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San Francisco based PayJoy plans to launch in Brazil by late 2019, at which point it will assist low-income consumers in obtaining credit to finance a smartphone purchase. The company, which raised $20m in funding in May 2019, already operates in Mexico, India, and Indonesia.
According to Cordero, the company currently sells around 25,000 mobile phones a month in Mexico, in capital volumes of approximately US$2.5 million. According to the executive, the figures in Brazil can be “much higher,” due to the greater local market size. “Through our system, we can provide access to credit for people without bank accounts in emerging countries,” explains the executive. In Brazil, the startup has begun hiring a team of executives to run the business. Contrary to what happens in Mexico, where the company manages the loans and handles collections, in Brazil, PayJoy intends to offer its app as a solution to partners interested in financing and offering credit.
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