“We’re building technology to help people carve a path into the financial system,” Mark Heynen, the company’s co-founder and chief business officer, said in an interview. Globally, 1.7 billion adults do not have a bank account, but two-thirds of them own a mobile phone which could help them access financial services, the World Bank said in a 2018 report. Josh McFarland, a partner at Greylock, said he believes PayJoy’s technology and distribution network could help emerging markets unlock some of their economic growth.

https://www.reuters.com/article/us-payjoy-funding/us-smartphone-financing-tech-startup-payjoy-raises-20-million-idUSKCN1ST1JP