Investment by T. Rowe Price to continue mission of growing financial inclusion across the Global South
PayJoy, a Public Benefit Corporation committed to expanding access to responsible financing in emerging markets, has received a major vote of confidence with a new investment from accounts advised by T. Rowe Price Associates, Inc. into its PayJoy Asset Fund (PJAF). While the amount of the investment wasn’t disclosed, it marks a significant step in PayJoy’s mission to connect millions of underserved people to the digital world through smartphone access and affordable credit.
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For many of PayJoy’s customers, owning a smartphone isn’t just about staying connected—it’s a gateway to opportunity. In fact, 1 in 2 PayJoy users is completely new to credit, and 1 in 3 is accessing a smartphone for the very first time. Independent research from UC Berkeley shows that households using PayJoy financing experience a 6% income boost, thanks to better access to gig work, education, and digital services. Nearly half of PayJoy’s customer base are women, many of whom use their smartphones to earn income and support their families.
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“This partnership with T. Rowe Price is a major milestone for us,” said Bill Yialamas, Chief Financial Officer at PayJoy. “Their investment strengthens our ability to bring credit to even more people across the Global South. For millions, owning a smartphone can mean the difference between being left out or becoming part of the digital economy.”
PJAF helps fund the loans PayJoy provides to customers across Latin America, Africa, and Southeast Asia and as more people seek access to credit, the fund is built to grow beyond $1 billion to meet that demand.
Samy Muaddi, Head of Emerging Markets Fixed Income at T. Rowe Price, emphasized the broader impact: “The mobile phone has become the key to participating in our increasingly connected world but far too many people in developing countries still can’t afford one. We believe PayJoy’s smart use of mobile security technology and data-driven underwriting is a great example of how fintech can drive meaningful, responsible growth.”
With over $30 billion in emerging markets fixed income assets under management and more than three decades of experience, T. Rowe Price has a strong track record of backing high-growth, high-impact opportunities in developing economies. Their investment style emphasizes deep research and a hands-on approach, which aligns closely with PayJoy’s mission-driven strategy.
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The PJAF is led by an experienced team including Sumeet Wadhera, Bill Yialamas, Camila Perez, Brad Pennington, Weili Dong, and Moshe Rosenbaum professionals who bring decades of expertise from firms like Citigroup, Deutsche Bank, UBS, Barclays, and Moody’s Analytics. Together, they are helping scale a financial platform that has already reached over 15 million people, many of whom are taking their first steps into formal credit and the global digital economy.
At its core, PayJoy is proving that doing good and doing well can go hand in hand using technology, smart financing, and partnerships to unlock a better future for underserved communities.
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