Latest news with #PublicBenefitCorporation
Malaysian Reserve
6 days ago
- Business
- Malaysian Reserve
PayJoy Marks 10 Years and 15 Million Customers: Focused on Expanding Responsible Financing in Emerging Markets
SAN FRANCISCO, June 4, 2025 /PRNewswire/ — PayJoy, a Public Benefit Corporation focused on bringing responsible financing to underserved customers in emerging markets, is marking its 10th year of operations. Since 2015, the company has served over 15 million customers and is on track to reach $650 million in revenue and $110 million in profit by the end of 2025. PayJoy began with one simple idea: helping first-time borrowers finance smartphones they need for work, school, and family connection—often when no other lender would. Using its proprietary phone-security technology and alternative credit models, PayJoy created a new form of secured lending tailored to the realities of low-income, thin-file customers. PayJoy's growth has been built through high-growth expansion of its smartphone financing product, and more recently, a revolving credit line and the PayJoy Card, which allow customers to build credit over time and meet day-to-day financial needs. These newer products now drive a growing share of the company's profitability, especially in Mexico and Colombia. Looking forward, the company is piloting a digital wallet and plans to expand into remittances, bill pay, and insurance—always with the intent to meet customers where they are. Doug Ricket, PayJoy CEO and founder said, 'Our customers have huge potential that we can help unlock. If we continue listening to them and building what they actually need to succeed financially, I believe we can make a real difference at scale.' About PayJoyPayJoy is a Public Benefit Corporation providing responsible financing to underserved populations in emerging markets. Using proprietary phone-security technology and AI-driven underwriting, PayJoy helps borrowers build credit and access digital tools for work, education, and connection. Learn more at View original content:
Yahoo
7 days ago
- Business
- Yahoo
PayJoy Marks 10 Years and 15 Million Customers: Focused on Expanding Responsible Financing in Emerging Markets
SAN FRANCISCO, June 4, 2025 /PRNewswire/ -- PayJoy, a Public Benefit Corporation focused on bringing responsible financing to underserved customers in emerging markets, is marking its 10th year of operations. Since 2015, the company has served over 15 million customers and is on track to reach $650 million in revenue and $110 million in profit by the end of 2025. PayJoy began with one simple idea: helping first-time borrowers finance smartphones they need for work, school, and family connection—often when no other lender would. Using its proprietary phone-security technology and alternative credit models, PayJoy created a new form of secured lending tailored to the realities of low-income, thin-file customers. PayJoy's growth has been built through high-growth expansion of its smartphone financing product, and more recently, a revolving credit line and the PayJoy Card, which allow customers to build credit over time and meet day-to-day financial needs. These newer products now drive a growing share of the company's profitability, especially in Mexico and Colombia. Looking forward, the company is piloting a digital wallet and plans to expand into remittances, bill pay, and insurance—always with the intent to meet customers where they are. Doug Ricket, PayJoy CEO and founder said, "Our customers have huge potential that we can help unlock. If we continue listening to them and building what they actually need to succeed financially, I believe we can make a real difference at scale." About PayJoyPayJoy is a Public Benefit Corporation providing responsible financing to underserved populations in emerging markets. Using proprietary phone-security technology and AI-driven underwriting, PayJoy helps borrowers build credit and access digital tools for work, education, and connection. Learn more at View original content: SOURCE PayJoy Sign in to access your portfolio
Geeky Gadgets
08-05-2025
- Business
- Geeky Gadgets
OpenAI Abandons Plan To Go For Profit : Choosing Ethics Over Profit
What happens when a tech giant chooses principles over profit? In a bold and unexpected move, OpenAI has decided to abandon its pursuit of becoming a fully for-profit entity, opting instead for a hybrid model that prioritizes public benefit. This shift comes at a time when the race to develop artificial general intelligence (AGI) is more competitive—and costly—than ever. By restructuring its for-profit subsidiary into a Public Benefit Corporation (PBC), OpenAI is sending a clear message: the future of AI must be guided by ethical responsibility, not just financial gain. But can such a model truly balance the demands of innovation with the need to safeguard humanity's interests? This overview by Matthew Berman provides more insights into the motivations and implications behind OpenAI's decision, offering a closer look at how the PBC structure could redefine the intersection of technology and ethics. Readers will discover how this move reflects OpenAI's commitment to making sure that AGI development remains aligned with societal benefit while addressing the immense funding challenges of innovative AI research. From the ethical dilemmas raised by critics to the practical advantages of this hybrid framework, this strategic pivot raises profound questions about the future of AI governance. As OpenAI charts this unorthodox path, it invites us to reconsider what it means to innovate responsibly in a rapidly evolving world. OpenAI's Shift to PBC What the New Structure Means The transition to a PBC represents a hybrid model that seeks to balance financial sustainability with mission-driven objectives. A PBC is legally obligated to consider not only shareholder interests but also the broader societal impact of its activities. This structure allows OpenAI to pursue its ambitious goals while making sure that its ethical commitments remain central. Importantly, OpenAI's nonprofit board retains control over the organization, safeguarding its mission and values. This deliberate restructuring reflects a broader effort to align operational flexibility with ethical responsibility, particularly in the high-stakes realm of AGI development. The PBC model provides OpenAI with the ability to attract investment while maintaining a focus on public benefit. By combining the strengths of nonprofit oversight with the operational advantages of a for-profit entity, OpenAI aims to create a sustainable framework for advancing AGI responsibly. A Look Back: OpenAI's Evolution OpenAI's journey began in 2015 as a nonprofit organization with a clear mission: to advance AGI for the benefit of all humanity. The organization's initial structure reflected its commitment to ethical AI development and transparency. However, as the field of AI research evolved, so did the financial demands associated with innovative innovation. In 2019, OpenAI introduced a capped-profit subsidiary to attract the substantial funding required for its ambitious projects. This model allowed investors to earn limited returns while making sure that the organization's mission remained intact. The recent decision to transition to a PBC builds on this foundation, reaffirming OpenAI's dedication to ethical AI development. This evolution highlights the organization's ability to adapt to changing circumstances while staying true to its core values. OpenAI's Bold Move: Choosing Ethics Over Profit in the AI Race Watch this video on YouTube. Here are additional guides from our expansive article library that you may find useful on OpenAI. Why Funding Remains a Challenge Developing AGI is a resource-intensive endeavor, with costs projected to reach hundreds of billions of dollars. Nonprofit structures, while mission-focused, often struggle to secure the level of investment required for such large-scale projects. OpenAI's introduction of a capped-profit model in 2019 was an innovative attempt to bridge this funding gap. However, as the organization's ambitions grew, it became clear that a more sustainable approach was necessary. The PBC structure offers a viable solution by allowing for-profit incentives within a mission-driven framework. This model enables OpenAI to attract the resources needed for advanced AI infrastructure, such as GPU clusters and research facilities, without compromising its ethical commitments. By adopting this structure, OpenAI aims to address the financial realities of AGI development while making sure that its work remains aligned with its mission to benefit humanity. Criticism and Ethical Questions OpenAI's structural changes have not been without controversy. Co-founder Elon Musk, who departed the organization in 2017 due to disagreements over its direction, has been a vocal critic of its monetization efforts. Musk and others have raised concerns about whether converting nonprofit resources into for-profit ventures undermines OpenAI's original mission. These criticisms highlight the ethical complexities of balancing financial sustainability with a commitment to public benefit. By adopting a PBC structure and remaining under nonprofit control, OpenAI seeks to address these concerns. The organization's leadership has emphasized that this approach reinforces its dedication to ethical AI development and transparency. While debates about the implications of this shift continue, OpenAI's actions demonstrate a clear intent to prioritize societal impact over purely financial considerations. Future Goals: Advancing AGI for Humanity OpenAI's long-term vision remains focused on developing AGI that benefits all of humanity. To achieve this, the organization plans to invest heavily in advanced AI infrastructure and address critical challenges related to AI safety and alignment. These efforts are designed to ensure that AGI systems operate ethically, reliably, and in alignment with human values. The organization's ultimate goal is to establish itself as a leader in responsible AI innovation. By prioritizing ethical considerations and public benefit, OpenAI aims to set a standard for the development and deployment of AGI technologies. This vision reflects the organization's belief that AGI has the potential to transform society, provided it is developed and governed responsibly. How OpenAI Compares to Other Models The adoption of a PBC structure places OpenAI alongside other purpose-driven organizations that prioritize societal impact. Companies like Patagonia have demonstrated the potential of this model to balance financial performance with ethical commitments. Within the AI sector, OpenAI's approach aligns it with other labs, such as Anthropic and XAI, which emphasize responsible AI development and governance. This decision reinforces OpenAI's position as a leader in the field of ethical AI innovation. By adopting a structure that combines nonprofit oversight with for-profit incentives, OpenAI is charting a path that prioritizes public benefit while addressing the financial and operational challenges of AGI development. Influences Behind the Decision OpenAI's decision to remain nonprofit-controlled and transition to a PBC was shaped by extensive discussions with civic leaders, legal experts, and public stakeholders. These conversations underscored the importance of addressing concerns about the organization's mission and governance. The decision reflects a recognition of the need to balance ethical commitments with the practical demands of scaling operations and meeting surging demand for AI services. As OpenAI moves forward, it faces significant challenges, including the need for substantial resources to support its ambitious goals. Balancing these demands with its commitment to public benefit will be critical to the organization's success. By adopting a PBC structure, OpenAI has positioned itself to navigate these challenges while staying true to its mission of advancing AGI for the benefit of all humanity. Media Credit: Matthew Berman Filed Under: AI, Technology News, Top News Latest Geeky Gadgets Deals Disclosure: Some of our articles include affiliate links. If you buy something through one of these links, Geeky Gadgets may earn an affiliate commission. Learn about our Disclosure Policy.
Time of India
06-05-2025
- Business
- Time of India
Sam Altman unveils OpenAI nonprofit restructuring plans to align AGI with global benefits; 'We want to create a brain for the world…'
is embarking on a significant corporate overhaul to more closely match its goal of developing artificial general intelligence (AGI) for the good of all human beings. Under CEO 's leadership, the firm is moving away from being a for-profit organization to a Public Benefit Corporation (PBC). Tired of too many ads? go ad free now This reorganisation is a turning point for OpenAI, as it indicates a more profound commitment to building AI responsibly and at scale. The move reflects the company's ambition to ensure AGI's benefits are widespread, advancing technology while prioritising ethical and equitable applications that serve global society. Sam Altman's vision for 'Brain for the world' drives OpenAI's shift to public benefit model OpenAI Inc. will be among the largest shareholders of the newly formed PBC. The nonprofit's exact stake will be decided with the help of independent advisers. A large percentage of the proceeds from the for-profit branch will go to support AI projects in the public interest, continuing the company's focus on socially responsible technologies. One of the key drivers behind this corporate restructuring is the growing global demand for AI technologies, such as OpenAI's flagship product, ChatGPT . Sam Altman explained that the company currently cannot meet the demand for AI services at scale. As AI systems become more advanced, the appetite for these tools is only expected to grow. "We want to create a brain for the world and make it extremely easy for people to use for anything they want," Altman wrote in his employees' letter. The new PBC model will allow OpenAI to scale more effectively, with its strong AI tools being accessible to more people, meeting demand in the marketplace, and ongoing development. The shift to a PBC is also in line with OpenAI's vision of creating 'democratic AI.' Tired of too many ads? go ad free now This concept revolves around the idea of making AI tools accessible, safe, and aligned with human needs. By structuring the company in this way, OpenAI aims to prioritize the development of AI technologies that can be used for the greater good, while ensuring that the tools are distributed equitably across society. What is 'Public Benefit Corporation' structure adopted by OpenAI OpenAI has traditionally been run under a complicated capped-profit model, which limited the level of profit that the business could make. In a daring step, the business is now converting its for-profit business into a conventional equity model through the PBC framework. This model, already being employed by businesses such as Anthropic and xAI, is meant to balance profitability with societal effect. The restructuring is a significant change in the way OpenAI will be operating, allowing the company to scale more efficiently while continuing to prioritize bringing AI for the common good. While the PBC model permits growth through equity, OpenAI Inc., the nonprofit parent company, will have complete control over the for-profit subsidiary. OpenAI nonprofit launches commission to tackle global challenges with AI In addition to the corporate restructuring, OpenAI Inc. is also taking steps to broaden its societal impact. The nonprofit arm will establish a new commission to explore how AI can be applied to critical sectors such as healthcare, education, science, and public services. This move underscores OpenAI's commitment to responding to civic and regulatory concerns, ensuring that AI deployment is both equitable and responsible. The commission will work towards developing AI solutions to priority global problems, spreading the benefits of AGI as far and wide as possible. Sam Altman underlined the significance of this undertaking by announcing that OpenAI's non-profit division will work to be "the largest and best in history" at applying AI to the most-leverage outputs for humanity. OpenAI restructures to ensure AGI benefits all of humanity Despite the corporate restructuring, OpenAI's core mission remains unchanged: to ensure that artificial general intelligence benefits everyone. The transition to a PBC is seen by Altman as a necessary step in achieving this ambitious goal. 'Creating AGI is our brick in the path of human progress,' Altman wrote, emphasizing that OpenAI views its work as foundational to advancing humanity as a whole. The company remains focused on long-term objectives, with a clear commitment to building AGI that can solve complex global problems and drive human progress. As the organization evolves, Altman is optimistic about the potential contributions of OpenAI's team and the broader AI community to this vision. OpenAI's restructuring signals a bold new chapter in the development of AGI. With the creation of a PBC and the growth of its nonprofit activities, OpenAI is more able to scale its business, address increasing demand, and ensure that AI technologies are applied in a way that optimizes social value. As the firm progresses toward AGI, the world will be eager to observe how its new corporate form informs the development of artificial intelligence.
NDTV
06-05-2025
- Business
- NDTV
OpenAI Continues To Be Overseen, Controlled By Nonprofit: Sam Altman
New Delhi: Sam Altman-run OpenAI will continue to be overseen and controlled by the nonprofit and its 'for profit LLC' will transition to a public benefit corporation (PBC), giving the nonprofit better resources to support several benefits, the company has announced. OpenAI was founded as a nonprofit, and is today overseen and controlled by that nonprofit. 4 facts about our structure: -OpenAI will continue to be controlled by the current nonprofit -Our existing for-profit will become a Public Benefit Corporation -Nonprofit will control & be a significant owner of the PBC -Nonprofit & PBC will continue to have the same mission — OpenAI (@OpenAI) May 5, 2025 "Going forward, it will continue to be overseen and controlled by that nonprofit. Our for-profit LLC, which has been under the nonprofit since 2019, will transition to a Public Benefit Corporation (PBC)-a purpose-driven company structure that has to consider the interests of both shareholders and the mission," the ChatGPT maker said in a statement. The nonprofit will control and also be a large shareholder of the PBC. "Our mission remains the same, and the PBC will have the same mission. We made the decision for the nonprofit to retain control of OpenAI after hearing from civic leaders and engaging in constructive dialogue with the offices of the Attorney General of Delaware and the Attorney General of California," said OpenAI Board chair Bret Taylor. Mr Altman said as the PBC grows, the nonprofit's resources will grow, so it can do even more. "We're excited to soon get recommendations from our nonprofit commission on how we can help make sure AI benefits everyone-not just a few. Their ideas will focus on how our nonprofit work can support a more democratic AI future, and have real impact in areas like health, education, public services, and scientific discovery," he wrote in a letter to employees. "We want our nonprofit to be the largest and most effective nonprofit in history that will be focused on using AI to enable the highest-leverage outcomes for people," he added. He said this sets them up to continue to make rapid, safe progress and to put great AI in the hands of everyone. "Creating AGI is our brick in the path of human progress; we can't wait to see what bricks you will add next," said Mr Altman.
