PayJoy

PayJoy is a public benefit corporation based in San Francisco, founded in 2015 by Doug Ricket. The company specializes in fintech solutions that provide smartphone financing and credit to underserved individuals in emerging markets. Its mission is to create a fair entry into the financial system, allowing customers to build credit and access digital connectivity by using smartphones as collateral. PayJoy employs patented technology, machine learning, and anti-fraud AI to support its services. Operating in eight countries across Latin America, Africa, and Asia, PayJoy serves over 13 million customers and has issued more than $2.5 billion in credit. The company has achieved significant growth, with an annualized revenue run rate exceeding $300 million by late 2023 and has become net income profitable. Its core offerings include smartphone financing, which allows customers to purchase devices through installment plans, and the PayJoy Card, which provides a revolving line of credit. PayJoy is committed to expanding its fintech services to enhance financial inclusion for low-income individuals globally.