PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

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

By PaymentsJournal
September 11, 2017
in Press Releases
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
PayJoy Logo

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.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: FundingITOCHUPayJoySantander

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    recurring payments, PCI Compliance for small business, Fintech for Underserved Small Businesses

    Tariffs May Create an Opportunity in Small-Business Cards

    May 15, 2025
    Using the Card “Beyond” Payments to find the Holy Grail

    Using the Card “Beyond” Payments to find the Holy Grail

    May 14, 2025
    Payments Modernization

    Playing Offense and Defense: Why Now Is the Time for Payments Modernization

    May 13, 2025
    Authorization Rates

    Boosting Revenue for Merchants by Optimizing Authorization Rates

    May 12, 2025
    Why Payment Orchestration is the key to international merchant growth

    Ensuring Payment Decisions Pay for Themselves

    May 9, 2025
    cross-border

    As Businesses Reevaluate Cross-Border Relationships, Financial Institutions Can Help

    May 8, 2025
    Nacha WEB Debit Account Validation Rule Verification Solution, Quovo ACH Payment

    The Brave New Future of the Disappearing Account

    May 7, 2025
    solana financial

    After an Upgrade, Solana is Primed to Be the Blockchain of Choice for Financial Institutions

    May 6, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result