SoftBank and related entities report aggregate beneficial ownership of 613,638,240 common shares of PayPay Corporation. The filing states this equals 90.7% of PayPay's outstanding common shares, based on March 27, 2026 outstanding shares of 676,873,535 disclosed in PayPay's prospectus and Form 6-K. The Schedule 13G is filed jointly by multiple Reporting Persons that may be deemed a "group." The cover-page breakdown lists large holdings by SoftBank-related entities, including 192,829,840 shares held through SoftBank Vision Fund II-related entities and 420,808,400 shares attributed to SoftBank Corp. and affiliates on their respective cover pages.
Positive
None.
Negative
None.
Insights
Joint filing shows concentrated control by SoftBank group over PayPay.
The Schedule 13G lists an aggregate of 90.7% beneficial ownership of common shares, tied to relationships among SoftBank, SoftBank Corp., LY Corporation, B Holdings and SVF II entities. High shared voting and dispositive power are disclosed across related entities.
Key dependencies include the issuer's outstanding share count of March 27, 2026 and the grouped ownership structure. Subsequent proxy filings or transfer activity could alter control metrics; future filings will disclose material changes.
Reports indicate material majority ownership that affects minority liquidity and governance dynamics.
The filing quantifies 613,638,240 shares held collectively by the Reporting Persons and references 676,873,535 shares outstanding as of March 27, 2026. Several entities are listed as record holders with shared voting/dispositive power.
Practical implications for holders depend on any contractual limits, transfer restrictions, or future dispositions disclosed in subsequent filings; cash‑flow treatment of any sales is not described in the excerpt.
Key Figures
Aggregate beneficial ownership:613,638,240 sharesPercent of class:90.7%Shares outstanding used:676,873,535 shares+3 more
6 metrics
Aggregate beneficial ownership613,638,240 sharesreported by the Reporting Persons as of <date>March 31, 2026</date>
Percent of class90.7%based on 676,873,535 shares outstanding as of <date>March 27, 2026</date>
Shares outstanding used676,873,535 sharesissuer's outstanding common shares as reported in prospectus and Form 6-K
SVF II-related holdings (example)192,829,840 sharesheld through SoftBank Vision Fund II-related entities (cover-page rows)
SoftBank Corp. reported shares (cover)420,808,400 sharesshared voting/dispositive power shown on SoftBank Corp. cover page
Record holder example51,043,400 sharesPayPay Common Shares recorded to SoftBank Corp. and LY Corporation as stated in filing
Key Terms
beneficially own, shared dispositive power, group (within the meaning of Section 13(d)(3)), record holder
4 terms
beneficially ownregulatory
"The Reporting Persons, as a group, may be deemed to beneficially own an aggregate of 613,638,240 shares"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
shared dispositive powerregulatory
"Shared Dispositive Power 613,638,240.00 9 613,638,240.00"
group (within the meaning of Section 13(d)(3))regulatory
"This is filed jointly by the Reporting Persons, who may be deemed to constitute a "group" within the meaning of Section 13(d)(3)"
record holderregulatory
"B Holdings is the record holder of the Common Shares it has reported herein as beneficially owned"
A record holder is the person or institution officially listed in a company’s books as the owner of shares, bonds or other securities on a specific date. Think of it like the name on the registration of a car: being the record holder determines who is eligible for dividends, voting at meetings, or other shareholder rights. Investors care because actions tied to a set date apply only to those recorded as owners.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
PayPay Corporation
(Name of Issuer)
Common shares, no par value
(Title of Class of Securities)
70450C101**
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
70450C101**
1
Names of Reporting Persons
SoftBank Group Corp.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
JAPAN
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
613,638,240.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
613,638,240.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
613,638,240.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
90.7 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP Number(s):
70450C101**
1
Names of Reporting Persons
SoftBank Corp.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
JAPAN
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
420,808,400.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
420,808,400.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
420,808,400.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
62.2 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP Number(s):
70450C101**
1
Names of Reporting Persons
LY Corporation
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
JAPAN
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
369,765,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
369,765,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
369,765,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
54.6 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP Number(s):
70450C101**
1
Names of Reporting Persons
B Holdings Corporation
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
JAPAN
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
318,721,600.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
318,721,600.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
318,721,600.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
47.1 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP Number(s):
70450C101**
1
Names of Reporting Persons
SB Global Advisers Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED KINGDOM
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
192,829,840.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
192,829,840.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
192,829,840.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
28.5 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP Number(s):
70450C101**
1
Names of Reporting Persons
SoftBank Vision Fund II-2 L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
JERSEY
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
192,829,840.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
192,829,840.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
192,829,840.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
28.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
70450C101**
1
Names of Reporting Persons
SVF II Aggregator (Jersey) L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
JERSEY
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
192,829,840.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
192,829,840.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
192,829,840.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
28.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
70450C101**
1
Names of Reporting Persons
SVF II Holdings (DE) LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
192,829,840.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
192,829,840.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
192,829,840.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
28.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
70450C101**
1
Names of Reporting Persons
SVF II Investment Holdings (Jersey) L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
JERSEY
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
192,829,840.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
192,829,840.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
192,829,840.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
28.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
70450C101**
1
Names of Reporting Persons
SVF II Investment Holdings LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
192,829,840.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
192,829,840.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
192,829,840.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
28.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
70450C101**
1
Names of Reporting Persons
SVF II Investment Holdings (Subco) LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
192,829,840.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
192,829,840.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
192,829,840.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
28.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
70450C101**
1
Names of Reporting Persons
SVF II Piranha (DE) LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
192,829,840.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
192,829,840.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
192,829,840.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
28.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
PayPay Corporation
(b)
Address of issuer's principal executive offices:
Yotsuya Tower, 1-6-1 Yotsuya, Shinjuku-ku, Tokyo 160-0004, Japan
Item 2.
(a)
Name of person filing:
Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons." This statement is filed on behalf of:
SoftBank Group Corp. ("SoftBank")
SoftBank Corp.
LY Corporation
B Holdings Corporation ("B Holdings")
SB Global Advisers Limited ("SBGA")
SoftBank Vision Fund II-2 L.P.
SVF II Aggregator (Jersey) L.P.
SVF II Holdings (DE) LLC
SVF II Investment Holdings (Jersey) L.P.
SVF II Investment Holdings LLC
SVF II Investment Holdings (Subco) LLC
SVF II Piranha (DE) LLC
(b)
Address or principal business office or, if none, residence:
The address for SoftBank is 1-7-1, Kaigan, Minato-ku, Tokyo 105-7537, Japan. The address for SoftBank Corp. is 1-7-1, Kaigan, Minato-ku, Tokyo 105-7529, Japan. The address for each of LY Corporation and B Holdings is 1-3 Kioicho, Chiyoda-ku, Tokyo 102-8282, Japan. The address for SBGA is 69 Grosvenor Street, Mayfair, London W1K 3JP, England, United Kingdom. The address for each of SoftBank Vision Fund II-2 L.P, SVF II Aggregator (Jersey) L.P. and SVF II Investment Holdings (Jersey) L.P. is c/o Gen II (Jersey) Limited, 47 Esplanade, St. Helier, Jersey JE1 0BD. The address for each of the remaining Reporting Persons is 1521 Concord Pike, Wilmington, DE 19803.
(c)
Citizenship:
Each of SoftBank, SoftBank Corp., LY Corporation and B Holdings is organized under the laws of Japan. SBGA is organized under the laws of England and Wales. Each of SoftBank Vision Fund II-2 L.P., SVF II Aggregator (Jersey) L.P. and SVF II Investment Holdings (Jersey) L.P. is organized under the laws of Jersey. Each of the remaining Reporting Persons is organized under the laws of the State of Delaware.
(d)
Title of class of securities:
Common shares, no par value
(e)
CUSIP Number(s):
70450C101**
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information with respect to each Reporting Person's beneficial ownership of the Common Shares as of March 31, 2026 is incorporated by reference to items (5) through (9) and (11) of the cover page of the respective Reporting Person included herewith. Such information is based upon 676,873,535 of the Issuer's Common Shares outstanding as of March 27, 2026, as reported by the Issuer in its prospectus filed with the Securities and Exchange Commission ("SEC") on March 12, 2026 pursuant to SEC Rule 424(b)(4), and in its Form 6-K furnished to the SEC on March 30, 2026 confirming the exercise of the underwriters' option in full.
This Schedule 13G is filed jointly by the Reporting Persons, who may be deemed to constitute a "group" within the meaning of Section 13(d)(3) of the Act as a result of the relationships described below. The Reporting Persons, as a group, may be deemed to beneficially own an aggregate of 613,638,240 shares of Common Stock of the Issuer, or 90.7% of the Issuer's outstanding Common Stock. The beneficial ownership of each individual Reporting Person is as set forth on its respective cover page as noted above.
SoftBank is a publicly traded company listed on the Tokyo Stock Exchange. SoftBank Corp. and LY Corporation are listed on the Tokyo Stock Exchange and are consolidated subsidiaries of SoftBank. LY Corporation also is a consolidated subsidiary of SoftBank Corp. Each of SoftBank Corp. and LY Corporation is the record holder of 51,043,400 Common Shares. Each of SoftBank Corp. directly and LY Corporation indirectly holds 50% of the shares in B Holdings. B Holdings is the record holder of the Common Shares it has reported herein as beneficially owned. As a result of the relationships described above, each of SoftBank, SoftBank Corp. and LY Corporation may be deemed to beneficially own the Common Shares owned of record by B Holdings and SoftBank may be deemed to beneficially own the Common Shares owned of record by SoftBank Corp. and LY Corporation and SoftBank Corp. may be deemed to beneficially own the Common Shares owned of record by LY Corporation. SoftBank expressly disclaims beneficial ownership of Common Shares held of record by B Holdings, SoftBank Corp. and LY Corporation and SoftBank Corp. expressly disclaims beneficial ownership of Common Shares held of record by B Holdings and LY Corporation.
SVF II Piranha (DE) LLC is the record holder of the Common Shares it has reported herein as beneficially owned. SoftBank is the sole shareholder of SBGA, which has been appointed as manager and is responsible for making final decisions related to the acquisition, structuring, financing and disposal of SoftBank Vision Fund II-2 L.P.'s investments. SoftBank Vision Fund II-2 L.P. is the sole limited partner of SVF II Aggregator (Jersey) L.P., which is the sole member of SVF II Holdings (DE) LLC, which is the sole member of SVF II Investment Holdings (Jersey) L.P., which is the majority member of SVF II Investment Holdings LLC, which is the sole member of SVF II Investment Holdings (Subco) LLC, which is the sole member of SVF II Piranha (DE) LLC. As a result of these relationships, each of the Reporting Persons named in this paragraph may be deemed to share beneficial ownership of the Common Shares owned of record by SVF II Piranha (DE) LLC.
(b)
Percent of class:
Item 4(a) is incorporated herein by reference.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Item 4(a) is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
Item 4(a) is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
Item 4(a) is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
Item 4(a) is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
Item 4 is incorporated herein by reference.
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
SoftBank Group Corp.
Signature:
/s/ Yuko Yamamoto
Name/Title:
Yuko Yamamoto, Head of Corporate Legal Department
Date:
05/15/2026
SoftBank Corp.
Signature:
/s/ Junichi Miyakawa
Name/Title:
Junichi Miyakawa, President and CEO
Date:
05/15/2026
LY Corporation
Signature:
/s/ Ryosuke Sakaue
Name/Title:
Ryosuke Sakaue, CFO
Date:
05/15/2026
B Holdings Corporation
Signature:
/s/ Takeshi Idezawa
Name/Title:
Takeshi Idezawa, President and Representative Director
What stake does SoftBank group report in PayPay (PAYP)?
The filing reports the Reporting Persons jointly beneficially own 613,638,240 shares, equal to 90.7% of PayPay's outstanding common shares as of March 27, 2026. The figure is drawn from the prospectus and Form 6-K referenced in the filing.
How many PayPay shares were outstanding for the ownership calculation?
The ownership percentages are calculated using 676,873,535 shares outstanding as of March 27, 2026, per PayPay's prospectus and its Form 6-K confirming the underwriters' option exercise in full.
Which SoftBank-related entity holds the largest single reported block?
The filing shows 192,829,840 shares repeatedly attributed to SoftBank Vision Fund II-related entities, and a 420,808,400-share figure appears on SoftBank Corp.'s cover page; each Reporting Person's cover page lists its specific beneficial ownership.
Does the filing state who controls voting or disposition rights?
Yes. The cover-page rows list shared voting power and shared dispositive power values for each Reporting Person (for example, 613,638,240 shared voting power for the group). Sole voting/dispositive power entries are disclosed as 0.00 where shown.
Is the SoftBank group claiming direct beneficial ownership of all reported shares?
The narrative explains that some entities may be deemed to beneficially own shares held of record by other group entities, and SoftBank and SoftBank Corp. expressly disclaim beneficial ownership of certain shares held of record by subsidiaries as stated in the filing.
