PayJoy Raises $18M to Bring Mobile Finance to the Next Billion

PayJoy is delighted to announce $18M of new funding to help us bring mobile finance to the next billion.

The raise includes an $8.5M Series A equity investment led by Union Square Ventures, $4M of venture debt from Western Technology Investment, and $5.7 M of private lending capital. Following $4M raised in 2015, this brings PayJoy’s total financing to over $22.5M.

We’re fortunate to welcome four additional VC firms to the PayJoy family:

• Draper Nexus Ventures, part of the global Draper Venture Network
• Fenway Summer Ventures, a FinTech-focused firm based in Washington, DC
• Orange Digital Ventures, part of the global mobile network operator Orange
• Core Innovation Capital, a California-based FinTech specialist firm

USV partner John Buttrick will join PayJoy’s board of directors, and new board advisors include Mitch Kitamura, Raj Date, Olawale Ayeni, and Arjan Schutte.

We are excited to use this investment to bring modern financial services to the underbanked, helping them join the digital economy and climb the economic ladder to success. Our unique mobile finance solution allows underserved consumers to afford modern smartphones for the first time. PayJoy leverages the power of mobile to connect the underbanked to the financial services they need most.

General inquiries: info@payjoy.com
Jobs: careers@payjoy.com

PayJoy founders Mark Heynen (CBO), Doug Ricket (CEO), and Gib Lopez (COO)