PayJoy, a company leading credit access in emerging markets via smartphone financing, signs a $20 million debt-financing deal with Arc Labs, a venture partner to innovative companies serving the underbanked. PayJoy's patented, pay-as-you-go financing system helps consumers with not only mobile device financing, but also unsecured lending, by using a customer's phone for underwriting data and as collateral. PayJoy will use the funding from Arc Labs to spread financial inclusion and alternative financing options nationwide in Mexico.
