Net Protections Holdings, Inc.
7383・Prime Market・Other Financing Business
Business
Net Protections Holdings is a settlement solutions-focused group that launched Japan's first credit-risk-guaranteed BNPL (Buy Now Pay Later) settlement service in 2002. It offers "NP Atobarai," "atone," "NP Atobarai air," and "AFTEE" for B2C, and "NP Kakebarai" for B2B, providing a one-stop suite of settlement-related operations including credit screening, invoicing, payment confirmation, dunning, and collection. The company has tens of thousands of merchant clients and operates in Japan, Taiwan, and Vietnam. GMV for FY2026 (ending March 2026) reached ¥764,384 million.
Business Model
After a merchant (seller) provides goods or services to a purchaser, the Group purchases the receivable and collects payment from the purchaser. The Group records transaction fees, calculated by multiplying the face value of the receivable by a predetermined fee rate, from merchants as operating revenue. Revenue is determined by the product of GMV and the fee rate, and gross profit—after deducting bad debt-related expenses and billing-related expenses—is the source of profit. Expanding GMV and reducing the bad debt rate through improved credit assessment accuracy are key to improving profitability.
Company Strengths
Since launching its service in 2002, the company has built a credit model specialized in small-ticket, high-volume receivables based on over 650 million proprietary transaction records accumulated to date. The unpaid rate for NP Atobarai remains low at 0.34% (down from 0.46% in the previous fiscal year), and the combination of a high credit approval rate with a low bad debt rate makes short-term imitation by competitors difficult.', 'summary': 'Proprietary credit-scoring system based on over 650 million transaction records
The company has established a system that provides all functions—credit screening, invoice issuance, payment confirmation, dunning, collection, and bad debt handling—within a single service. Merchants can fully outsource payment-related operations and reliably collect payments without bearing credit risk. This comprehensive service design raises switching costs for merchants and forms the basis for an ongoing transactional relationship.
In FY2026 (ending March 2026), GMV for the B2B service (NP Kakebarai) grew 38.5% year on year to ¥343,868 million, while atone grew 55.4% year on year to ¥62,090 million, both recording high growth. With NP Atobarai serving as a stable revenue base, B2B and atone are driving GMV growth in a multi-axis structure, dispersing the risk of dependence on any single service.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive periods, from ¥18,224 million in FY2022 (ended March 2022) to ¥24,589 million in FY2026 (ending March 2026). Operating profit improved dramatically, moving from losses in FY2023 (ended March 2023) and FY2024 (ended March 2024) (-¥404 million and -¥627 million, respectively) to ¥2,103 million in FY2025 (ended March 2025) and ¥2,848 million in FY2026 (ending March 2026) (up 35.4% year on year). GMV reached ¥764,384 million (up 19.1% year on year), gross profit reached ¥11,984 million (up 14.3% year on year), and EBITDA reached ¥4,626 million (up 23.5% year on year), with key KPIs all accelerating in tandem. As an external tailwind, the expansion of the e-commerce market and corporate demand for DX in settlement operations have provided support. On the other hand, intensifying competition in NP Atobarai has pushed down fee rates, weighing on the operating profit margin, and operating revenue for FY2026 (ending March 2026) fell short of the company's earnings forecast.
Growth Strategy
Aiming for GMV of ¥1 trillion and operating profit of ¥4.0 billion, expanding revenue through the high growth of atone and NP Kakebarai and the deepening of credit management
Capturing demand for settlement operation efficiency driven by the declining working population and work-style reforms, the company is pursuing strategic sales activities centered on partnerships with allied companies. GMV for FY2026 (ending March 2026) reached ¥343,868 million, up 38.5% year on year. In FY2027 (ending March 2027), the company will continue to pursue the acquisition of major merchants.
Through strengthened collaboration with payment service providers (PSPs), the company is approaching a wide range of businesses with which it previously had no contact. New merchant activations in the EC non-physical-goods domain, centered on digital content, contributed to GMV growth, with GMV for FY2026 (ending March 2026) reaching ¥62,090 million, up 55.4% year on year.
Against the backdrop of nationwide demand for billing operation DX, a major merchant went live on NP Atobarai air in the second quarter. AFTEE has also made steady progress in acquiring new merchants. These developments have offset the decline in NP Atobarai GMV and fee rates, securing gross profit of ¥7,956 million for the B2C Services_NP Atobarai and other category, up 4.4% year on year.
Through GMV growth and the promotion of operational efficiency, the company is continuously lowering the ratio of SG&A expenses to GMV, generating operating leverage. The operating profit margin for FY2026 (ending March 2026) improved to 11.3% (from 9.1% in the previous fiscal year). For FY2027 (ending March 2027), EBITDA is forecast at ¥5,600 million (up 21.0% year on year).
Last updated: July 19, 2026