PayJoy has secured USD 140 million in a corporate debt facility from Neuberger Berman Funds to accelerate its global growth mission.
The funds will support the company’s geographic and product expansion, investments in POS financing and credit cards, and growth across Africa, Asia, and the LATAM region. Additionally, the move strengthens PayJoy’s long-term collaboration with Neuberger’s Specialty Finance business. The debt facility will allow the firm to borrow money as needed, offering working capital for operations and growth.
Accelerating global growth
PayJoy’s proprietary secured-credit technology allows first-time borrowers to build financial stability fast, participating in the modern economy. Using machine learning, data science, and AI that combats fraud, the company has financed over USD 3.5 billion of loans up until now. Neuberger is a private, independent, employee-owned investment manager that oversees USD 460 billion in client assets across both private and public markets around the world.
The financing from funds managed by Neuberger highlights the company’s trust in PayJoy’s vision to scale its business model and products. As the emerging markets credit provider expands, the alliance offers the opportunity to responsibly serve millions of customers.
Neuberger Specialty Finance team expressed positive feelings regarding the initiative, saying that it strengthens its balance sheet and offers the structural flexibility to support growth and development. Expanding the partnership with PayJoy reflects how the two companies share the same values when it comes to their technology-driven approach. The two companies are committed to supporting mission-focused financial institutions, offering them credit access across emerging markets through POS financing and credit card solutions.
Neuberger supported other companies in the past as well, such as Prosper Marketplace, which gained USD 75 million in 2022, funds that helped with meeting strong customer demands and needs for personal loans, credit cards, home equity, and investment solutions, as well as accelerating growth.
