Profile

PayJoy is a mission-driven financial services provider committed to empowering underserved customers in emerging markets to achieve financial stability and success. The company leverages patented technology that transforms smartphones into digital collateral, alongside advanced machine learning, data science, and anti-fraud AI, to offer industry-leading affordability and broad customer qualification. By 2024, PayJoy has extended billions of dollars in credit to 12 million customers, doubling its reach over the past two years while maintaining strong profitability and long-term sustainability.

Visit www.payjoy.com

Key Products

Smartphones

Smartphones are a cornerstone of PayJoy’s offerings, giving customers access to a phone and the Internet. Through partnerships with PayJoy retailers, customers can simply provide an ID and phone number to buy a smartphone – without a credit card – and pay weekly over 3-12 months. This not only facilitates ownership of smartphones (compatible with Samsung, Huawei, Motorola, Xiaomi, Hisense and more), but also helps customers build credit history.

Line of Credit

Available in Mexico, customers who paid back their smartphone loan qualify for a revolving credit line – a continuous source of funds that renew with each payment. After receiving the approved credit limit and agreeing to the terms and conditions, customers can withdraw their money whenever needed or swipe the PayJoy Card. Accessible through a secure and user-friendly app, the line of credit ensures that customers have money available whenever needed.

PayJoy Card

Available in Mexico, the PayJoy Card, backed by Mastercard, allows customers to utilize their loan funds for various purposes. With no hidden costs, annuity payments, default interest or penalties, customers can use the card for online purchases and in any establishment in Mexico that accepts card payments, helping build and improve their credit.

Key Executives

Doug Ricket, CEO

Doug Ricket is the founder and CEO of PayJoy, the top financial service provider to the underserved in emerging markets. He started the company in 2015, driven by a belief in the power of technology to unlock financial freedom, Doug is on a mission to finance the “next billion” people worldwide by providing fair and transparent access to credit.

Brad Pennington, President, Financial Products

Brad is PayJoy’s President of Financial Products. He currently runs Risk, Data Science, Fraud and Asset Valuation. He has a passion for building teams and products that improve the financial lives of users at massive scale.

Gib Lopez, COO

Gib Lopez co-founded PayJoy and serves as COO supporting global operations. Gib began his career in strategy consulting for the private sector before shifting his focus to underserved communities to work in global development and global health with TechnoServe, the Camber Collective, and Dalberg Global Development Advisors. Over this time, Gib worked with developing and developed country governments, the Bill & Melinda Gates Foundation, and for profit enterprises across the US, Central America, Africa, Europe, and Asia.

Deepak Murthy, President, GTM

On a mission to deliver access to credit to the next billion people. Deepak Murthy is PayJoy’s President, GTM, and leads all our external business development, sales, and marketing functions across all the countries where PayJoy operates. Deepak ran international expansion for Box and also built the largest business unit that focused on their partnership with IBM. Prior to Box, he was a Principal at BCG, where he spent several years serving large technology clients across the US, India, and Southeast Asia.

Nick Zakrasek, President, Product Development

Nick Zakrasek is PayJoy’s President of Product Development, overseeing all product & engineering efforts. Over the last decade, he’s led globally scaled teams building novel technologies and consumer tech products addressing many of the world’s greatest societal needs, including economic opportunity, sustainability, election integrity, health, disaster preparation, and education.

Customer Insights

75% of customers strongly agree that PayJoy improved their financial well-being. Nearly half (47%) of PayJoy’s customers are women, 40% are new to credit, and 37% are first-time smartphone users.

“I am so grateful for PayJoy! The job market in South Africa is very challenging so I live many hours away from my kids to earn money to send back. After my last phone was stolen, I had to pay to borrow a phone from my friends to call my family.” – PayJoy customer, Lareto Motloung.

Corporate Responsibility

As the global middle class moves mobile, PayJoy is rewriting the rules of finance for a new generation. Meeting their customers where they are – even with no bank account or formal credit history – PayJoy creates access to financial services and carves a path into the financial system.

There are an estimated 3 billion adults worldwide who don’t have credit. Emerging economies in particular have virtually no system to extend credit to individuals, lacking the basic building blocks of credit, including recognition, reputation, and any methods of recourse.

PayJoy addresses this through technology. PayJoy turns a smartphone into collateral for lending, offering software that enables the end consumer to purchase a smartphone and ultimately build credit. Having access to credit lets people purchase much-needed items for themselves, their families, and their businesses, and is especially important in an emergency where access to credit may be lifesaving.

As a Public Benefit Corporation dedicated to responsible lending, PayJoy ensures a positive impact on its customers’ financial well being. PayJoy serves 12 million customers across 8 countries, including Mexico, Brazil, South Africa, Ecuador, Peru, Panama, Colombia, and the Philippines.