PayJoy, a San Francisco-based lending startup that helps customers without bank accounts or credit histories purchase smartphones on installment plans, laid off 23 employees, representing 25% of its workforce, on April 28. The company, which has raised $71 million in funding, cited the economic uncertainty caused by the COVID-19 pandemic as the reason, expecting a significant impact on revenue and fundraising despite a strong first quarter. The layoffs, affecting all departments including engineering, were intended to extend the company's financial buffer, with affected employees' last day set for June 30.
