Net Protections

Net Protections

Net Protections provides Buy Now Pay Later (BNPL) payment solutions.

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DateInvestorsAmountRound
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6.9x EV/Revenue

48.7x EV/EBITDA

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IPO
Total Funding000k

Financials

Estimates*

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Revenues, earnings & profits over time
JPY2022202320242025202620272028
Revenues0000000000000000000000000000
% growth3 %4 %8 %10 %11 %9 %13 %
EBITDA0000000000000000000000000000
% EBITDA margin12 %5 %5 %17 %17 %18 %20 %
Profit0000000000000000000000000000
% profit margin1 %(2 %)(4 %)6 %6 %7 %7 %
EV0000000000000000000000000000
EV / revenue00.0x00.0x00.0x00.0x00.0x00.0x00.0x
EV / EBITDA00.0x00.0x00.0x00.0x00.0x00.0x00.0x
R&D budget0000000000000000000000000000

Source: Company filings or news article, Equity research estimates

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More about Net Protections
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Net Protections stands as a seminal figure in Japan's financial technology landscape, having pioneered the Buy Now, Pay Later (BNPL) market. Founded in January 2000, the firm launched Japan's first risk-guaranteed BNPL service, "NP Atobarai," in March 2002. The current CEO, Shinji Shibata, initially an investor, took the helm in 2004, steering the company's growth long before the BNPL model gained global traction. His journey began at Nissho Iwai Corporation, followed by a role at IT investment firm ITX Corporation, where he was involved in Net Protections' acquisition and subsequently developed the core BNPL service.

The company's business model centers on acting as an intermediary for e-commerce transactions, assuming the entire settlement process from credit screening and invoicing to payment collection. A key element of its value proposition is the risk-free guarantee, where Net Protections absorbs the loss from unpaid invoices, paying the merchant regardless of customer payment. Revenue is generated through a monthly fixed fee and a service fee based on the gross merchandise value (GMV) from its merchants. This model allows merchants to reduce their operational workload, prevent sales drop-off from customers who prefer deferred payment, and eliminate bad debt.

Net Protections has expanded its services beyond its initial B2C e-commerce focus. Its portfolio now includes "NP Kakebarai" for B2B transactions, the cardless smartphone-based service "atone" for both online and in-store purchases, and "AFTEE" for the Taiwanese market. This diversification has established NP Kakebarai and atone as significant growth drivers. After years of operation, the company went public in December 2021, listing on the Tokyo Stock Exchange. A notable aspect of its corporate evolution is the transformation into a flat, self-organized structure, replacing traditional managers with "Catalysts" to foster team autonomy and collaboration.

Keywords: BNPL, deferred payment, e-commerce settlement, risk-free guarantee, financial technology, B2B payments, consumer credit, NP Atobarai, Shinji Shibata, payment solutions

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