PayJoy, Inc.

PayJoy, Inc. specializes in providing financial services that enable underserved populations to acquire smartphones through installment plans, enhancing access to digital communication and financial inclusion. Founded in 2015, PayJoy, Inc. is based in San Francisco, US, and focuses on facilitating access to smartphones for low-income individuals.

The founders, Doug Ricket and Gib Lopez, bring previous entrepreneurial experience to the company, and is currently valued at USD 587. 21 mn. PayJoy’s main product offering centers around facilitating access to smartphones and related financial services for underserved populations. Their innovative model allows users to purchase mobile devices through an installment plan, effectively providing them with access to credit.

This offering is particularly vital for individuals in emerging markets who may lack traditional credit history, allowing them to obtain a smartphone that is essential for communication, internet access, and various digital services. The service was designed to tackle the problem of limited financial inclusion, enabling a significant segment of the population to take part in the digital economy. PayJoy primarily serves customers in Latin America, with a focus on countries like Mexico and Brazil, as well as certain regions in Africa, targeting low to middle-income individuals and families. PayJoy generates revenue through its structured installment payment plans, where customers finance the purchase of smartphones over time.

The company engages in direct-to-consumer transactions, where clients agree to pay a set amount monthly until the device is fully paid off. This model includes a security feature that locks the device if payments are missed, ensuring compliance and reducing risk. PayJoy may also establish partnerships with retailers to expand its reach, enabling broader access to its products. The pricing structure is designed to be accessible, catering to low-income clients while fostering sustainable growth within the company's financial ecosystem.

Each transaction is tailored to encourage repeat business and facilitate further financial opportunities for users as they build their credit history. In December 2025, PayJoy, Inc. raised USD 140 million in venture debt funding from Neuberger Berman. The company plans to use the December 2025 funding to support smartphone financing operations and expand its products and presence in existing and new markets.