SoftBank’s PayPay pushes into insurance with a 70.2% T&D Life stake
The SoftBank-backed payments app is taking a 70.2% stake in T&D Financial Life, its most capital-intensive move yet from payments into full financial services.
PayPay is buying its way into life insurance. The SoftBank-backed payments company has agreed to acquire a 70.2% stake in T&D Financial Life Insurance from T&D Holdings for roughly ¥134.3bn, about $840m, marking the formal entry of Japan’s dominant cashless-payment provider into a sector it has not operated in before.
The board resolution and contract were executed on 4 June, with the share transfer planned for 1 October 2027.
The ownership is split three ways. PayPay takes the controlling 70.2%, funded from its own cash. OneIM Indigo Holdings, an affiliate of One Investment Management, the firm led by SoftBank veteran Rajeev Misra, is expected to take 14.9%, and T&D Holdings will retain the remaining 14.9%. PayPay and OneIM have confirmed they are acting as independent stakeholders,...
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