PayJoy, a US fintech enabling customers in emerging markets to purchase smartphones on instalment plans, has landed a $140 million corporate debt facility with funds managed by Neuberger Berman.
According to a company statement, the new facility will “support PayJoy’s geographic and product expansion”. PayJoy currently operates throughout Latin America, Africa, and Asia, and launched in Indonesia late last month in partnership with Bank Sampoerna.
The company says the facility will also be used to support “ongoing investments in point-of-sale financing and credit cards”. PayJoy introduced the PayJoy Card in Mexico in May last year, allowing users to make in-store and online purchases on credit.
Neuberger, with $558 billion in assets under management, has supported PayJoy through its Specialty Finance business since 2022. Other PayJoy backers include T Rowe Price, whose advised accounts made an undisclosed investment into the PayJoy Asset Fund in July.
Led by founder and CEO Doug Ricket, PayJoy currently serves around 17 million people globally, and is expected to reach revenues of approximately $650 million by the end of 2025, alongside $110 million in profit, according to a statement in November.
Source: https://www.fintechfutures.com/
