PayJoy, a San Francisco, CA-based startup that allows people to purchase smartphones via installment payments, raised $20m in Series B funding.
The round was led by Greylock Partners with participation from Union Square Ventures, EchoVC and Core Innovation Capital. In conjunction with the funding, Josh McFarland, a partner at Greylock Partners, is joining PayJoy’s board FinTech.
The company, which raised over $30M from top venture capital firms, intends to use the funds to expand its business reach globally and sign partnerships with local companies.
Founded in 2015 and led by Doug Ricket, CEO, Gib Lopez, COO, Mark Heynen, CBO, PayJoy provides a fintech platform that enables people worldwide in emerging markets to purchase a new smartphone on installment payments and to get cash loans using their smartphone as collateral.
The company’s device-locking technology creates collateral from a smartphone so that financial institutions can finance a new phone or lend cash.
Its checkout platform allows customers to buy a smartphone on installments, including registration, pricing, underwriting, provisioning, device management, user management, customer support, payment processing, reporting, and analytics.
By integrating PayJoy’s mobile security APIs into their devices, smartphone manufacturers can sell more phones through PayJoy financing channels.
The startup is currently operating in over than 10 countries, including Mexico, India, Indonesia, Nigeria, Kenya, Guatemala, Brazil, Argentina, South Africa, the Dominican Republic, Honduras and Colombia.