Oct 24, 2025

2025.10.24 Infcurion, Inc. (Headquarters: Chiyoda-ku, Tokyo; CEO: Hiroki Maruyama) has gone public on the Tokyo Stock Exchange Growth Market as of October 24, 2025. A Japan-born BaaS pioneer goes public. Infcurion is a leading Japanese company providing an API platform that enables enterprises and financial institutions to embed payment and financial functionalities directly into their own services—positioning itself as a driving force in Japan’s Banking-as-a-Service (BaaS) industry. Today, the company powers payment capabilities for more than 70,000 businesses nationwide, processing over ¥2 trillion in annual B2B transactions. Unlike the bank-led BaaS models common in US markets, Infcurion has developed a “collaborative” model that connects banks, card issuers, and non-financial enterprises through APIs. This structure allows both sides to embed and extend each other’s services: financial institutions contribute licenses and trust, while business operators leverage UX and speed to create new financial experiences. Infcurion’s technology platform enables this co-creation at scale, making it a key infrastructure for the spread of embedded finance in Japan. Its platform supports a wide range of business and consumer-facing digital services, from expense management and billing automation tools to branded payment and loyalty applications. The company also partners with major financial groups to develop next-generation digital banking solutions for corporates—demonstrating how collaboration between traditional finance and fintech can drive innovation in financial services. This investment was made through the GMO Global Fintech Fund (GFF), established in 2018 as GMO Venture Partners’ dedicated fintech fund. GFF focuses on areas such as payments, digital lending, and embedded finance—backed by the GMO Internet Group’s extensive capabilities in Internet infrastructure, payment processing, and financial technology through subsidiaries like GMO Payment Gateway, one of Japan’s largest payment service providers. With these collective capabilities, the GMO Internet Group has long supported innovation at the intersection of technology and finance. The investment in Infcurion aligns with GFF’s mission to foster next-generation financial infrastructure and to accelerate the realization of a society where financial functions are seamlessly embedded into every service. From the perspective of our fintech investment fund, Infcurion’s public listing represents a significant milestone for Japan’s fintech ecosystem—a proof point that firms bridging incumbent financial institutions and emerging technology players can grow into vital components of the nation’s financial infrastructure. We expect Infcurion to continue its expansion as a core enabler of Japan’s financial digital transformation (DX). (Deal Lead:  Kawano )