PayJoy plans to buy a portion of strategic assets from Finia AI, a Mexico-based fintech that offers AI underwriting and financial products to small and micro businesses, Finia’s technology and know-how will be incorporated into PayJoy’s global platform so that PayJoy can expand its credit-scoring advantages to customers with no or little credit information. Finia’s AI-based underwriting models for small and informal businesses, and the financial products that have been built on that foundation, will be used to expand credit and other financial services to PayJoy’s markets of Latin America, Africa, and Asia, serving over 20 million customers of smartphone financing, credit lines, and PayJoy Card.
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A strategic partnership will also provide eligible Finia customers with access to PayJoy loans and additional financial services, subject to eligibility criteria and approval. “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,” said Jose Luis Gonzalez, Head of Growth for PayJoy Mexico. This deal shows the emerging trend of AI-enabled underwriting systems helping to democratize finance for unbanked and underbanked small businesses and consumers. Terms of the deal were not available.
