Fintech startup PayJoy has closed a $6 million investment round led by Santander InnoVentures and Japanese general trader ITOCHU. Since being founded in 2015 PayJoy has attracted $30 million of debt and equity financing.
“Investing in PayJoy shows Santander InnoVentures’s constant search for great teams pushing the boundaries of fintech,” Santander InnoVentures head of investments Manuel Silva said. “It also shows our increasing interest in models that are relevant to emerging markets and the underbanked.
“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.”
“PayJoy’s approach is to partner with the major players in the mobile industry to achieve scale,” PayJoy CEO Doug Ricket said. “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.”