PayJoy is excited to announce the launch of a pilot program with Coppel, one of the principal retailers in Mexico, to promote smartphone financing. Coppel is testing the use of PayJoy’s innovative Lock technology to collateralize smartphone installment contracts, trying to improve risk metrics, and making financing available to more customers in Mexico .
“This pilot program with Coppel reflects another step forward for PayJoy and our mission to make smartphone technology and consumer finance accessible to millions of people in Mexico and around the world” said PayJoy’s CEO and co-founder, Doug Ricket.
“One of the challenges of providing smartphone financing is that there is no real collateral on these micro-loans, usually ranging from $2,000 to $7,000 pesos in Mexico. There is also very little data available for customers at the base of the pyramid in Mexico. PayJoy’s technology will enable Coppel to mitigate risk, therefore trusting more people and extending more loans,” added Mauricio Cordero, PayJoy’s Country Manager in Mexico.
As one of the principal retailers in Mexico, Coppel is positioned to bring affordable smartphone financing to the base of the pyramid in Mexico. The company has helped millions of customers in Mexico to improve their lives by financing a wide range of products, from clothing, to appliances, to smartphones.
PayJoy’s mission is to make smartphones affordable worldwide through a unique technology that enables people who lack credit to purchase their first smartphone on a weekly or monthly installment plan. Today, PayJoy’s secure locking technology and proprietary data science deliver affordable smartphone financing to underbanked people throughout the U.S. and Mexico, and in 2018 PayJoy is expanding across Latin America, Asia, and Africa, with the long-term goal of reaching 1 billion people in emerging markets worldwide. PayJoy is a team of 60 people with premier tech and lending experience from Stanford, MIT, Wharton, Google, Facebook, Amazon, PIMCO, McKinsey, Oportun, and Merrill Lynch. PayJoy was founded in San Francisco and funded with over $30M in equity and debt capital from top fintech investors including Union Square Ventures.