Company Sees Clear Path to Quadruple Brazilian Growth by 2025
with 155 Million Potential Customers
SAN
FRANCISCO, May 17, 2024 /PRNewswire-PRWeb/ -- 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."
"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/.
Media Contact
Tisha Ferraro, PayJoy,
9255881610, payjoy@thekeypr.com, https://www.payjoy.com/
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SOURCE PayJoy