PayJoy acquires Finia AI's strategic assets to add AI underwriting built for micro-businesses in Mexico

PayJoy has acquired select strategic assets of Finia AI, a venture-backed fintech that built AI underwriting and financial products, including credit cards and instalment loans, for micro-businesses in Mexico. Terms were not disclosed.

PayJoy serves underserved consumers in emerging markets through digitally secured smartphone financing, credit lines and the PayJoy Card, and has reached more than 20 million customers across nine countries in Latin America, Africa and Asia. It plans to apply Finia's models, built for owners with little or no formal credit history, across its platform.

The two companies are also partnering so eligible Finia customers can access PayJoy loans. Finia founder and CEO Uri Pomerantz said PayJoy's reach gives the technology a path to scale.

The read: thin-file underwriting is consolidating into lenders that already have distribution.