ENVALITH
株式会社デジタルプラス logo

DIGITAL PLUS, Inc.

3691・Growth Market・Information & Communication

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株式会社デジタルプラス logo
DIGITAL PLUS, Inc.3691

Business

Digital Plus, Inc. is a group of three companies: the Company itself, Digital FinTech, Inc., and Digital and, Inc. In its core FinTech Business, the Company provides payment infrastructure that addresses diverse business-to-individual payment needs through Digital Gift® and the Digital Wallet (Funds Transfer Service Compliant). The Company focuses on three priority areas—marketing (advertising), human resources, and payment DX (finance)—and aims to expand its share in the business-to-individual payment segment for amounts of ¥30,000 or less. In FY2025 (ending September 2025), the Company achieved an annual gross merchandise value of ¥13.0 billion (up 78% year on year). Completion of registration as a Type II Funds Transfer Service Provider has enabled the Company to handle payments and remittances involving consideration. The Digital Marketing Business continues to operate its existing media while the Company has completed the divestiture of non-core businesses to concentrate management resources on the FinTech Business.

Business Model

A structure in which fees are collected on the gross transaction volume generated when corporations use Digital Gift® or the Digital Wallet for purposes such as campaign incentives, shareholder benefits, employee welfare, and compensation payments. In FY2025 (ended September 2025), FinTech Business revenue was ¥852 million (up 35.5% year on year), with segment profit of ¥316 million (up 48.7% year on year). The business has a highly leveraged structure in which growth in gross transaction volume translates directly into revenue growth.

Company Strengths

In the FY2025 (ending September 2025), the annual gross merchandise value in the FinTech Business reached ¥13.0 billion, recording a high growth rate of 78% year-on-year compared to the previous consolidated fiscal year. The increase in the number of companies adopting solutions in the shareholder benefits field is driving overall growth in gross merchandise value, capturing demand across the three areas of marketing, human resources, and finance.

During the current consolidated fiscal year, the company completed registration as a Type II Funds Transfer Service Provider. This has significantly expanded the scope of services offered, enabling, in addition to the conventional Digital Gift®, support for payments involving consideration such as rewards and refunds, as well as remittances compliant with the Act on Prevention of Transfer of Criminal Proceeds.

Through the sale of the Digital Marketing Support Business (transfer price of ¥140,000 thousand) and "Financial Plus" (transfer price of ¥15,000 thousand), the company completed in FY2025 (ending September 2025) the "FinTech Focus" organizational transition that had been pursued since the fourth quarter of FY2023 (ending September 2023). This has established a framework for concentrating capital expenditure of ¥116,270 thousand in the FinTech Business.

ENVALITH's Perspective

Revenue for the H1 of FY2026 (ending March 2026) came to ¥730 million (up 56.3% year on year), maintaining high growth, while operating loss stood at ¥77 million (versus operating profit of ¥1 million in the same period a year earlier), turning negative. The full-year guidance of revenue of ¥1,721 million and operating profit of ¥200 million remains unchanged, but with an operating loss of ¥77 million at the end of H1, the company needs to generate operating profit of ¥277 million in H2. Management cites "expected orders for large-scale projects" as the basis, but uncertainty remains regarding this second-half-weighted structure.

"Other expenses" for the interim period surged to ¥107 million (versus ¥17 million in the same period a year earlier), primarily due to an impairment loss of ¥79 million related to "Piece." Financial expenses also doubled to ¥35 million (versus ¥16 million in the same period a year earlier), with interest burden increasing along with the rise in outstanding borrowings. Against segment profit of ¥179 million in the FinTech Business, company-wide costs (adjustment amount) significantly exceeded this at ¥221 million, making improvement of the head-office cost structure key to profitability.

Total assets as of the end of March 2026 expanded sharply to ¥4,465 million (up ¥1,134 million from the previous fiscal year-end), primarily due to an increase of ¥828 million in trade and other receivables. Meanwhile, current liabilities also increased by ¥1,235 million to reach ¥3,467 million, and the ratio of equity attributable to owners of the parent declined from 25.3% to 18.0%. As a subsequent event, the company executed additional borrowings from Resona Bank (¥200 million) and Hokkoku Bank (¥100 million), and cash flow management continues to be an important point to monitor. In terms of market environment, the progress of cashless payments as an external factor is a tailwind, but rising borrowing costs amid an interest rate hiking phase could be a headwind.

Growth Strategy

Transition to a single FinTech Business segment and pursuit of continuous growth in cumulative transaction value, targeting ¥100.0 billion in cumulative transaction value by FY2028 (ending September 2028)

Achieved 24 consecutive quarters of growth, reaching approximately ¥6.3 billion in cumulative transaction value for the first half. Building out the transaction base through adoption by Japan Airlines and as a recipient channel for domestic municipal benefit payments, targeting ¥3.5 billion in monthly transaction value and ¥25.0 billion in cumulative transaction value for the full fiscal year. A 25th consecutive quarter of growth in the third quarter is currently anticipated.

At the Board of Directors meeting resolution dated May 15, 2026, the decision was made to withdraw from both businesses. The Digital Marketing Business is scheduled to be discontinued during FY2026 (ending September 2026), and "Peace" is scheduled to be discontinued by the end of July 2026, accelerating the concentration of management resources into the FinTech Business. An impairment loss of ¥79 million was recognized in advance during the first half.

Leveraging its registration as a Type II Funds Transfer Service Provider, the company is advancing functional enhancements to its Digital Wallet (Funds Transfer Service Compliant). Against the backdrop of rising attention toward next-generation payment infrastructure such as stablecoins, the company aims to capture DX demand related to "how money is sent and received." Application of new technologies such as blockchain will also continue.

In the domain of payments to individuals of ¥30,000 or less, the company has positioned marketing (advertising), HR, and payment DX (finance) as priority focus areas, accelerating adoption across diverse use cases such as shareholder benefits, point-collecting activities, and municipal benefit payments. The company will continue its strategy of broadly capturing corporate clients' payment DX demand.

Last updated: July 17, 2026