PayJoy Announces $360M in Funding to Support Growth

Share This Article

SAN FRANCISCO, September 5, 2023-- PayJoy is excited to announce a successful $360M capital raise, consisting of $150M in Series C equity and $210M in debt. The equity was led by Warburg Pincus, with participation from Invus, Citi Ventures and prior leads Union Square Ventures and Greylock. The debt funding was led by Citi and includes other institutional investors as well as PayJoy's own in-house fund.

PayJoy is a public benefit corporation founded in 2015 with the mission to provide underserved people in emerging markets the ability to acquire smartphones and access the modern financial system. PayJoy's patented mobile security technology for smartphone-based finance has provided over $2B of credit to more than 8 million customers across Mexico, Brazil, South Africa, Ecuador, Peru, Panama, and Colombia. PayJoy runs profitably and employs over 1,000 people worldwide.

"I am extremely grateful to our partners on both the equity and debt side who support our mission," said Doug Ricket, PayJoy co-founder and CEO. "Despite a challenging environment over the past year, PayJoy has been able to grow and expand. Our products have helped millions of people to approach financial freedom and this capital will allow us to better serve customers in our current markets as well as expand our geographic and product footprint."