Smartpay
“Can a BNPL built on bank-rail direct debit (instead of cards) become Japan's default consumer pay-later platform?”
HQMinato-ku, Tokyo, Japan
FoundersSam Ahmed (Sam Pemberton-Ahmed)
IndustryFintech / Lending
The story
Smartpay is a Japan-based BNPL provider founded by ex-Paidy, Stripe, Adyen, Amazon, and Mastercard executives, backed by SMBC Venture Capital. It differentiates from other BNPL players by building Japan's first digital financing service connected to BankPay (JEPPO), enabling real-time bank direct payments across 200+ financial institutions in addition to credit card BNPL. In 2025 it expanded beyond pure payments into embedded insurance with Chubb, signaling a move from pay-later product into a broader consumer fintech platform.
Product timeline
2022
Launched Bank Direct — Japan's first digital financing service connected to BankPay for immediate bank account debit.· banking
2024
Updated terms to add fallback payment method functionality and removed debit card support.· pivot
2025
Announced Japan's first embedded insurance service in BNPL, in partnership with Chubb Insurance Japan.· insurance
The stack
4 layers disclosed in Smartpay’s embedded-finance stack
Lending
in the full report
Open banking
in the full report
Accounting
in the full report
Accounting gap: minor
8 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.