internet payment company in the world. The company will not charge late fees to its global “buy first, pay later” (BNPL) customers. This purchase-later service is gaining popularity. It is especially for those who love technology gadgets and master their personal financial life. On August 27, 2021, Kredivo Vietnam officially launched the Vietnamese market. The company develops the BNPL lending platform through a strategic partnership with Phoenix Holdings. The selected partner to deploy this application is VietCredit. This cooperation helps Vietnamese people access modern financial solutions. Online shopping from here also becomes faster and more selective.

India’s largest car rental service is entering the Vietnam’s market

With a valuation of nearly $2 billion, Zoomcar is leading the car rental segment in India. Currently, Zoomcar is targeting the Southeast Asian market. This startup is investing $100 million for two to three years in this region. This investment could increase significantly as Zoomcar strengthens its presence in Southeast Asia. Zoomcar expects Southeast Asia to soon contribute 40% revenue. The startup is preparing to IPO in the US within the next 12 months. Greg Moran, Co-Founder & CEO of Zoomcar, is considering a SPAC deal. Zoomcar will enter the markets of Indonesia, Vietnam and the Philippines. The startup has also opened several stores in Egypt. 

Greg Moran

After North America and Europe, VinFast also quietly covers the Southeast Asian market. The Vietnamese carmaker will open car sales in Indonesia and Malaysia. On August 30, 2021, VinFast copyrighted six car models on the intellectual property database of the Indonesian Ministry of Justice and Human Rights. Among them, there are five car models and one electric motorbike model. VinFast has similar moves in Malaysia. There are also at least five Korean companies negotiating with VinFast. They negotiate a contract to supply battery cell manufacturing equipment. VinFast will join with Gotion High-Tech Co., Ltd. (China) in researching, developing, and building the first Giga factory producing LFP batteries in Vietnam. 

Sources of information include Bloomberg and TechInAsia.