PayJoy Raises $6 Million

According to a recent SEC filing, Fintech startup PayJoy has raised $6 million in financing from an undisclosed investor.

PayJoy provides smartphone-enabled consumer financing solutions. It enables customers to purchase and pay for electronic items over time, changing upfront purchases into pay-as-you-go monthly installments. The company’s technology locks devices unless a monthly payment is made, improving customer payment rates. It offers financing solutions for smartphones, washing machines, TVs, and air conditioners, with the goal of bringing middle-class lifestyles to people around the world.