PayJoy

PayJoy uses a technology that locks a customer's smartphone remotely if a payment is missed. The phone isn't permanently disabled — it becomes fully functional again after the payment is made. This transforms the device into its own collateral, allowing PayJoy to extend credit purely against asset security rather than assessing borrower income or credit history.

The company states that 79% of its users had no prior credit history before engaging with PayJoy. It reports serving over 20 million customers across nine countries, and 47% of its customer base is female — a demographic often disproportionately excluded from traditional banking in emerging markets.

PayJoy is led by CEO Doug Ricket. The board of directors includes Ricket, John Buttrick, Josh McFarland, and Todd Schell. The board advisor network features fintech investor Arjan Schütte of Core Innovation Capital, who provides domain expertise in financial inclusion and emerging-market credit.

PayJoy operates as a non-bank financial institution and fintech company rather than a chartered bank. It does not take deposits. It distributes a secured credit product directly through retail channels and device partnerships, bypassing traditional banking infrastructure entirely.

PayJoy states it operates in nine emerging-market countries, providing credit access for smartphones and cash loans. The firm is headquartered in the United States, though the specific locations of its nine country operations are not enumerated on its public-facing materials.