PayJoy Achieves Monumental 400% Year-Over-Year Growth in Brazil
May 17 2024 - 8:00AM
Business Wire
Company Sees Clear Path to Quadruple Brazilian
Growth by 2025 with 155 Million Potential Customers
PayJoy, the leading lender to the underserved in emerging
markets, today announces 400 percent year-over-year growth in 2023
in Brazil. In a country where 155 million people have monthly
household income less than $960 (source: IBGE Brazilian Institute
of Geography and Statistics), PayJoy has found a strong market fit
by offering access to smartphones, finance, and the modern
financial system.
“The majority of Brazilians are underbanked and underserved. Our
mission to democratize access to the modern financial system
through smartphone financing is a first and critical step for so
many in Brazil,” said Wagner Mendonça, PayJoy’s General manager of
Brazil. "Our customers are working-class parents running
households, entrepreneurs, gig workers, and small business owners
of varying incomes who now have a way of accessing fair
credit.”
PayJoy has served Brazilians across all 26 states since
launching in 2022. In Brazil, smartphones are a key element in
everyday life, but many lack access to formal credit despite having
digital wallets or bank accounts. PayJoy seamlessly introduces
customers to the modern financial system with transparent upfront
pricing, eliminating late fees or additional interest charges.
PayJoy helps Brazilians build credit by laying the groundwork for
long-term financial well-being despite their financial
constraints.
“PayJoy has changed my life! My phone battery stopped working
one day and I couldn’t afford repairs but needed a way to stay in
contact with my daughter while I was at work,” said Ivanete França,
a 33-year-old working mother and part-time influencer who lives in
Cotia. “Luckily I was introduced to PayJoy and was able to buy a
brand-new smartphone when I didn’t even think it was an option for
me. I’m so grateful PayJoy was there to help give me the security I
needed.”
PayJoy expects to double its growth in Brazil in 2024 and again
in 2025. Over the past two years, PayJoy has expanded its reach to
2,700 retailer partners throughout Brazil, including Casa &
Vídeo.
“We have been working with PayJoy for the last year and a half
and are excited to continue our partnership to help Brazilians who
are looking to access affordable smartphone ownership for
themselves or a loved one,” said Rafael de Deus, Services Manager
at Casa & Vídeo. “As one of the largest retailers in Brazil, we
work with PayJoy to help first-time phone users and repeat
customers gain digital access through phone lending. By doing so,
we aim to drive positive change through PayJoy’s transparent terms
and competitive pricing.”
As a Public Benefit Corporation committed to responsible
lending, PayJoy prioritizes fostering a positive impact on its
customers' financial stability. When faced with unexpected
accidents that render them unable to afford phone replacements or
repairs, many turn to PayJoy for guidance. Dedicated to its mission
of extending access to crucial smartphone technology, PayJoy
strives to empower the underserved and contribute to financing the
next billion.
How PayJoy Works
PayJoy’s patented smartphone security technology allows
smartphones to serve as collateral for lending or financing –
drastically reducing default rates, enabling cheaper credit, and
massively expanding the pool of customers who can qualify for
credit at affordable rates. PayJoy also harnesses the power of
modern data science and machine learning for best-in-class
underwriting of new-to-credit customers to offer industry-lowest
prices while helping customers learn to use credit
successfully.
For more information about PayJoy, visit
https://www.payjoy.com/.
About PayJoy
PayJoy is a Public Benefit Corporation that provides a fair and
responsible entry point for individuals in emerging markets to
enter the modern financial system, build credit, achieve economic
freedom, and access digital connectivity. Founded in 2015, PayJoy
has provided credit to more than 10 million customers across
Mexico, Brazil, South Africa, Ecuador, Peru, Panama, Colombia, and
the Philippines. PayJoy runs profitably and employs over 1,000
people worldwide. For more information, visit
https://www.payjoy.com/.
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Emi Groth payjoy@thekeypr.com