PayJoy offers a buy-now-pay-later product that allows consumers to transform the purchases of mobile phones into monthly installment plans. The company has brought credit to millions of under-served consumers in emerging markets worldwide by collateralizing their smartphone to jumpstart them into the modern credit system. The company, based in San Francisco, California, was founded in 2015.

Payjoy

Since its inception, Payjoy has served over one million customers profitably, allowing these customers to acquire smartphones on credit

These loans are backed by the financed mobile phones, with Payjoy making use of phone locking technology to keep default rates in check

PayJoy

Proceeds from this pool will go towards growing Payjoy's lending operations in Mexico. Using this capital, Payjoy's finance the purchase of mobile phones for their customers, and be repaid monthly by these customers with interest.

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Information on deal structure, collateral used to secure this loan, and options in the case of a default on repayment by the borrower

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