Line will finance fintech investment with convertible bonds
The instant messaging application announced an investment of 1,150 million euros to innovate in the online payments sector through its Line Pay service
Through the issuance of convertible bonds, Line seeks to obtain the money to finance its most ambitious revolution: innovate in the online payments sector through its Line Pay service.
As reported by the Board of Directors of the company, in the first phase will issue two packages of bonds due in 2023 and 2025. With this investment, Line seeks to strengthen its business fintech, by increasing three key aspects: the number of businesses that accept it as a method of payment, users and the volume of transactions.
After starting its operations as an instant messaging platform after the Japan earthquake in 2011, it soon gained users and started offering added value products such as games and stickers.
Last June, it counted 76 million users, only in Japan. The company expects to invest some 100,000 million yen (around 778 million euros) in the promotion of Line Pay, as well as the creation of new fintech services by the end of 2021.
Through Line Pay, users have the possibility to link their credit or debit cards to purchase the brand’s products, but they can also use them in associated stores, make transfers between users and share payments.
M.Pino
Source: Marketing4Ecommerce
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