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TechCrunch Fintech: Meet PayJoy, a fintech operating at the intersection of doing good and making money | TechCrunch

TechCrunch Fintech: Meet PayJoy, a fintech operating at the intersection of doing good and making money | TechCrunch

I'm welcome TechCrunch Fintech! This week, we look at how two fintech companies serving the underserved, and more!

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Big story

PayJoy An example is a company with positive economics and a mission to help the underprivileged. It's not often that we get to see these two things come together, so when we do we get pretty excited. I wrote about company milestones Earning $300 million in annual revenue and profits last year, while also managing to secure $150 million in Series C funding. The company's model is unique: it helps people build credit through financing as payment for smartphones. Once the phone is paid off, users can apply for a loan through PayJoy using their device as collateral. Read all about its development here.

Analysis of the week

Petal Another fintech company aims to help the underprivileged by “creating credit, not debt.” Last May, TechCrunch wrote about the company. Raises $35 million and plans to spin off its data unit.. Last week, Empower Finance announced its plans to acquire Petal, which apparently started looking for buyers last year “when it was running low on cash”. good fortune. A spokesperson for Petal told me via email: “Like Petal, Empower … uses cash flow underwriting for its suite of credit products. … With the acquisition of Petal, this offering is Will have a family of credit cards soon? Will we see more M&A in 2024?

Dollars and cents

TransferGothe UK-based fintech is best known as a consumer platform for global remittances. Raised a $10 million growth funding round from Taiwan-based investor Taiwan Capital, with the aim of expanding into the Asia-Pacific region. It last raised a $50 million Series C funding round in 2021. TransferGo claims its growth, combined with new investment, doubles its valuation.

What else are we writing?

The start of Brazil SalviThere was a mobile carrier for business The only Latin American company in Y Combinator's latest batch, Accelerator confirmed to TechCrunch's Anaheim. This is a significant reduction compared to cohorts that went through the accelerator during COVID when it was remote, but also recent classes. For example, Y Combinator's winter 2022 batch had 33 Latin American companies. Could the overall state of the fintech sector be partly to blame? Historically, about a third of the 231 Latin American companies that passed through YC focused on fintech. And with the decline in fintech funding, this may partly explain YC's lack of LatAm interest.

More interesting headlines

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Tabs has secured $7M in seed funding to expand its AI-powered accounts receivable platform.

UAE fintech Fortis raises $20M in Series A round.

Anrok hits $250M valuation with a mundane idea: Calculating

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