Infcurion, Inc.
438A・Growth Market・Information & Communication
Infcurion, Inc.
438A・Growth Market・Information & Communication
Infcurion, Inc. (Consolidated)
A payment and financial platform company operating three businesses as a payment enabler
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (consolidated) | ¥9,505 million | ¥7,174 million | ↑ |
| Operating profit (consolidated) | ¥440 million | ¥143 million | ↑ |
| Adjusted EBITDA (consolidated) | ¥560 million | ¥188 million | ↑ |
| Ordinary profit (consolidated) | ¥336 million | ¥107 million | ↑ |
| Net profit attributable to owners of parent (consolidated) | ¥444 million | ¥74 million | ↑ |
| Operating profit margin | 4.6% | 2.0% | ↑ |
| Total assets (consolidated) | ¥10,759 million | ¥5,233 million | ↑ |
| Net assets (consolidated) | ¥5,577 million | ¥2,413 million | ↑ |
| Equity ratio | 51.8% | 46.1% | ↑ |
| Cash and cash equivalents at end of period | ¥5,340 million | ¥1,615 million | ↑ |
| Net profit per share | ¥22.81 | ¥4.13 | ↑ |
| Payment Platform Business net sales | ¥5,289 million | ¥3,659 million | ↑ |
| Merchant Platform Business net sales | ¥2,736 million | ¥2,006 million | ↑ |
| Consulting Business net sales | ¥1,478 million | ¥1,507 million | ↓ |
| Payment Platform Business segment profit/loss | -¥181 million | -¥223 million | ↑ |
| Merchant Platform Business segment profit | ¥501 million | ¥79 million | ↑ |
| Consulting Business segment profit | ¥588 million | ¥395 million | ↑ |
Business Details
Under the mission of "Making yesterday's impossible possible, through payments," the company operates three segments: Payment Platform Business, Merchant Platform Business, and Consulting Business. It operates as a "payment enabler," providing cloud- and API-based payment platforms to financial institutions, SaaS companies, and major corporations, spanning BtoC to BtoB. In FY2026 (ending March 2026), the company achieved significant revenue and profit growth, with net sales of ¥9,505 million (up 32.5% year-on-year) and operating profit of ¥440 million (up 207.4% year-on-year).
Recent Overview
In FY2026 (ending March 2026), net sales reached ¥9,505 million and operating profit ¥440 million, marking substantial revenue and profit growth, and the company listed on the TSE Growth Market
In FY2026 (ending March 2026) (April 2025 to March 2026), the company achieved 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 profit attributable to owners of parent of ¥444 million (up 495.0% year-on-year). In the Payment Platform Business, growth in recurring revenue driven by the accumulation of BtoB GTV in Xard and Winvoice, along with development revenue from "Trunk," a comprehensive digital financial service for corporations developed jointly with the SMBC Group, contributed to results. In the Merchant Platform Business, segment profit expanded sharply to ¥501 million (up 529.1% year-on-year) due to the expanded adoption of payment terminals in the mobility industry. The company listed on the TSE Growth Market on October 24, 2025, and capital stock and capital surplus each increased by ¥1,361 million through a public offering. The recognition of deferred tax assets (an increase of ¥364 million) resulted in income tax adjustment of -¥363 million, boosting net profit. For FY2027 (ending March 2027), the company forecasts net sales of ¥11,200 million (up 17.8% year-on-year) and operating profit of ¥600 million (up 36.3% year-on-year).
Key Products
Growth Drivers
- Expansion of usage-based recurring revenue through the accumulation of BtoB GTV in Xard and Winvoice (in FY2026 (ending March 2026), Payment Platform Business net sales rose 44.5% year-on-year to ¥5,289 million)
- Joint development and rollout of "Trunk," a comprehensive digital financial service for corporations, based on the capital and business alliance with the SMBC Group (the SMBC Group began offering Trunk in April 2025, with the collaboration progressing concretely)
- Accumulation of active terminal IDs in the Merchant Platform Business and expanded new adoption in the mobility industry and other sectors (segment profit for FY2026 (ending March 2026) rose 529.1% year-on-year)
- Expansion of payment demand from both corporations and individuals driven by government-led promotion of a cashless society (revised Electronic Books Maintenance Act, the invoice system, the lifting of the ban on digital wage payments, etc.)
- Group synergies from the Consulting Business's stable customer base and cross-selling effects into product businesses (Consulting Business segment profit for FY2026 (ending March 2026) rose 48.8% year-on-year to ¥588 million)
- Enhanced fundraising capability and brand recognition, along with accelerated new customer acquisition, following the listing on the TSE Growth Market
Risks
- Risk of revenue concentration in specific customers (in FY2025 (ended March 2025), Hokkoku Bank, Ltd. accounted for 24.9% of net sales and BIPROGY Inc. accounted for 10.3%)
- Continued segment loss in the Payment Platform Business (-¥181 million in FY2026 (ending March 2026)) and the burden of upfront investment
- Increased financial leverage due to a rise in short-term borrowings associated with increased Winvoice transactions (¥1,957 million at the end of FY2026 (ending March 2026))
- Increased costs associated with the listing, including recognition of listing-related expenses and share issuance costs as non-operating expenses (totaling ¥57 million in FY2026 (ending March 2026))
- Risk of delayed response to technological innovation and changing customer needs (increasing entry of competitors with fully cloud- and API-based offerings)
- System failure and information security risks as payment and financial infrastructure (addressed through PCI DSS and ISO27001 certification)
- Sustainability of the boost to net profit that depends on the recognition of deferred tax assets (¥710 million)
Last updated: June 25, 2026