PayJoy Achieves Monumental 400% Year-Over-Year Growth in Brazil

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,” 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.

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

Media Contact
Tisha Ferraro, PayJoy, 9255881610,,