Tokenz raises US$7.69M Series A to scale Merchant of Record platform
What's the deal? Tokyo-based TokenzDealroom has a profile for this one. Try Dealroom → has closed a US$7.69M (roughly $7M) Series A to scale its Merchant of Record (MoR) platform — a one-stop service that lets digital content companies process payments outside Apple's and Google's app stores. Headline (operating as Headline Asia) led the round, with participation from SBI InvestmentDealroom has a profile for this one. Try Dealroom →, New Commerce VenturesDealroom has a profile for this one. Try Dealroom →, Coral CapitalDealroom has a profile for this one. Try Dealroom →, Cherubic VenturesDealroom has a profile for this one. Try Dealroom →, and New Enterprise Associates (NEA), among others.
Founded in March 2024, Tokenz handles global payments, tax compliance across 224 countries and regions, and customer support so that game studios, manga publishers, and streaming services can sell directly through their own websites. It already supports more than 200 payment methods.
The funds will go towards product development — including AI-driven fraud detection and tax optimisation — as well as hiring and expanding beyond its current offices in Japan, Singapore, the US, Lithuania, and Taiwan.
Why now? Japan's Smartphone Software Competition Promotion Act took full effect in December 2025, forcing Apple and Google to allow alternative payment channels for apps. That regulatory shift has turbocharged demand for off-app-store checkout solutions, especially among Japanese game companies eager to escape platform commissions of up to 30%.
Tokenz launched its service in late 2024 and has already signed notable clients. Bushiroad's Hunter × Hunter Nen × Survivor and WonderPlanet's Crash Fever now use its payment rails. It also struck an alliance with Game8Dealroom has a profile for this one. Try Dealroom → Store, a web-shop venture run by Game8 and its joint venture S8 Plus.
What could go wrong? Apple and Google are unlikely to cede revenue quietly. Both platforms can still adjust policies, restrict features for apps that route payments elsewhere, or lower their own fees to keep developers in-house. Convincing consumers to trust a checkout flow outside a familiar app store also remains a hurdle.
Competition is fierce, too. Global MoR incumbents like Paddle and FastSpring already serve large customer bases, and regional rivals could emerge as similar laws roll out in the EU and South Korea.
The signal: Founded only in March 2024, Tokenz has moved from launch to a US$7.69M Series A in barely a year — a pace that underscores how urgently Asia's digital content industry wants alternatives to app-store payment rails. The investor mix is telling, too: Japan-focused funds such as Coral Capital and SBI Investment sit alongside pan-Asian lead Headline Asia and US heavyweight NEA, suggesting the bet is less on a single regulatory shift and more on a global unbundling of platform commerce infrastructure.
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