Hello fintech friends,

Last week, I sat down with Doug Rickett, the founder and CEO of PayJoy.

If you work in fintech and you don't know PayJoy, well, you should. The company's tagline is "finance for the next billion." And they're well on their way: As of 2025 they have brought 3 billion dollars in credit to 16 million customers, doubling in the last two years while remaining strongly profitable and sustainable for the long term.

PayJoy is a mission-first financial service provider dedicated to helping under-served customers in emerging markets to achieve financial stability and success.

They lend through their patented technology that turns a smartphone into digital collateral. Their cutting-edge machine learning, data science, and anti-fraud AI allow them to offer the lowest cost and qualify the most customers in the industry.

This year, the company celebrates its 10th anniversary, with projected 2025 revenue of over $650 million and $110 million in profit.

Doug and I discussed how his time at Stanford Business School led him to Africa to manage logistics – an area he admits he knew nothing about – for solar lighting company D.light, and how that in-turn inspired him to found PayJoy in 2015. It's one of the most fascinating CEO stories that I've heard in fintech. Well worth listening to his whole journey from start to finish.

Enjoy!

Scaling Impact in Emerging Markets: Doug Ricket, PayJoy CEO, on Productivity Finance and Unlocking Credit Access by This Week in Fintech’s Podcast

Hello fintech friends,Last week, I sat down with Doug Rickett, the founder and CEO of Payjoy.If you work in fintech and you don’t know Payjoy, well, you should. The company’s tagline is “finance for the next billion.” And they’re well on their way: As of 2025 they have brought 3 billion dollars in credit to 16 million customers, doubling in the last two years while remaining strongly profitable and sustainable for the long term.PayJoy is a mission-first financial service provider dedicated to helping under-served customers in emerging markets to achieve financial stability and success. They lend through their patented technology that turns a smartphone into digital collateral. Their cutting-edge machine learning, data science, and anti-fraud AI allow them to offer the lowest cost and qualify the most customers in the industry. This year, the company celebrates its 10th anniversary, with projected 2025 revenue of over $650 million and $110 million in profit.Doug and I discussed how his time at Stanford Business School led him to Africa to manage logistics – an area he admits he knew nothing about – for solar lighting company D.light, and how that in-turn inspired him to found Payjoy in 2015. It’s one of the most fascinating CEO stories that I’ve heard in fintech. Well worth listening to his whole journey from start to finish.Enjoy!

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Outline

Introduction and Background of PayJoy

• Nik introduces Doug Rickett, founder and CEO of PayJoy, and provides an overview of the company's mission and achievements.
• PayJoy helps first-time borrowers finance smartphones, often in regions where other lenders are unavailable.
• The company is a profitable public benefit corporation with projected 2025 revenue of over $650 million and $110 million in profit.
• Doug's background includes serving in the Peace Corps, working on Google Maps, and gaining experience in the pay-as-you-go solar industry at D Light Design.

Doug Rickett's Founding Story

• Doug shares his journey from growing up in Silicon Valley to joining the Peace Corps in West Africa.
• His experience in the Peace Corps, including living in a mud hut and learning Wolof, deeply impacted his life and career.
• After Google, Doug worked at D Light Design, where he encountered the problem of affordability in solar systems, leading to the concept of pay-as-you-go.
• In 2015, Doug and a classmate from Stanford Business School started PayJoy, expanding the pay-as-you-go model to smartphones and general credit.

Technology Behind PayJoy

• Nik asks about the technology behind Payjoy, specifically the mobile security platform and predictive AI for credit assessment.
• Doug explains the Payjoy Lock, a security feature that allows them to disable phones in case of non-payment, preventing fraud.
• The Payjoy Score uses predictive AI to assess creditworthiness, allowing for risk-based pricing and better customer offers.
• Doug emphasizes the importance of the human element in their anti-fraud mechanisms, using a combination of human and machine analysis.

Challenges and Future Plans

• Nik inquires about the competitive landscape and future product plans for Payjoy.
• Doug discusses the decision to shift from licensing their technology to in-house lending, driven by the challenges of the COVID-19 pandemic.
• The company aims to expand its in-house lending operations and explore new markets, including the Philippines and Indonesia.
• Doug outlines the vision for Payjoy 2.0, focusing on general credit and expanding beyond smartphone financing to other financial services.

Impact and Social Mission

• Doug highlights the importance of balancing profit and social impact, emphasizing the company's mission to serve the underserved in emerging markets.
• Payjoy's public benefit corporation status reflects their commitment to social impact, alongside financial profitability.
• The company attracts high-talent employees who are motivated by the mission, contributing to their success.
• Doug shares his personal motivation for working on socially positive outcomes through technology, encouraging young professionals to consider long-term impact in their careers.