Pring

About Pring

Pring Inc. operates as a financial technology entity in Japan, centered on its money transfer application, "pring". Established in May 2017, the company provides a platform for cashless payments and peer-to-peer money transfers. The service facilitates the easy exchange of money between individuals and businesses, utilizing QR codes for transactions. Users can send money, make payments at stores, and manage personal remittances through the application. For corporate clients, Pring offers a service for reimbursing employee expenses.

The pring application is designed to function as a digital wallet, allowing users to send and receive funds 24/7. A key feature is the ability to withdraw the app's balance as cash at over 25,000 Seven Bank ATMs across Japan. The platform is connected with over 50 banks, enabling seamless deposits and withdrawals to and from user bank accounts. Revenue is generated in part through a transaction fee of 50 yen for certain transfers.

A significant milestone in the company's history was its acquisition by Google, which was finalized in July 2021. Google acquired all shares from the principal shareholders, which included Metaps Inc., Miroku Jyoho Service Co Ltd, and Nippon Gas Co. This acquisition was a strategic move for Google to expand its footprint in Japan's growing fintech market and complement its existing Google Pay services. The deal was valued at an estimated 20 to 30 billion yen. The company was originally founded by CEO Mitsuhiko Ogiwara, who, prior to establishing Pring, gained experience in the financial sector at DeNA and Metaps, and was involved in the launch of Daiwa Next Bank. This background in both banking and technology provided a foundation for developing a service aimed at reducing the friction associated with money transfers.