PayJoy Raises $20 Million From Greylock Partners and Others

PayJoy has developed technology that helps facilitate credit in emerging markets for consumers looking to purchase a smartphone; they enable consumers with no bank accounts or credit history to obtain an installment loan; the phone is used as collateral on the loan with software that locks the phone if they user misses a payment; this is a financial inclusion initiative as smartphone adoption is one of the key stepping stones to the broader adoption of financial services; PayJoy operates in 10 developing countries but is based in San Francisco. Source.

  • Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.