PayJoy Powers Progress: Smartphone Finance Unlocks Credit Access for 13 Million | PayJoy
PayJoy Powers Progress: Smartphone Finance Unlocks Credit Access for 13 Million
December 11, 2024
Ethical lending ensures greater financial stability for millions of underserved around the world
SAN FRANCISCO, Dec. 11, 2024 /PRNewswire/ — PayJoy has announced key milestones in its 2024 PayJoy Impact Report. With over 13 million customers served globally, this report highlights significant progress in PayJoy’s mission to drive financial inclusion and economic empowerment.
Key milestones include:
30% Customer Growth: PayJoy’s customer base grew 30% year-on-year to 13 million in 2024, driven by its innovative “Device-as-Collateral” financing model, empowering individuals often excluded from traditional credit due to informal employment or lack of credit history.
50% New-to-Credit Customers: 50% of PayJoy users accessed credit for the first time through its platform, a significant increase over the previous year’s 40%. This credit provides greater financial stability, especially when facing emergencies like medical expenses.
6% Income Increase: UC Berkeley researchers highlight a 6% average income increase for PayJoy customers. In Colombia, micro-business owner Linda Montes noted, “With PayJoy credit, I was finally able to buy a sewing machine and start a clothing workshop at home to support my parents and daughter.”
By leveraging its proprietary technology, the company offers smartphone financing and general credit, creating multiple pathways to higher incomes and credit scores. “PayJoy makes credit available to the majority of the population in emerging markets, who are currently excluded from the financial system with no on-ramp to start building credit,” emphasized CEO Doug Ricket. “When we first started PayJoy, I couldn’t know that the idea would work, so I am truly grateful to our team and partners for bringing meaningful positive financial results to millions of customers.”
A Public Benefit Corporation, PayJoy is a mission-first company dedicated to ethical lending practices as outlined in its Customer Charter, including no accruing interest, no debt traps, no late fees, and no loan stacking, ensuring a fair and transparent customer experience.
To view the Impact Report and explore the full findings visit:
About PayJoy
PayJoy is a mission-first financial service provider dedicated to helping under-served customers in emerging markets to achieve financial stability and success. We lend through our patented technology that turns a smartphone into digital collateral, and our cutting-edge machine learning, data science, and anti-fraud AI allow us to offer the lowest cost and qualify the most customers in the industry. As of 2024 we have brought billions of dollars in credit to 13 million customers, doubling in the last two years while remaining strongly profitable and sustainable for the long term. For more information, visit PayJoy.