Pay Joy

PayJoy is a San Francisco-based fintech company that provides smartphone financing and consumer lending services to underserved populations in emerging markets, with Mexico representing its largest market at approximately 70% of operations. Founded in 2015 by Doug Ricket, the company operates as a Public Benefit Corporation focused on financial inclusion. PayJoy uses proprietary mobile security technology that allows smartphones to serve as digital collateral for loans, enabling customers without credit history or traditional banking access to purchase devices through weekly or monthly installment plans. The company's AI-powered platform processes approximately 100 data points including geolocation for fraud screening and risk profiling, approving around 98% of applicants in Mexico. In Mexico specifically, PayJoy has over 8 million customers and partners with more than 7,000 physical retail locations. The company has expanded beyond smartphone financing to offer additional financial products including the PayJoy Card, a Mastercard-backed revolving credit line available to customers who successfully repay their initial smartphone loans, and cash loan services. Approximately 40% of PayJoy users access credit for the first time through the platform, while 37% obtain their first smartphone via the company. The fintech distinguishes itself by offering transparent pricing with no late fees or hidden charges, though devices are locked remotely if payments are missed. PayJoy has provided over 2 billion dollars in credit to more than 10 million customers globally across Mexico, Brazil, Colombia, Ecuador, Peru, Panama, South Africa, and the Philippines. The company achieved profitability in 2023 and raised $150 million in Series C equity funding plus $210 million in debt financing in September 2023, with backing from investors including Warburg Pincus, Union Square Ventures, and Greylock Partners.