PayJoy, a San Francisco, CA-based provider of smartphone-based finance solutions, closed a $360m capital raise.
The raise consisted of $150M in Series C equity and $210M in debt.
The equity was led by Warburg Pincus, with participation from Invus, Citi Ventures and prior leads Union Square Ventures and Greylock. The debt funding was led by Citi and included other investors as well as PayJoy’s own in-house fund.
The company intends to use the funds to expand operations and its business reach.
Led by Doug Ricket, PayJoy is a public benefit corporation founded in 2015 with the mission to provide underserved people in emerging markets with the ability to acquire smartphones and access the modern financial system. Its patented mobile security technology for smartphone-based finance has provided over $2 Billion of credit to more than 8M customers across Mexico, Brazil, South Africa, Ecuador, Peru, Panama, and Colombia.
PayJoy runs profitably and employs over 1,000 people worldwide.
FinSMEs
06/09/2023