Infcurion

What Infcurion does

Infcurion is a Tokyo-based payment enabler and fintech platform company founded in May 2006 by four former JCB employees. The company provides multi-product payment infrastructure spanning consumer cashless through B2B corporate settlements, serving Japanese financial institutions, regional banks, SMEs, and non-financial enterprises seeking embedded finance capabilities. As of March 2026, it employed 388 people, held ¥1,461 million in paid-in capital, and was listed on the Tokyo Stock Exchange Growth Market under ticker 438A following its October 24, 2025 IPO.

The company operates a portfolio of proprietary cloud-native platforms including Wallet Station (embedded digital wallet API), Xard (card issuing platform for JCB/Visa/Amex branded cards), Axios (full-cloud acquiring platform supporting Tochika deposit-backed stablecoin), CharG (payment method linking), Winvoice (invoice card payments), and Anywhere (payment terminals via subsidiary Link Processing), complemented by the consumer savings app finbee and an Infcurion Consulting practice. Its technology stack is API-first, PCI DSS compliant, and integrated with major card networks (Visa Cloud Connect, Visa Platform Connect, JCB), wallet tokenization (Apple Pay, Google Pay), and Japan's first invoice card payment implementation of Model Context Protocol for AI agent-based automation. Notable customers include Sumitomo Mitsui Card, SMBC Group (Trunk), Nanto Bank, Hokkoku Bank, Saitama Resona Bank, Kagoshima Bank, EPOS Card, GO Inc., SORABITO, and SaaS providers including MoneyForward, LayerX, Sansan, and GMO Epsilon.

Infcurion monetizes through four streams: platform and SaaS fees from enterprise access to Xard/Winvoice/Axios/Wallet Station APIs, transaction processing fees (notably 2.95% with a ¥600 minimum on the LP invoice card payment service), consulting services for fintech strategy and DX support, and card issuance licensing. Go-to-market combines enterprise field sales targeting financial institutions with an API-first developer motion enabling sandbox onboarding within two weeks for card issuing partners and within two months for invoice card services. SMBC Group's approximately 20% equity stake via Sumitomo Mitsui Card, combined with regional bank investors from the April 2024 ¥1.9 billion funding round, anchors its distribution within Japan's financial sector.

Name

Infcurion

Legal name

株式会社インフキュリオン

Website

https://infcurion.com

Company type

Public

Founded year

2006

Operating status

Ipo

Headcount range

51–100 employees

Short description

Infcurion is a Tokyo-based payment enabler and fintech platform company providing API-first card issuing, B2B invoice card payments, embedded digital wallets, and full-cloud acquiring infrastructure to financial institutions, SMEs, and enterprises across Japan.

Ownership category

akta.pro rank

Product category

Payment Infrastructure Software

NAICS

Credit Card Issuing (522210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Finance Services (6199)

akta.pro primary industry

Card Issuing Platforms (Issuer Processing) (FSAGABAD)

akta.pro secondary industries

Embedded Payments (Pay-ins, Pay-outs, Wallets) (FSAGALAB), Bill Pay, Invoicing & Payables Platforms (BPAMAFAF), Card Issuing & Program Management Platforms (BPAMAFAH), Alternative Payment Methods (APMs) Enablement (BNPL, wallets, local methods) (FSAMACAE)

Keywords

• Payment infrastructure
• Card issuing platform
• Invoice card payments
• Merchant acquiring
• Embedded finance

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Platform/SaaS Fees: Revenue generated from providing payment platforms (Xard, Winvoice, Axios, Wallet Station) to enterprises and partners. Companies pay to access the platform APIs and launch their own branded payment services.
2. Transaction/Processing Fees: Commission fees charged on payment transactions processed through the platform. For LP請求書カード払い, fee is 2.95% (tax-exempt) with minimum 600 yen per request.
3. Consulting Services: Professional consulting services for Fintech strategy formulation, DX support, and new financial service creation across various industries.
4. Card Issuance Services: Revenue from enabling companies to issue branded cards through the Xard platform, including virtual and physical card issuance capabilities.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels8 records

Core offering

Infcurion provides cloud-native, API-based payment platforms (Xard for card issuing, Winvoice for invoice card payments, Axios for merchant acquiring, Wallet Station for embedded wallets/payments, Anywhere for terminals) and fintech consulting services. The company serves as a "Payment Enabler" enabling financial institutions, SaaS firms, and enterprises across Japan to launch branded digital payment and financial services without building infrastructure from scratch.

Product overview

Infcurion operates as a 'Payment Enabler' providing a multi-product fintech platform spanning both B2C and B2B payment domains. The core portfolio includes: Wallet Station (API-based payment/wallet embedding platform), Xard (next-generation card issuing platform), Axios (full-cloud acquiring platform), CharG (additional payment method linking), and Winvoice (invoice card payment platform). These are complemented by Anywhere (merchant payment terminals via group company Link Processing), finbee (consumer savings app), BaaS Solution (banking-as-a-service for financial institutions), and Infcurion Consulting. The company also offers LP請求書カード払い (Link Processing's B2B invoice card service) and supports sub-brands like Hokkoku Bank's 'one paretto' (Xard-powered debit card) and SORABITO's 'Anshin Card Barai by Karimo' (Winvoice-powered). Together, these products form an end-to-end payment platform covering consumer cashless, merchant acquiring, corporate card issuing, and B2B invoice payment — unified by cloud-native APIs and shared infrastructure across the group.

Differentiator

Problem solved

Functional benefit

Brands

• Wallet Station: Platform for integrating digital wallet and payment features including barcode payments and reward points into company apps
• Xard
• Axios
• CharG
• Winvoice
• Anywhere
• finbee
• BaaS Solution

Products and services

• Wallet Station A cloud-based API platform enabling companies to embed diverse payment features (barcode payments, reward points, digital wallet functionality) into their existing products, services, and mobile apps. Allows businesses to build proprietary payment and engagement solutions without developing payment infrastructure from scratch.
• Xard A next-generation card issuing platform allowing companies to issue JCB/Visa branded cards (virtual and physical) at low cost via API integration. Supports credit, prepaid, debit, and corporate card formats. Expanded from B2B to B2C market in 2025 with first B2C deployment via Hokkoku Bank.
• Axios A full-cloud acquiring platform providing all functions needed for merchant acquiring businesses in a one-stop, multi-tenant cloud architecture. Integrates international brand cards, debit, QR payments, and Japan's first deposit-backed stablecoin (Tochika) under unified management.
• Winvoice An invoice payment platform providing one-stop business operations and systems for enabling card payments on business-to-business invoices. Allows companies to launch invoice card payment services within as little as two months, with API integration for custom UX. Supports multiple card brands and MCP integration for AI agent automation.
• Anywhere A complete cashless payment solution including payment terminals, apps, and processing centers for franchise and merchant locations. Includes the Anywhere D135 SPoC (Software-based PIN Entry on COTS) terminal for passenger self-operation in vehicles, deployed across 70,000+ taxis nationwide via GO Inc.
• CharG A service for linking additional charge and payment methods to a company's existing services. Reduces the development burden of expanding payment and charging options, improving service value by integrating multiple payment flows.
• finbee An automatic saving app that tracks spending patterns and rounds up purchase amounts to automatically save money. Provides a gamified savings experience aimed at consumers who want effortless saving behavior.
• BaaS Solution A Banking-as-a-Service solution for financial institutions, leveraging Infcurion's deep fintech knowledge and consulting expertise to build dedicated BaaS platforms. Supports regional banks and other financial institutions in creating new digital financial services.
• Infcurion Consulting Professional consulting services spanning business strategy, service planning, execution, and growth support in the fintech and payment domain. Streamlined production system from strategy formation through growth, supporting new business creation with deep domain expertise.

Quantifiable outcome

• Invoice card payment services can be launched in as little as 2 months using Winvoice platform
• +3 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

AI capability5 records

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core and flagship.

• Link Processing (株式会社リンク・プロセシング)coreTechnology or Integration · 18 June 2026Group company providing payment terminals and LP請求書カード払い services. Infcurion's Winvoice MCP support enables Link Processing's 'LP請求書カード払い' users to access AI agent-based payment functionality.
• Sumitomo Mitsui Card (三井住友カード)flagshipStrategic or Co-development Partner · 15 June 2026Technology partner providing PCI DSS-compliant technical infrastructure for new features in 'Sumitomo Mitsui Card Purchase Plus' corporate service. Contributed secure system construction and UI/UX expertise for corporate card sub-number issuance and management.
• CCI GroupcoreStrategic or Co-development Partner · 30 April 2026Joint development partner for 'Axios' full-cloud acquiring platform. CCI Group contributes regional financial expertise while Infcurion provides payment platform technology. Both companies target new market entrants in the acquiring business.
• Visa (ビザ・ワールドワイド・ジャパン)coreTechnology or Integration · 30 April 2026Technology partner providing Visa Cloud Connect and Visa Platform Connect solutions for Axios platform. First Japanese company to adopt Visa Cloud Connect. Visa supports Infcurion's development of next-generation payment infrastructure.
• Nanto Bank (南都銀行)coreChannel Partner/ Reseller/ Distributor · 9 March 2026First regional bank to adopt Winvoice as platform for their branded invoice card payment service. Enables bank to offer '<nantsgt;請求書カード払い powered by Winvoice' to customers, supporting regional enterprise cash flow improvement.
• EPOS Card (エポスカード)coreStrategic or Co-development Partner · 19 February 2026Business alliance to launch B2B invoice payment service for EPOS Card's corporate card members. EPOS Card provides customer base and promotion; Link Processing handles settlement scheme design, system provision, and operations.
• Business Invoice Payment Service Association (BIPSA)coreOthers · 26 December 2025Infcurion joined as BIPS Operator Member to support building safe and secure cashless payment environment for B2B transactions. Contributing to Guideline Committee and Anti-Fraud Committee. Executive Officer Kohei Morita appointed as founding director.
• SORABITOcoreChannel Partner/ Reseller/ Distributor · 8 December 2025SORABITO adopted Winvoice platform as foundation for their 'Anshin Card Barai by Karimo' B2B payment service targeting construction industry SMEs. Provides cash flow support for construction companies and contractors.
• Hokkoku Bank (北國銀行)coreChannel Partner/ Reseller/ Distributor · 22 September 2025First B2C adopter of Infcurion's Xard platform for new virtual debit card service 'one paretto'. Enables instant virtual card issuance and Apple Pay/Google Pay support through bank's smartphone app.
• GO Inc.coreChannel Partner/ Reseller/ Distributor · 28 July 2025GO Inc. deploys Link Processing's Anywhere D135 cashless payment solution on rear-seat taxi tablets across 70,000+ taxis nationwide. Enables passenger self-service contactless payments in taxis.
• SMBC Group (Sumitomo Mitsui Financial Group)flagshipStrategic or Co-development Partner · 27 September 2024Capital and business alliance established in September 2024. Infcurion serves as strategic design and development partner for 'Trunk', SMBC Group's integrated digital financial service for corporate clients. Developed invoice digitization (OCR) and card payment features using Winvoice platform.
• JR West Japan GroupcoreStrategic or Co-development Partner · 3 April 2024Strategic alliance for payment service and product development in BtoB and acquiring fields. Development of new payment services including WESTER Wallet smartphone payment.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Stripe: Global payment infrastructure platform providing APIs for card acceptance, embedded payments, and financial services. Directly comparable to Infcurion as a 'payment enabler' offering API-first platform services for issuing, processing, and embedded finance across multiple geographies.
• Marqeta: Public card-issuing platform enabling companies to launch and manage physical and virtual card programs via API. Directly competes with Infcurion's Xard platform for branded card issuance, with comparable modular API architecture and similar enterprise/B2B positioning.
• Adyen: Global unified payments platform offering merchant acquiring, processing, and point-of-sale solutions through a single cloud-based infrastructure. Directly comparable to Infcurion's Axios full-cloud acquiring platform and broader multi-payment orchestration capability.
• GMO Payment Gateway: Leading Japanese online payment processing and financial services platform (TSE: 3769) serving merchants with payment processing, recurring billing, and fintech enablement. The most direct domestic comparable to Infcurion's payment platform and processing services.
• DG Financial Technology (formerly Veritrans): Japanese payment processing company offering online payment services, BNPL, and cashless solutions to merchants. Competes with Infcurion's merchant acquiring and digital payment offerings in the Japanese market.
• Payment For Corporation: Japanese fintech (TSE Growth: 376A) operating the 'Paid' B2B invoice payment platform that allows SMBs to defer invoice payments. Direct domestic competitor to Infcurion's Winvoice and LP請求書カード払い B2B invoice payment offerings.

Emerging players

• Money Forward: Japanese fintech SaaS platform providing accounting, HR, and financial management solutions with embedded payment capabilities. Overlaps with Infcurion as both partner (using Xard) and potential competitor in B2B financial workflows for Japanese SMEs.
• LayerX: Japanese B2B SaaS company building 'Bakuraku' expense and invoice automation platform with embedded corporate card issuance. Overlaps with Infcurion's Winvoice and Xard offerings as both partner (uses Xard) and emerging competitor in B2B expense/payment automation.

Broad incumbents

• PayPay Corporation: Japan's largest mobile payment platform (Z Holdings/SoftBank Group subsidiary) serving tens of millions of consumers and merchants with QR code payments. Broad incumbent in Japanese consumer payments that competes with Infcurion's wallet, terminal, and acquiring products.

Others

• JCB Co., Ltd. Major Japanese international card network founded by Infcurion's founding team. Functions as a critical infrastructure/ecosystem partner rather than direct competitor: Xard is built to issue JCB-branded cards, and JCB's network and acceptance are core dependencies for Infcurion's card issuing and acquiring platforms.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/infcurion
• Facebookfacebook.com/infcurion

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors14 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Infcurion