RIO DE JANEIRO, BRAZIL - For many Brazilians, cell phones are a consumer's dream -- although buying them on long-term installment plans is not always easy. Since a state-of-the-art smartphone may be the most valuable asset that many people own -- why not, then, use it as collateral to make a personal loan?

These are the two options that lead American startup PayJoy, one of the companies receiving funds from Brazilian Mindset Ventures, to place its chips on the local market. "We are going to start operating in Brazil by the end of the year," Mauricio Cordero, the . . .

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