PayJoy acquired select strategic assets of Finia AI, a fintech company that developed AI-powered underwriting and financial products for micro-businesses in Mexico.
The transaction will allow PayJoy to integrate Finia’s technology and expertise into its broader global platform.
PayJoy said the acquisition is intended to strengthen its underwriting capabilities and support expansion of financial products for customers who have limited access to traditional credit.
Finia developed its AI underwriting technology specifically for micro-businesses with limited financial data and owners with little or no formal credit history.
The company used those capabilities to offer products including credit cards and installment loans.
Finia has served tens of thousands of micro-businesses across Mexico, including small and informal businesses.
PayJoy has reached more than 20 million customers across nine countries in Latin America, Africa, and Asia.
Its products include digitally secured smartphone financing, credit lines, and the PayJoy Card.
The company said the acquisition gives it access to technology designed for small and informal businesses while providing a larger platform through which those capabilities can potentially be extended into additional markets.
PayJoy and Finia are also working together to help eligible Finia customers access PayJoy loans and other financial products.
Finia’s investors include Deciens Capital, Precursor Ventures, and Clocktower Technology Ventures, along with other venture funds and angel investors in the U.S. and Mexico.
PayJoy said it has financed more than $3.5 billion of loans to more than 20 million people and employs more than 1,000 people globally.
KEY QUOTES:
“I’m excited about the path ahead with PayJoy. We’ve spent years building AI underwriting and financial products to serve micro-businesses in Latin America that traditional lenders too often overlook. PayJoy’s global reach creates an opportunity to scale our technology and everything we’ve learned alongside one of the strongest teams in fintech. We share a commitment to improving customers’ financial well-being, and this transaction opens a new chapter in that work.”
Uri Pomerantz, Founder and CEO of Finia AI
“Finia has developed valuable technology and deep insights that can help address one of the fundamental challenges in financial inclusion: how to assess creditworthiness when traditional financial data is limited. Bringing these capabilities to PayJoy will strengthen our platform, enhance how we assess risk, and broaden our product offerings. We see a meaningful opportunity to extend the impact of Finia’s work across the markets we serve.”
Jose Luis Gonzalez, Head of Growth for PayJoy Mexico
