Naoki Aoyagi graduated from Faculty of Policy Management at Keio University and joined Deutsche Bank Group in 2002. He then joined GREE, Inc. in March 2006, and became a director in July 2006. In 2011, he became the president of the US subsidiary company of GREE till expiration of the term in September 2016. He became the representative director of Merpay, Inc. in November 2017 (also holds a post of executive officer at Mercari, Inc.). In July 2018, he became the representative director of Merpay Connect, Inc.