Mercari HD (Mercari, Inc.)
On this page
- Wiki route
- TL;DR
- 1. Company overview
- Main subsidiaries / new businesses
- Key chronology
- 2. Business segment map
- Characteristics of service linkage
- Vertical-integration strategy
- Overseas strategy
- Bank license (current status)
- Competitive landscape
- 4. Regulation / policy
- Management figures (public materials, FY2025.6 full year)
- Related
- Sources
Wiki route
This entry sits under payment-firms INDEX. Read it against Monex Group for peer / contrast context and banking index for the broader system / regulatory boundary.
TL;DR
One of Japan’s largest C2C flea-market app + payments + crypto-asset vertically integrated ecosystems. Founded 2013-02-01 by Shintaro Yamada; TSE Mothers IPO 2018-06-19 (moved to PRIME in 2022 ; TSE PRIME 4385). The 4 axes of Mercari (flea market) + Merpay (payments / deferred payment) + Mercoin (Bitcoin) + Mercard (JCB partnership). Domestic MAU 2,304 万 (FY2025.6 4Q), Marketplace GMV 1.12 兆円 (FY2025.6 full year), Mercard issuance over 300 万, Mercoin accounts over 200 万. In FY2025.6 full year, revenue 1,926 億円 (YoY +3%), net income 261 億円 (YoY +94%, 3 consecutive periods of record profit), and the US business achieved its first full-year profitability (US GMV 728 百万 USD ≒ 1,091 億円). It holds no bank license (a funds-transfer operator). Unlike megabank-affiliated mufg / smfg, its feature is becoming a “marketplace-origin” financial platform.
1. Company overview
Legal name: 株式会社メルカリ (English: Mercari, Inc.) Securities code: TSE PRIME 4385 (2018-06-19 Mothers listing → 2022-04 moved to PRIME) Established: 2013-02-01 (former name: 株式会社コウゾウ → renamed Mercari in 2013-11 ) Head office: Roppongi Hills Mori Tower, Roppongi 6-10-1 , Minato-ku, Tokyo Founder / representative: Shintaro Yamada (Representative Director & CEO, former founder of Unoh) Business type: C2C marketplace + payments + deferred payment + credit card + crypto assets + spot work
Note: Mercari holds no bank license; it is an e-commerce-origin group that develops financial businesses through Merpay (a funds-transfer operator) and Mercoin (a crypto-asset exchange operator). Its classification treatment within this wiki/JapanFG (whether or not to treat it as an “EC / Bank integrated” vertical-integration example) is an editorial judgment, so refer to
.opinions/JapanFG/mercari-hd.md.
Main subsidiaries / new businesses
Mercari, Inc. (holding function + flea-market operation; listed 4385)
├── Merpay, Inc. (100%, established 2017-11 ) ── payments / deferred payment / code payment
│ ├── Merpay Smart Payment (started 2020-04 ) ── deferred payment / credit
│ └── Mercard (issued 2022-11 , JCB partnership) ── plastic / virtual
├── Mercoin, Inc. (100%, established 2021-04 ) ── crypto-asset exchange business
│ └── Bitcoin trading service (started 2023-03 )
├── Mercari Hallo (started 2024-03 , new business) ── spot work / gig
├── Mercari, Inc. (US) (US entity) ── US flea market (FY2025.6 full-year profitability)
├── Souzoh, Inc. (former subsidiary, dissolved) ── new-business lab history
└── Kashima Antlers FC (acquired management control 2019-08 ) ── sports businessKey chronology
| Year/month | Event |
|---|---|
| 2013-02-01 | 株式会社コウゾウ established (founded by Shintaro Yamada) |
| 2013-07 | ”Mercari” app iOS version released |
| 2013-11 | Company name changed to 株式会社メルカリ |
| 2014-09 | US version “Mercari” released |
| 2017-03 | Reached 5,000 万 cumulative domestic downloads |
| 2017-11 | Merpay, Inc. established (payments subsidiary) |
| 2018-06-19 | TSE Mothers IPO (opening price 5,000 円 / offering price 3,000 円) |
| 2019-02 | Merpay code-payment service started |
| 2019-08 | Acquired management control of Kashima Antlers FC |
| 2020-04 | Merpay Smart Payment started (deferred-payment service) |
| 2021-04 | Mercoin, Inc. established (crypto-asset subsidiary) |
| 2022-04 | TSE market-segment change → PRIME market |
| 2022-11 | Mercard issuance started (JCB partnership, plastic card) |
| 2023-03 | Mercoin Bitcoin trading service started |
| 2023-08 | Mercoin users surpassed 100 万 |
| 2023-11 | Mercard issuance surpassed 200 万 (about 11 months after launch) |
| 2024-03 | Mercari Hallo (spot work) started; Mercard surpassed 300 万 |
| 2024-06 period | Achieved domestic Marketplace GMV over 1 兆円 |
| 2025-06 period | Revenue 1,926 億円 / net income 261 億円 (YoY +94%, 3 consecutive periods of record profit), US business’s first full-year profitability |
2. Business segment map
| Segment | Main operator | Characteristics |
|---|---|---|
| C2C marketplace | Mercari proper | Japan’s largest flea-market app, MAU 2,304 万 (FY2025.6 4Q) |
| Payments (code payment) | Merpay | Funds-transfer business, QR / barcode payment |
| BNPL / deferred payment | Merpay Smart Payment | Credit function, collateralizing Mercari sales proceeds |
| Credit card | Mercard (JCB partnership) | 2022-11〜, payable with Mercari sales proceeds / Merpay balance, issuance over 300 万 |
| Crypto assets | Mercoin | Bitcoin trading (2023-03〜), accounts over 200 万 |
| Spot work | Mercari Hallo | 2024-03〜, registrants 800 万 / 12 万 partner locations |
| US flea market | Mercari US | First full-year profitability in FY2025.6 (US GMV 728M USD ≒ 1,091 億円) |
| Sports business | Kashima Antlers FC | 2019-08〜, B2C branding |
Characteristics of service linkage
- Mercari sales proceeds → Merpay balance → Mercoin purchase / Mercard payment: vertical integration in which e-commerce, payments, crypto assets, and credit are completed within a single wallet (the regulatory executing entity for payments / deferred payment is the funds-transfer operator Merpay)
- Merpay Smart Payment: a credit model utilizing a “pseudo income proof” via Mercari sales proceeds
- Mercard: a JCB brand, but screening / credit use Merpay’s own criteria
- Fintech receivables balance: about 2,000 億円 in scale (as of the FY2025.6 4Q presentation materials) ── accumulation of credit from deferred payment + Mercard
Vertical-integration strategy
- Marketplace + payments + credit + crypto assets: becoming a financial platform completed within a single app
- Mercoin: unlike Rakuten Wallet / SBI VC Trade / bitFlyer, etc., its strength is the “flea-market sales proceeds → crypto assets” funnel
- Mercard: with the JCB partnership, supporting both physical and virtual, able to instantly allocate Mercari sales proceeds
Overseas strategy
- **The US business (Mercari US) turned profitable for the first time on a full-year basis in FY2025.6 **: GMV 728 百万 USD, segment profit 737 百万円
- Shifting to a phase aiming to entrench profitability in parallel with restructuring / cost-reduction measures
- Avoiding direct competition with global e-commerce (Amazon / eBay), shifting to domestic deepening + maintaining US profitability
Bank license (current status)
- Current status: does not hold its own bank; Merpay operates as a funds-transfer operator (Director-General of the Kanto Local Finance Bureau 第 00058 号) + a prepaid-payment-instrument issuer
- Scenarios for future bank-license acquisition and strategic observations on BaaS partnership vs. in-house acquisition are separated into
.opinions/JapanFG/mercari-hd.md(not finalized in public materials)
Competitive landscape
| Area | Main competitors |
|---|---|
| C2C flea market | Yahoo Auctions (LY), Rakuma (Rakuten), PayPay Flea Market |
| Code payment | paypay-fg (PayPay), Rakuten Pay, d Payment, au PAY |
| BNPL / deferred payment | Paidy (under PayPal), atone, NP deferred payment |
| Crypto assets | bitFlyer, Coincheck, bitbank, Rakuten Wallet, SBI VC Trade |
| Credit card | JCB-affiliated, Sumitomo Mitsui smfg, Rakuten Card |
| Spot work | Timee, Sharefull, LINE Skimani |
4. Regulation / policy
- Competent authorities:
- Mercari proper: Ministry of Economy, Trade and Industry (Act on Specified Commercial Transactions)
- Merpay: funds-transfer operator (Director-General of the Kanto Local Finance Bureau 第 00058 号, Payment Services Act) + prepaid-payment-instrument issuer
- Mercoin: crypto-asset exchange operator (Director-General of the Kanto Local Finance Bureau 第 00029 号, Payment Services Act)
- JVCEA (Japan Virtual and Crypto assets Exchange Association) membership: Mercoin is a regular member
- JADA (Japan Payment Service Association) membership: Merpay
- Recent policy issues:
- 2023〜 development of crypto-asset staking regulation → watching the impact on Mercoin
- 2024〜 BNPL (deferred-payment) regulatory debate → impact on Merpay Smart Payment
- Act on the Protection of Personal Information / Secondhand Articles Dealer Act → listing management of Mercari proper
Management figures (public materials, FY2025.6 full year)
| Item | Figure | As of / source |
|---|---|---|
| Revenue (consolidated) | 1,926 億円 (YoY +3%) | FY2025.6 full-year financial summary |
| Net income (consolidated) | 261 億円 (YoY +94%, 3 consecutive periods of record profit) | Same as above |
| Core operating profit | 275 億円 (YoY +46%) | FY2025.6 4Q presentation materials |
| Adjusted core operating margin (Marketplace JP) | 38% | Same as above |
| Marketplace GMV (JP full year) | 1 兆 1,209 億円 (YoY +4%) | Same as above |
| US GMV (full year) | 728 百万 USD (≒ 1,091 億円) | Same as above |
| US segment profit | 737 百万円 (first full-year profitability) | Same as above |
| Domestic MAU | 2,304 万 (FY2025.6 4Q) | 4Q presentation materials |
| Fintech receivables balance | about 2,000 億円 | Same as above |
| Mercoin trading revenue | 1,705 百万円 (full year) | full-year summary |
| Mercard membership | over 500 万 (FY2025.6 4Q) / over 300 万 (as of 2024-03 ) | FY2025.6 4Q presentation materials / press release |
| Mercoin number of accounts | over 200 万 (as of 2024-03 ) | press release |
| Mercari Hallo registrants | 800 万 / 12 万 partner locations | 4Q presentation materials |
MAU quarterly trend (FY2025.6): Q1 2,251 万 → Q2 2,279 万 → Q3 2,291 万 → Q4 2,304 万. Having emerged from the growth-slowdown phase of the first half of FY2024 , from Q3 onward it returned to a gradual upward trend.
Related
- paypay-fg · rakuten-fg · au-fh · sbi-hd
- mufg · smfg · mizuho-fg · ndfg
- mercari-bank-license-stack · minna-bank-baas-model
Sources
- Wikipedia: 株式会社メルカリ (https://ja.wikipedia.org/wiki/メルカリ, extracted 2026-05-19)
- Mercari official IR site (https://about.mercari.com/ir/, extracted 2026-05-19)
- FY2025.6 full-year financial summary [IFRS] (consolidated), disclosed 2025-08-05 (via pdf.irpocket.com/C4385/bffO/gPP8/tY1k.pdf)
- FY2025.6 4Q earnings presentation materials, disclosed 2025-08-05 (disclosing that Mercard membership surpassed 500 万. Via nikkei.com/nkd/disclosure/tdnr/20250804529612/ / original https://finance-frontend-pc-dist.west.edge.storage-yahoo.jp/disclosure/20250805/20250804529612.pdf)
- Merpay official service overview (https://www.merpay.com/, extracted 2026-05-19)
- Mercoin official service overview (https://www.mercoin.com/, extracted 2026-05-19)
- Mercard issuance-count press (jbpress.ismedia.jp/articles/-/89238 and other 2024-03 reporting, surpassing 300 万)
- MAU quarterly trend (trail-numbers.jp/mercari-mau/ aggregation, based on IR disclosures)
- JVCEA member roster (https://jvcea.or.jp/, confirmed 2026-05-19)
- Kanto Local Finance Bureau crypto-asset exchange operator registration list (confirmed 2026-05-19)
[!info] Verification status confidence: likely (reflecting the v1.1 FY2025.6 full-year results disclosed 2025-08-05, edited 2026-05-19). GMV / MAU / revenue / net income are highly reliable on a full-year-summary basis. The “over 300 万” Mercard / “over 200 万 accounts” Mercoin figures in the body tables are values as of the 2024-03 press release (the 2024-03 surpassing report). Subsequently, the FY2025.6 4Q earnings presentation (2025-08-05) disclosed that Mercard membership surpassed 500 万, so note that the body’s 2024-03 figures are older point-in-time values (the FY2025.6 updated value for the Mercoin number of accounts has not been individually confirmed in public materials). Scenarios for bank-license acquisition, entrenchment of US-business profitability, and Mercoin expansion plans are not finalized in public information (see
.opinions).