Wall Street Journal: PayJoy Picks Up $18M for Smartphone Financing Plans

Scott Martin reports in the Wall Street Journal:

PayJoy co-founders Doug Ricket and Mark Heynen, who met working together on Maps at Google before the company moved under Alphabet Inc., have engineered a different way to finance smartphones.

The startup has applied knowledge of Android firmware, which was gleaned at the online search giant, to create software to lock phones for nonpayment in PayJoy's pay-to-own contracts. The ability to lock Android phones tied with PayJoy's financing plans promises more attractive financing options for smaller retailers, the co-founders said.

'We see the big opportunity in being the finance company, but technology enables us to achieve that mission,' said Heynen, chief business officer at PayJoy.

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