PayJoy

What PayJoy does

PayJoy is a Public Benefit Corporation headquartered in San Francisco that provides smartphone financing and revolving credit to underserved consumers in emerging markets. Founded in 2015 by Doug Ricket, the company operates across nine countries — Mexico, Brazil, Colombia, Panama, Peru, Ecuador, South Africa, the Philippines, and Indonesia — and has served more than 20 million customers while financing over $3.5 billion in loans since inception. The company's flagship product, Phone Finance, lets consumers qualify for a smartphone using only an ID and phone number, with weekly or biweekly installments over 3-12 months; the financed device serves as virtual collateral via PayJoy's proprietary device-locking technology, which remotely suspends phone use if a customer falls behind, enabling credit access for first-time borrowers with no credit history and no late fees.

The underlying platform combines that device-locking technology with AI-driven credit risk algorithms (using TransUnion data in South Africa), automated decisioning on ability-to-pay, mobile-device telemetry for fraud prevention, and image-based ID verification. The PayJoy mobile app functions both as the device-locking client and as the gateway to PayJoy's broader credit products — the PayJoy Credit Line (a revolving digital line with cash withdrawal at BBVA branches in Mexico) and the PayJoy Card. Distribution runs through a retailer and telco point-of-sale network that includes Smart Communications (PLDT) in the Philippines and Bank Sampoerna in Indonesia, plus direct onboarding via PayJoy.com and the app across nine local-language sites.

PayJoy earns revenue primarily through a fixed-total-cost spread on point-of-sale phone financing (transaction-fee economics), with growing contribution from the PayJoy Credit Line and PayJoy Card (interest, fees, and interchange on revolving balances), plus loan-servicing economics on the $250 million PayJoy Asset Fund that channels institutional capital (T. Rowe Price, Neuberger Berman) into its loan book. The company projects approximately $650 million in revenue and $110 million in profit by end of 2025 at 40%+ annualized growth, and operates a B2B retailer platform reporting 95% application approval rates and +100% sales uplift for partner stores.

Name

PayJoy

Legal name

PayJoy, Inc.

Website

https://payjoy.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

PayJoy provides smartphone financing and revolving credit to underserved consumers in 9 emerging-market countries, using proprietary phone-as-collateral device-locking technology. The company has served over 20 million customers and financed more than $3.5 billion in loans since its 2015 founding.

Ownership category

akta.pro rank

Product category

Consumer Lending

NAICS

Sales Financing (52222), Sales Financing (522220), Credit Card Issuing (52221)

SIC

Personal Credit Institutions (6141), Finance Services (6199)

akta.pro primary industry

Issuer/Network-Led Installments (Card-Based Pay-Over-Time) (FSAGAIAB)

akta.pro secondary industry

Embedded Wallets (Platforms & Marketplaces) (FSAMAEAM)

Keywords

• Smartphone financing
• Consumer lending
• Device-secured credit
• Emerging markets fintech
• Mobile credit platform

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Supply Chain

Revenue model

1. Smartphone Point-of-Sale Financing: PayJoy pays the retailer upfront when a customer is financed for a smartphone purchased through an authorized retailer or partner store. Customers then repay PayJoy in fixed weekly or bi-weekly installments over 3–12 months (3, 6, 9, or 12 months depending on country). The total cost of financing is fixed at the time of purchase, with no accruing interest and no late fees. Revenue is generated through the spread between the upfront retailer payment and the fixed total repaid by the customer.
2. PayJoy Credit Line (Revolving Cash Credit): Revolving digital credit line and PayJoy Card offered to existing PayJoy customers (and via Samsung device distribution). Customers draw cash or use a digital card; credit is renewed with each payment. Revenue is generated through interest/fees on the revolving balance. Available in Mexico with BBVA-branch cash withdrawal, and expanding to other markets.
3. PayJoy Credit Card: PayJoy-branded credit cards that allow consumers in emerging markets to access credit beyond phone financing. Revenue is generated through interchange, interest, and fees typical of a credit-card product.
4. PayJoy Asset Fund — Securitized Lending: A $250 million PayJoy Asset Fund vehicles institutional capital (e.g., T. Rowe Price) into PayJoy's loan book to expand smartphone access in emerging markets. PayJoy earns loan-servicing/origination economics on the funded portfolio.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

PayJoy provides point-of-sale smartphone financing to underbanked consumers in emerging markets by using the phone itself as virtual collateral via proprietary remote device-locking technology. Customers qualify with only an ID and phone number (no bank account or credit card required) and repay in fixed weekly or biweekly installments over 3–12 months, with no late fees and no accruing interest. Beyond phone financing, PayJoy offers an app-based revolving PayJoy Credit Line and PayJoy Card, as well as a B2B retailer onboarding platform that enables retailers and telcos to offer PayJoy-financed devices at the point of sale.

Product overview

PayJoy operates a single integrated fintech platform composed of a device-secured point-of-sale financing product (Phone Finance) and an app-based unsecured credit line (PayJoy Credit Line), augmented by the PayJoy Card digital card, a B2B retailer onboarding platform (PayJoy for Retailers), and an institutional capital vehicle (PayJoy Asset Fund). All customer-facing capabilities are delivered through the PayJoy Mobile App, which simultaneously acts as the device-locking client for the phone-as-collateral model and the entry point to the PayJoy Credit Line and PayJoy Card. The platform is operated as a Public Benefit Corporation across nine countries (Mexico, Panama, Peru, Ecuador, Brazil, Colombia, South Africa, Philippines, Indonesia), serving more than 20 million customers and over $3.5 billion in loans financed since 2015.

Differentiator

Problem solved

Functional benefit

Brands

• PayJoy Asset Fund: A $250 million asset-backed fund vehicle used to scale access to smartphones and credit in emerging markets.
• PayJoy Card

Products and services

• Phone Finance PayJoy's flagship point-of-sale smartphone financing product. Underbanked consumers qualify with only an ID and phone number (no bank account or credit card required) and pay weekly or biweekly over 3–12 months. The financed phone serves as virtual security collateral, with PayJoy's device-locking technology allowing remote suspension of phone use if a customer falls behind. Pricing is fixed at purchase with no late fees and no accruing interest; customers can cancel and return the phone to extinguish debt.
• PayJoy Credit Line App-based revolving credit line available to PayJoy customers that renews with each payment. Approved users can request a loan in under two minutes, receive funds within 24 hours, use a digital PayJoy Card for purchases, or withdraw cash at BBVA branches in Mexico using their current INE/IFE and an app-generated code. Credit is renewed with each payment, and the line is expanding beyond Mexico.
• PayJoy Card PayJoy-branded digital credit card that powers the credit-line experience in the PayJoy app, allowing consumers in emerging markets to access credit beyond phone financing. Revenue is generated through interchange, interest, and fees typical of a credit-card product.
• PayJoy for Retailers B2B platform that enables phone retailers, telcos, telco authorized distributors, and independent stores to offer PayJoy financing at the point of sale. Three-step onboarding is described as fast, easy, and risk-free for retailers, with a 95% application approval rate. Retailer outcomes include +100% sales increase, +33% higher average sales price, and +8% market share gains.

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability6 records

Feature5 records

Partnerships

Ten partnerships are on record, tiered flagship — country-entry partner for indonesia, core — telco distribution partner in philippines, core — credit risk data and analytics provider, core — cash withdrawal and disbursement partner in mexico, supporting — retail payment-collection network in mexico, supporting — device and payjoy credit line distribution partner, supporting — coworking-office provider, supporting — mexican credit bureau research partner, core — multi-brand device compatibility across 9 countries and supporting — device compatibility referenced in product imagery.

• PT Bank Sahabat Sampoerna (Bank Sampoerna)flagship — country-entry partner for indonesiaStrategic or Co-development Partner · 11 February 2026Strategic partnership announced February 2026 for PayJoy's official launch in Indonesia. Bank Sampoerna provides local banking infrastructure and distribution to support Indonesia's goal of 98% financial inclusion by 2045 under OJK.
• Smart Communications (PLDT)core — telco distribution partner in philippinesChannel Partner/ Reseller/ Distributor · 30 June 2025Strategic partnership announced June 2025 between PayJoy and Smart Communications (PLDT's wireless subsidiary) to boost mobile credit access in the Philippines, leveraging Smart's subscriber base for PayJoy-financed smartphones.
• TransUnioncore — credit risk data and analytics providerTechnology or IntegrationPayJoy uses TransUnion credit risk algorithms for affordability assessments in South Africa, enabling credit decisions for first-time borrowers without traditional credit histories.
• BBVAcore — cash withdrawal and disbursement partner in mexicoChannel Partner/ Reseller/ DistributorPayJoy Credit Line customers in Mexico can withdraw cash at any BBVA branch with their current INE/IFE and a withdrawal code generated in the PayJoy app.
• OXXO / 7-Eleven / Walmart / Farmacias del Ahorrosupporting — retail payment-collection network in mexicoChannel Partner/ Reseller/ DistributorCustomers make PayJoy payments at these retail partners across Mexico, with reference codes generated in the PayJoy app and updated weekly.
• Samsungsupporting — device and payjoy credit line distribution partnerOEM/ Whitelabel/ Licensing PartnerSamsung device distribution is referenced as a channel for downloading the PayJoy Credit Line app; the PayJoy Credit Line is offered to PayJoy app users and Samsung device users.
• WeWorksupporting — coworking-office providerOthersWeWork hosts PayJoy offices in São Paulo (Av Paulista), Taguig City/Manila (BGC), and Jakarta (Revenue Tower, SCBD).
• Círculo de Créditosupporting — mexican credit bureau research partnerTechnology or IntegrationCírculo de Crédito, a Mexican credit bureau, conducted research finding that PayJoy customers are approximately three times less likely to be late on payments compared to competing lenders.
• Honor, Motorola, OPPO, realme, Samsung, Tecno Mobile, Infinix, OnePlus, Nokia, TCL, Lanix, Hisense, Huawei, Xiaomi, ZTE, vivo, itelcore — multi-brand device compatibility across 9 countriesOEM/ Whitelabel/ Licensing PartnerPayJoy financing is compatible with these major smartphone brands across its markets. Retailers and telcos use PayJoy's financing to sell these devices at the point of sale.
• Apple iPhone and Apple Pay ecosystemssupporting — device compatibility referenced in product imageryOEM/ Whitelabel/ Licensing PartneriPhone imagery appears in PayJoy product and retail flows (Mexico and other markets), suggesting iOS device compatibility for the PayJoy Credit Line and phone financing.

Scale indicators19 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• M-Kopa: Kenya-based pay-as-you-go financing platform primarily for solar home systems and increasingly smartphones across Africa. Closest analogue to PayJoy: same device-as-collateral model, same underbanked EM customer base, similar weekly installment structure.
• Tala: Mobile-first consumer credit provider serving underbanked customers in emerging markets (Mexico, Kenya, Philippines, India). Comparable target segment and use of mobile-device data for underwriting, though Tala focuses on cash loans rather than phone financing.
• Branch International: Digital lender offering instant credit to underbanked consumers in Africa and India via a mobile app. Overlaps with PayJoy on EM digital underwriting and unbanked customer acquisition, with a similar focus on first-time borrowers.
• Kueski: Mexico-based BNPL and online consumer lender. Direct overlap with PayJoy's Mexico customer base and installment-credit model; both serve the same underbanked Mexican consumer segment with ID-only onboarding.
• Carbon (formerly Paylater): Nigeria-headquartered digital lender serving underbanked consumers across Africa. Comparable mobile-data underwriting approach and EM consumer-credit focus, though geographically concentrated in West Africa.
• FairMoney: Nigeria-based digital bank and consumer lender serving underbanked and thin-file borrowers across Africa and India. Overlaps with PayJoy on mobile-first underwriting and emerging-market consumer credit.

Broad incumbents

• Nubank: Latin America's largest digital bank with 90M+ customers across Brazil, Mexico, and Colombia. While much broader in product scope, Nubank competes for the same underbanked LATAM consumer that PayJoy targets and increasingly offers credit products in Mexico (Canales previously led Nubank Mexico).
• Mercado Pago: Payments and credit arm of Mercado Libre, dominant across LATAM. Offers BNPL and consumer credit to a similar underbanked base; relevant as an incumbent competitor with massive distribution and consumer mindshare.

Emerging players

• Z1: Brazilian teen banking app that combines prepaid accounts with smartphone-secured installment credit. Closely mirrors PayJoy's phone-as-collateral thesis for a younger Brazilian segment.
• Sun King (Greenlight Planet): Global pay-as-you-go solar provider that has expanded into smartphone and appliance financing across Africa and Asia. Shares PayJoy's PAYGO/asset-financing heritage and customer segment, with overlapping product roadmaps.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/payjoy
• Facebookfacebook.com/PayJoyMX
• LinkedInlinkedin.com/company/payjoy

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds12 records

Investors28 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PayJoy