SoftBank Group’s PayPay agreed to acquire a 70.2% stake in T&D Financial Life Insurance for approximately ¥134.3 billion ($840 million). The transaction will be funded entirely from PayPay's cash on hand. The deal is expected to close in October 2027, pending regulatory approvals.
PayPay currently serves over 74 million registered users in Japan. This acquisition integrates life insurance into an ecosystem that already includes credit, banking, and securities services. The move supports PayPay’s goal of becoming a comprehensive super-app to capture Japan’s household financial assets.
T&D Holdings will retain a 14.9% stake in the insurance unit. An affiliate of One Investment Management will acquire the remaining 14.9% interest.