According to individuals who requested anonymity due to the confidential nature of the discussions, Blackstone is divesting its 80% ownership of SP.LINKS to SoftBank, while Sony Financial Group's banking unit is selling its remaining 20% stake. If completed, the transaction would result in SP.LINKS becoming a fully owned entity under SoftBank.
The people reported that a subsequent bidding round occurred in early July, where SoftBank and several private equity companies that progressed past the initial stage presented their proposals.
The people said, "SoftBank Corp., a mobile network operator under SoftBank Group Corp., currently runs SB Payment Service Corp. and anticipates benefits from incorporating SP.LINKS, such as increased operational scale and joint expenses for anti-fraud systems."
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Spokespeople at SoftBank and Blackstone opted not to provide comment.
SoftBank's move to acquire SP.LINKS aligns with its plan to grow its financial services and rely less on its primary telecom operations. By integrating SP.LINKS' clearing and settlement capabilities, SoftBank can offer a full-stack payment solution that could attract more merchants and users, positioning it to capture a larger share of Japan's growing cashless payment market, which is projected to reach 40% of all transactions by 2025.
SoftBank Corp. already operates SB Payment Service, which processes transactions for its telecom and internet customers. Adding SP.LINKS' clearing and settlement capabilities would allow SoftBank to offer a more integrated payment platform, handling everything from merchant acquisition to transaction settlement. This could help SoftBank better compete with dominant mobile payment apps like PayPay and Rakuten Pay, which have rapidly gained users in Japan's shift toward cashless transactions.
This acquisition would strengthen SoftBank's footprint in Japan's fast-growing digital payments sector. By adding SP.LINKS, the company could streamline its payment infrastructure and better compete with rivals like Rakuten Pay and PayPay. The deal also reflects Blackstone's strategy of exiting investments after a short holding period, having owned the stake for less than two years.
SoftBank Corp. has been actively expanding its fintech capabilities beyond telecom services, and acquiring SP.LINKS would give it a direct clearing and settlement infrastructure. This move would allow SoftBank to offer end-to-end payment processing, potentially attracting more merchants and competing more effectively with established players like PayPay, which is backed by SoftBank Group's Vision Fund, and Rakuten Pay. The integration could also reduce operational costs through shared anti-fraud systems, a key consideration as digital payment fraud rises.
In January 2024, Blackstone acquired an 80% interest in Sony Payment Services Inc., later renamed SP.LINKS, from Sony Group Corp. for roughly ¥40 billion (equivalent to $245 million).
Japan's digital payments market is expanding rapidly, driven by government initiatives to reduce cash usage and the growing popularity of QR code transactions. This acquisition also aligns with SoftBank Corp.'s broader push into fintech, leveraging its large customer base to offer integrated financial services.
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