SoftBank Group’s mobile payment subsidiary PayPay inked a deal to acquire a 70% stake in T&D Financial Life Insurance Company for JPY134 billion ($840 million), part of an aim to broaden its range of financial services.

When launched in 2018 PayPay focused on providing contactless mobile payments but has since widened this to include credit cards and other banking services. It had a base of more than 74 million users as of May 2026.

Announcing the deal, PayPay said the move to buy the life insurance company from T&D Holdings was part of an ambition to “provide comprehensive financial services tailored to each stage of users’ lives”.

The company intends to grow T&D Financial Life’s business through use of its existing platforms and by creating “new customer experiences in the digital life insurance domain”.  

In a linked deal, asset management company One Investment Management intends to buy a stake of almost 15% in the insurance company from T&D Holdings. The current owner will retain the other 15%, though a call option on this is being inserted into the acquisition agreement.

The deal is subject to regulatory approval.

Alongside the proposed acquisition, PayPay agreed a “comprehensive business alliance” agreement 3with T&D Holdings, largely concerning the latter’s insurance brand Taiyo Life.

The pair will “explore the development and provision of services designed to enhance customer convenience and help address social issues, while also drawing on AI, digital technologies, and other capabilities of SoftBank Corp”.

The pact is set to include: offering T&D Holdings’ Taiyo Life insurance products on the PayPay app; exploring call centre enhancement and operational efficiency for Taiyo Life; and jointly exploring a “smart senior city concept”.

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SoftBank Group overtook Toyota Motor as Japan’s most valuable company, as AI gains propelled the technology group ahead of the country’s largest automaker.

SoftBank shares rose 14% in Tokyo trading on Monday, taking its market value above JPY48 trillion ($306 billion), past Toyota’s nearly JPY46 trillion.

Bloomberg noted the shift marks the first time in more than two decades SoftBank moved ahead of Toyota on market value including treasury shares. According to the publication, SoftBank last briefly held the position during Japan’s internet bubble in 2000.

The move caps a sharp run for SoftBank, with its shares up more than 90% this year. Toyota has moved the other way, falling more than 10% as automakers face rising fuel costs and the expensive shift to electric vehicles and software-led platforms.

Meanwhile, SoftBank’s gains have been buoyed by ambitious bets on OpenAI; the company has committed close to $65 billion to OpenAI to date, giving it a projected stake of about 13% by October.

Earlier this year, OpenAI and SoftBank also jointly invested $1 billion in US digital infrastructure company SB Energy, which will build and operate a 1.2GW data centre for OpenAI in Texas. The trio are working to develop a new model for data centre builds, tied to the broader $500 billion US-led Stargate initiative focussed on AI and energy infrastructure.

SoftBank also announced an investment of up to €75 billion in AI data centre infrastructure in France earlier today (1 June), adding it will work with SB Energy and other strategic partners to deliver the projects.

Kazuhiro Sasaki, head of research at Phillip Securities Japan, told Bloomberg: “This epoch-making event symbolises the AI boom.”

Meanwhile, Tomo Kinoshita, global market strategist at Invesco Asset Management Japan, told the publication SoftBank had “concentrated its management resources on AI-related businesses” and “successfully ridden the broader global tech rally”.

For Toyota, higher oil prices linked to conflict in the Middle East also added to pressure on global auto demand, he noted.

“Over the longer term, AI-related companies are likely to command higher valuations,” Kinoshita added.

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