Infcurion, Inc.
438A・Growth Market・Information & Communication
Infcurion, Inc.
438A・Growth Market・Information & Communication
Business
Infcurion, Inc. operates under the mission of "Making yesterday's impossible possible, through payments," functioning as a "payment enabler" that implements payment and financial functions for financial institutions and businesses across all industries, spanning from consumer-facing (BtoC) to business-to-business (BtoB) applications. The company has three segments: Payment Platform Business (international brand card issuance, invoice card payments, etc.), Merchant Platform Business (payment terminals, acquiring), and Consulting Business. Through its full-cloud, API-based open platform, the company enables a wide range of customers, from major financial institutions to emerging fintech companies, to implement payment functions at low cost and with short lead times. The company listed on the TSE Growth Market in October 2025. Consolidated net sales for FY2026 (ending March 2026) were ¥9,505 million.
Business Model
Revenue is composed of three categories: "flow revenue," which is development consideration received at the time of product implementation; "volume-based recurring revenue," which corresponds to payment processing amounts and transaction counts; and monthly base fees plus Consulting Services fees. As of FY2026 (ending March 2026), flow revenue accounts for approximately 48% of consolidated net sales, but the structure is such that volume-based recurring revenue continues to accumulate as BtoB GTV expands. Over 80% of Consulting Business revenue comes from repeat orders from existing clients, and the group synergy whereby consulting serves as an entry point for product implementation also supports the revenue base.
Company Strengths
BtoB GTV for Xard and Winvoice expanded from ¥33.1 billion in FY2023 (ended March 2023) to ¥447.3 billion in FY2026 (ending March 2026), representing a compound annual growth rate of over 100% over three years. The number of companies using the Payment Platform Business also grew approximately threefold over the same period to 106,808 companies. The accumulation of GTV, which forms the basis for calculating volume-based recurring revenue, is driving business growth.
Building on its track record in payment and finance-focused Consulting Services since its founding in 2006, the company has achieved cross-selling into product adoption. Over 80% of consulting revenue comes from repeat orders from existing customers, enabling the company to establish a growth model that sustainably expands its customer base while keeping advertising expenses low. Consulting Business segment profit for FY2026 (ending March 2026) increased 48.8% year on year to ¥588 million.
In August 2024, the company entered into a capital and business alliance with Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Card Company, becoming an equity-method affiliate of Sumitomo Mitsui Financial Group. In April 2025, the company began participating in the development of "Trunk," a comprehensive digital financial service for corporate clients offered by the SMBC Group. SMBC Group has set a target of acquiring 300,000 accounts and ¥3 trillion in deposits for Trunk within three years, and the company's Xard and Winvoice serve as core functions within this initiative.
ENVALITH's Perspective
Performance Trend
FY2025 (ended March 2025): net sales of ¥7,174 million, operating profit of ¥143 million, and net income of ¥75 million. FY2026 (ending March 2026): net sales of ¥9,505 million (up 32.5% year on year), operating profit of ¥440 million (up 207.4% year on year), and net income of ¥444 million (up 495.0% year on year). Gross margin remained flat at 44.5% (44.5% in the prior period), but the SG&A-to-sales ratio declined, improving the operating margin from 2.0% to 4.6%. The sharp increase in net income also reflects the impact of ¥363 million in income tax adjustment recorded due to the recognition of deferred tax assets. As an external factor, the government's cashless promotion policy, the invoice system, and the revised Electronic Books Preservation Act are boosting demand for BtoB payments, and the expansion of corporate payment processing volume centered on Winvoice drove business performance. For FY2027 (ending March 2027), the company has disclosed a forecast of net sales of ¥11,200 million and operating profit of ¥600 million.
Growth Strategy
Three pillars: BtoB GTV growth, collaboration with the SMBC Group, and expanded platform deployment
Using BtoB GTV from Xard and Winvoice as growth drivers, the company aims to build up volume-based recurring revenue by expanding the number of client companies and increasing transaction processing volume among existing customers. In FY2026 (ending March 2026), Payment Platform Business revenue reached ¥5,289 million, up 44.5% year on year, confirming growth in recurring revenue. Continued growth in this business is expected in FY2027 (ending March 2026).
Based on the capital and business alliance concluded in September 2024, the company participated in the development of "Trunk," a comprehensive digital financial service for corporate clients that the SMBC Group began offering in April 2025. In FY2026 (ending March 2026), development revenue related to Trunk contributed to flow income, and going forward, conversion into recurring revenue is expected as Trunk becomes more widely adopted.
By expanding the deployment of payment terminals through the "Anywhere" payment solution to the mobility industry and other sectors, the company aims to build a foundation for future recurring revenue by accumulating active terminal IDs. In FY2026 (ending March 2026), flow income increased significantly due to progress in deployment within the mobility industry, and segment profit reached ¥501 million, up 529.1% year on year. The release of the fully cloud-based acquiring system was also completed.
Last updated: July 19, 2026