PayJoy, a BNPL provider for mobile phones, has raised USD 360 million in funding, consisting of USD 150 million in Series C equity funding and USD 210 million in debt financing. The equity funding was led by Warburg Pincus, with participation from Invus, Citi Ventures, Union Square Ventures, and Greylock. The debt financing was led by Citibank, with participation from other institutional investors and PayJoy's in-house fund. PayJoy's total funding now stands at USD 407.2 million.

The company intends to utilize the funds to expand its product reach within existing markets and support its geographic expansion plans.

PayJoy has serviced over USD 2 billion in credit for more than eight million customers across Mexico, Brazil, South Africa, Ecuador, Peru, Panama, and Colombia. Founded in 2015, PayJoy offers financing options, including flexible payments on smartphone purchases and other lending products for underbanked communities across emerging markets.

Analyst QuickTake: PayJoy’s USD 360 million in equity and debt funding marks the highest startup funding secured year-to-date within the B2C segment of the BNPL space, followed by Saudi Arabia-based Tamara’s USD 150 million in debt financing from Goldman Sachs , Atome’s USD 100 million in debt financing , and exceeding Ramp’s USD 300 million in Series D funding within the B2B segment of the BNPL space.