Listen to this articlePayJoy was founded in 2015 to help the next billion customers worldwide enter into the modern financial and digital space with the help of smartphones. PayJoy has a presence throughout the United States and Mexico and is actively exploring other countries.
Below is our interview with Samara Landers, from PayJoy:
Q: You’ve recently announced $6 Million in Series B funding round; could you tell us something more?
A: PayJoy’s Series B round is planned for next year 2018. This funding round was a convertible investment for strategic distribution partners who are helping PayJoy expand internationally. It was led by Santander and ITOCHU, who are helping PayJoy grow in Latin America and Asia.
Q: What is PayJoy’s story?
A: When Doug Ricket, founder and CEO, was in Africa he saw that there was an intense need for underbanked populations to gain access to modern technology. When he returned to the United States he started the process of establishing PayJoy to help people without credit obtain high end smartphones, which in turn helps them become more present members of a society that is starting to rely on electronics. Two years later we have established ourselves in two countries as a reliable way for customers to purchase a smartphone and build their own credit history.
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Q: How exactly does PayJoy work?
A: When a customer purchases a phone at a retail outlet and chooses to finance the handset through PayJoy, they are greeted with a welcome call from our customer support representative who explains the terms of the agreement. We do not require a credit history; all we ask for is a valid government-issued form of identification, a Facebook account, and a current cell phone number. Once the customer is approved, the clerk installs our proprietary software on the phone. This software allows us to lock the phone remotely if payments are not made on time. Once customers have finished the enrollment and welcome process, they are given the phone and can then make their payments automatically or in person at a phone retail store or certain convenience stores. After all payments are made the lock is removed from the phone and it is owned completely by the customer.
We are excited that we are now working to build the credit history of our customers, many of whom have no financial history. We are not only giving these people a smartphone to engage with their daily lives, but helping them create a stable financial future for themselves and their families.
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Q: Why is now the time for a technology solution like PayJoy?
A: Most of the world’s population does not have a credit history to qualify for high end smartphones but, at the same time, those phones are quickly becoming the best way to enter into the modern financial and economic spaces. We see that there is a huge potential around the world to help people gain access to technology; there are millions of people who want to have a smartphone but cannot currently afford one. Particularly in developing countries, people are turning to technology as a way to improve their lives and become connected to a larger community.
Q: What are the goals you are aiming for?
A: We are currently expanding internationally, with new countries in Asia coming only in 2017, and strong opportunities for growth in Latin America and Africa in 2018. Our long term goal is to help consumers worldwide afford modern technology.
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