PayJoy closes $6M investment round led by Santander and ITOCHU

San Francisco

PayJoy has closed $6M of new investment with strategic partners who will help PayJoy phone financing further expand internationally throughout Latin America, Asia, and Africa.  The investment was led by Santander InnoVentures, the fintech venture capital fund of Santander Group, and ITOCHU Corporation, one of the largest Japanese general trading companies in Asia.  Other strategic partners joined from Brazil, Nigeria, Mexico, China, Vietnam, and Europe.  This investment brings PayJoy’s total equity and debt financing to $30M since its founding in 2015.

Manuel Silva, Head of Investments, Santander InnoVentures said: “Investing in PayJoy shows Santander InnoVentures’s constant search for great teams pushing the boundaries of fintech. It also shows our increasing interest in models that are relevant to emerging markets and the underbanked.”  He added, “PayJoy’s mission is to help the less privileged join the digital economy and climb the economic ladder.  PayJoy rethinks a basic financial service through the lens of innovation, technology, and data, and brings a simple and fair new offering to those who need it the most. We are impressed by PayJoy’s passion and vision and are thrilled to support them in their next chapter.”

PayJoy CEO Doug Ricket was inspired by the challenge facing half of the world’s population who lack access to credit and cannot afford a smartphone.  Ricket reflects on the company’s new partnerships:  “PayJoy’s approach is to partner with the major players in the mobile industry to achieve scale.  These strategic investors have offered to introduce PayJoy through their long-standing deep regional business networks, which I believe will be tremendously beneficial in accelerating our business partnerships and getting millions of customers onto smartphones in 2018.”

About PayJoy

PayJoy, a FinTech startup based in San Francisco with offices in Mexico City, focuses on enabling the purchase of high-end smartphones for underbanked populations.  Currently available in thousands of points of sale throughout the USA and Mexico, PayJoy is able to approve applicants without a formal credit history or banking relationships by leveraging a unique underwriting process.  PayJoy analyzes an applicant’s working mobile number, valid photo ID, and Facebook account, and turns the phone itself into collateral through its proprietary secure locking technology.  

About Santander

Banco Santander is a leading retail and commercial bank, based in Spain, with a meaningful market share in 10 core countries in Europe and the Americas.  Santander is the largest bank in the euro zone by market capitalization and among the top banks on a global basis.  Founded in 1857, Santander had EUR 1.51 trillion in managed funds, 13,000 branches and 194,000 employees at the close of 2015.  In 2015, Santander made attributable profit of EUR 5,966 million, a 3% increase with respect to the previous year.  Santander InnoVentures is a fintech venture capital fund fully-owned by Grupo Santander.  The fund is stage-agnostic and invests both capital and resources in companies globally.  It focuses on start-ups that can increase the value proposition to Santander customers across the Group’s 10 major geographies, while creating value for the companies it invests in.

About ITOCHU Corporation

ITOCHU, based in Japan, is one of the leading general trading companies.  ITOCHU engages in domestic trading, import/export, and overseas trading of various products such as textile, machinery, metals, minerals, energy, chemicals, food, general products, realty, information and communications technology, and finance, as well as business investment in Japan and overseas.  ITOCHU was originally founded in 1858, and has approximately 120 bases in 63 countries.
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PayJoy closes $6M investment round led by Santander and ITOCHU

Announcing PayJoy for iPhone

When we started offering monthly payment plans in May 2015 to over 90% of applicants at Villa Latina in Redwood City, PayJoy was only available on select Samsung devices.   

Over the last two years, we have been rolling out additional device families, from all Samsung, to all LG, to all Android devices.  Virtually every one of the thousands of doors that we have signed up online since have asked the same question — do you do iPhones?  

We are excited to announce the answer is now yes — we are live on iPhones.  Select stores throughout the US are currently offering pay monthly plans to customers on devices that include our software.
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While the majority of the world is on Android, the iPhone remains a key aspirational device.  While the average price of iOS devices has consistently been above Android, lower end and earlier generation iPhones are now within the price range of mid-tier Android devices.  (It’s also worth noting the average price of an Android phone has stopped falling at above the $200 mark, remaining stubbornly out of reach for much of the world’s population.)

Any store can sign up on to offer our monthly payment plans for Android devices, but for iOS we are taking a slightly different approach.  We would like to work with major carriers and retailers to distribute our system at scale — if you are interested, please reach out on  We look forward to meeting potential partners at our booth at MWC Americas in our hometown of San Francisco to discuss rollout plans.

Announcing PayJoy for iPhone