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At 89%, Japan has one of the highest website cart abandonment rates worldwide for merchants. This is much higher than the global average of 70%.

To help boost sales, local fintech firm Smartpay began offering buy now, pay later services in 2021. According to the company, Smartpay users have an average order value of US$240, which is over 40% higher than non-users.

Now, the company has raised US$7 million in a pre-series A funding round led by SMBC Venture Capital and joined by Angel Bridge, Matrix Partners, and Global Founders Capital.