Paycloud Holdings Inc.
4015・Growth Market・Information & Communication
Cashless Services
Core business targeting high growth through SaaS provision of proprietary Pay and e-money services
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (cumulative Q3, FY2026 (ending August 2026)) | ¥2,932 million | ¥2,785 million (same period prior year) | ↑ |
| Segment profit (cumulative Q3, FY2026 (ending August 2026)) | ¥694 million | ¥579 million (same period prior year) | ↑ |
| Revenue (full year, FY2025 (ended August 2025)) | ¥3,769 million | — | ↑ |
| Segment profit (full year, FY2025 (ended August 2025)) | ¥802 million | — | ↑ |
| Recurring revenue (cumulative Q3, FY2026 (ending August 2026)) | ¥2,390 million | ¥2,114 million (same period prior year) | ↑ |
| Cumulative number of client companies (end of May 2026) | 1,155 companies | 1,144 companies (end of February 2026) | ↑ |
| Cumulative number of end users (end of May 2026) | 240,679 thousand people | 236,354 thousand people (end of February 2026) | ↑ |
| Proprietary Pay payment transaction volume (cumulative Q3, FY2026 (ending August 2026)) | ¥1,178,071 million | — | ↑ |
Business Details
Operated by Value Design, Inc. Provides the SaaS-based "Value Card Service" that allows stores such as supermarkets and restaurants to become e-money settlement operators themselves. The recurring business, mainly composed of monthly usage fees and transaction fees, accounts for the majority of revenue, giving the segment a stable earnings structure. Peripheral services such as Online Charge Payment / Code Payment and digital marketing services on the proprietary Pay platform are also being expanded. This is the most important segment, positioned by the Group as its "growth investment business."
Recent Overview
Revenue and profit growth continued, driven by new service adoption and an increase in the proportion of proprietary Pay usage among existing customers
In the cumulative nine months of FY2026 (ending August 2026) (September 2025 to May 2026), the segment achieved revenue of ¥2,932 million (up 5.3% year on year) and segment profit of ¥694 million (up 19.9% year on year). Contributions from new service adoption and an increase in the proportion of proprietary Pay settlements among existing customers drove recurring revenue growth to ¥2,390 million (up 13.1% year on year). The cumulative number of client companies reached 1,155, the cumulative number of end users reached 240,679 thousand, and proprietary Pay payment transaction volume increased steadily to ¥1,178,071 million.
Key Products
Growth Drivers
- Increase in transaction fees (recurring revenue) driven by continued expansion of proprietary Pay payment transaction volume
- Higher revenue per customer from the addition of new services (Online Charge Payment / Code Payment, Instant Win Service, etc.)
- Deepening of revenue through an increase in the proportion of proprietary Pay settlements among existing customers
- Steady accumulation of cumulative end users and client companies (as of end of May 2026: 1,155 client companies, 240,679 thousand end users)
- Market growth driven by the expansion of the cashless payment ratio in Japan (42.8% actual in 2024, government target of 80%)
Risks
- Risk of delays or impairment related to the iD-linked service (impairment loss of ¥55 million and provision for loss on contracts of ¥298 million already recognized in FY2025 (ended August 2025))
- Future payment obligations associated with outsourcing contracts that are difficult to cancel midway (provision for loss on contracts balance: current ¥78 million, non-current ¥176 million, as of end of May 2026)
- Intensifying competition due to entry by major companies, etc. (possible increase in competitors as the proprietary Pay market expands)
- Risk of failing to meet plans due to timing gaps in service rollout caused by orders already received from customers
- Risk of delays in local subsidiary operations and new customer acquisition in Asian overseas expansion
Last updated: November 25, 2025