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PayJoy Raise $20M - When a Smartphone Becomes Collateral

PayJoy, the U.S. based smartphone financing company that operates in some African countries, has raised $20 million. The fun fact is how it finances these phones: "PayJoy enables consumers with no bank accounts or formal credit history to purchase smartphones on installment payments and get cash loans. It does so by turning the smartphone into collateral through software that locks the phone when payments have not been made."

PayJoy, a startup that has developed smartphone technology to facilitate access to credit in emerging markets, has raised $20 million from venture capital firm Greylock Partners, the company said on Thursday.

Union Square Ventures, EchoVC and Core Innovation Capital also participated in the round, PayJoy said. The San Francisco-based startup said it will use the funding to expand, secure more partners and develop new technologies.

 

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I thought that the smartphones are already everywhere in the Africa continent but if that startup already received the funds than it really all fine with everything possible here. So it also allow cash loan aside from ability to purchase smartphone ? That is great.