payjoy

“Introducing PayJoy: Bridging the Gap Between Social Impact and Financial Success in Fintech – A Feature by TechCrunch”

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Welcome to TechCrunch Fintech! This week, we’re looking at how two fintech companies serving the underserved are faring, and more! The big storyPayJoy is an example of a company with positive unit economics and a mission to help the underserved. It last raised a $50 million Series C funding round in 2021. And with fintech funding on the decline, this could perhaps partly explain YC’s lack of LatAm interest.

“Unlocking Financial Access: The Success Story of PayJoy’s $300M Enterprise Empowering the Underserved through Smartphone Collateral Loans”

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How PayJoy built a $300M business by letting the underserved use their smartphones as collateral for loansLerato Motloung is a mother of two who works in a supermarket in Johannesburg, South Africa. Then, in February 2024, she saw a sign about PayJoy, a startup that offers lending to the underserved in emerging markets. Motloung is one of millions of customers that San Francisco–based PayJoy has helped since its 2015 inception. And, unlike other startups offering loans to the underserved, it’s doing so in a way that’s not predatory, it says. Last September, PayJoy announced that it had secured $150 million in Series C equity funding and $210 million in debt financing.

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