PayPay, owned by SoftBank Group, will enter the life insurance business as early as October 2027 by acquiring a majority stake in T&D Financial Life Insurance [1, 2]. The deal values the acquisition at approximately $839-840 million, with PayPay set to take a 70.2% ownership stake in the privately held insurer [1, 2].
One Investment Management’s OneIM Indigo will take a 14.9% stake in T&D Financial Life Insurance as part of the transaction [2]. T&D Financial Life Insurance retains an option to sell its remaining 14.9% stake three years after the deal closes [2].
PayPay has grown rapidly since its 2018 launch, attracting over 70 million users [2]. The company aims to expand its customer base and business scope by entering the life insurance sector, moving beyond its core payment service [1].
This acquisition reflects PayPay’s effort to compete with rivals such as Rakuten Pay and extend its reach further into asset management and financial services [2]. The deal is expected to close and the life insurance business launched in October 2027 [2].
