Smartphone financing platform PayJoy closes $6m investment

Smartphone financing platform PayJoy has closed its latest funding on $6m, which will help the company further expand internationally.

This investment was led by Santander InnoVentures and ITOCHU Corporation. Other strategic partners taking part were unnamed, but were from Brazil, Nigeria, Mexico, China, Vietnam, and Europe.

Founded in 2015, PayJoy is a smartphone financing solution for the underbanked in the US and Mexico. The platform approves applicants without credit history or banking relationships, as it leverages unique underwriting processes.

Based in San Francisco, the company analyses an applicant’s mobile number, photo ID and Facebook account and makes the phone collateral, by using its secure locking technology. The platform is available in thousands of point of sales and gives retailers payment plan options for customers.

With the capital the company is looking to expand its operations through Latin America, Asia and Africa.

Santander InnoVentures head of investments Manuel Silva said, “PayJoy’s mission is to help the less privileged join the digital economy and climb the economic ladder.  PayJoy rethinks a basic financial service through the lens of innovation, technology, and data, and brings a simple and fair new offering to those who need it the most.”

The company has now raised a total of $30m since its founding, with the company picking up $18m last year in a Series A led by Union Square Ventures, venture debt from Western Technology Investment and private lending capital.

Copyright © 2017 FinTech Global

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