PayJoy Secures $360 Million Funding to Accelerate Financial Inclusion in Emerging Markets

PayJoy, a mission-first financial service provider, is excited to announce a successful funding round of $360 million aimed at furthering its groundbreaking efforts in emerging markets. Committed to helping under-served customers achieve financial stability and success, PayJoy has already made significant strides by bringing more than $3 billion in credit to over 13 million customers as of 2024. This impressive growth, including a doubling of credit extended in the past two years, has been driven by PayJoy’s innovative approach to lending that transforms smartphones into digital collateral. By leveraging its patented technology alongside cutting-edge machine learning, data science, and anti-fraud artificial intelligence, the company sets a new standard in the financial industry by offering some of the lowest costs and the widest qualification criteria available. The new round of funding will be instrumental in scaling these pioneering solutions further, ensuring that more individuals in emerging markets can access affordable financing options. With a focus on sustainable growth and long-term profitability, PayJoy plans to invest heavily in expanding its machine learning capabilities and fortifying its anti-fraud systems to safeguard its community of customers. Additionally, the funding will support geographical expansion and enrich the company’s technological ecosystem, driving deeper financial inclusion and reinforcing its mission to empower traditionally under-served segments in society. This announcement not only highlights PayJoy’s robust financial performance and pioneering spirit but also reinforces its commitment to transforming how credit is accessible and enhancing economic prospects for millions around the globe.