BASE,Inc.
4477・Growth Market・Information & Communication
Business
BASE, Inc. operates under the mission "Payment to the People, Power to the People." and runs five segments: the BASE Business, which provides the online shop creation service "BASE" and the buyer-facing shopping service "Pay ID"; the PAY.JP Business, which provides "PAY.JP," an online payment API for startups; the YELL BANK Business, offering future-receivables factoring-type financing "YELL BANK"; the want.jp Business, a cross-border e-commerce service; and the E-Store ShopServe Business, a hands-on EC support service "E-Store ShopServe" that became a subsidiary in July 2025. Its main customers are individual and small-team online shop owners (77.4% of operators are solo, and 71.5% are individuals) as well as startups and venture companies. The company was founded in 2012 and listed on the Tokyo Stock Exchange Mothers market (now the Growth market) in 2019.
Business Model
In the BASE Business, service usage fees (3.0% for the Standard Plan, 5.9% via Pay ID) and payment processing fees are charged on Gross Merchandise Value (GMV). In the PAY.JP Business, payment processing fees (2.59% to 3.3%) are collected on merchant GMV. In the YELL BANK Business, future receivables of merchants are purchased at a discount, earning fees (1% to 20%). Since GMV growth in each business pushes up the group's overall gross profit, gross profit maximization is emphasized as a key management indicator.
Company Strengths
BASE has a cumulative customer base of over 2.5 million shops, and its transaction data is utilized in YELL BANK's future receivables forecasting model and AI models (such as Kantan Kaigai Hanbai). This data asset serves as a foundation for differentiation from competitors and low-risk operations.
Revenue expanded from ¥9,931 million in FY2021 to ¥20,729 million in FY2025. While operating losses continued from FY2021 to FY2023, the company turned profitable in FY2024 with operating profit of ¥772 million, and in FY2025 achieved operating profit of ¥1,686 million (up 118.2% year on year) and net income of ¥1,826 million (up 436.9% year on year).
A mechanism for mutual cross-deployment of services within the group has been established, including PAY.JP YELL BANK (launched in June 2024), which extends YELL BANK horizontally to PAY.JP member merchants; Kantan Kaigai Hanbai (Shipping & Payment Infrastructure) (to be provided starting January 2026), jointly developed by want.jp and the BASE Business; and the planned migration of E-Store to PAY.JP payment processing.
ENVALITH's Perspective
Performance Trend
Revenue expanded more than twofold over five periods, from ¥9,931 million in FY2021 to ¥20,729 million in FY2025, and growth accelerated further in Q1 FY2026 (ending December 2026) to ¥6,243 million (up 36.6% year on year). The main driver was the consolidation contribution from the E-Store ShopServe Business (from October 2025). Operating profit turned profitable in FY2024 at ¥772 million after losses in FY2021–FY2023, and continued to improve, reaching ¥1,686 million in FY2025 and ¥664 million in Q1 FY2026 (up 70.5% year on year). As for the external environment, the domestic BtoC-EC market continues to expand steadily, led by the services segment. The gross profit margin improved significantly to 51.5% (¥3,217 million ÷ ¥6,243 million) from 45.2% in the same period of the previous year, reflecting the emerging effects of E-Store's high-gross-margin structure and improved take rate. The Q1 progress rate against the full-year forecast (operating profit of ¥2,270 million) stands at a solid 29.3%.
Growth Strategy
Three pillars of AI adoption/take-rate improvement, group synergy creation, and non-linear growth through M&A
Take rate is being improved through the full-year contribution of Pay ID app monetization, while continuing mass marketing to increase the number of new shop openings. In Q1 FY2026 (ending December 2026), BASE Business GMV was ¥43,077 million (order basis, up 6.3% year on year) and net sales were ¥2,910 million (up 18.7% year on year), progressing as planned.
Card payments for E-Store ShopServe merchants are being migrated to PAY.JP, aiming to improve gross profit margin through reduced payment costs. In Q1 FY2026 (ending December 2026), the E-Store Business gross profit margin remained high at 62.0% (¥683 million ÷ ¥1,101 million), with the migration effect becoming increasingly apparent.
Total receivables purchased is being expanded through enhanced product functionality and strengthened operational foundations. In Q1 FY2026 (ending December 2026), net sales were ¥326 million (up 30.8% year on year) and segment profit was ¥131 million (up 5.2% year on year), continuing growth. The full-year target is net sales and gross profit growth of approximately +30% year on year.
AI implementation is being advanced across existing products to provide new added value to customers. The mid-term policy calls for differentiation through AI utilization across the group, including the use of AI models in the cross-border e-commerce feature "Kantan Kaigai Hanbai (Shipping & Payment Infrastructure)" developed jointly with want.jp.
Following the E-Store subsidiarization in July 2025, Port Inc. (entertainment tech business) was made a wholly owned subsidiary in April 2026 for ¥1,300 million. By incorporating "Shoport," an e-commerce platform for the fan activity (oshi-katsu) market, and other offerings, the aim is to expand the target customer base (GMV) and create value through the BASE Group's unique value-up initiatives.
Last updated: July 17, 2026