Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

PAYJOY CLOSES $6M INVESTMENT ROUND LED BY SANTANDER AND ITOCHU

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.”