Retinopathy is one of the most common micro vascular impairments in diabetic subjects. Elevated blood glucose leads to capillary occlusion, provoking the uncontrolled increase in local growth of new vessels in the retina. When left untreated, it can lead to blindness. Traditional approaches for retinopathy detection require expensive devices and high specialized personnel. Being a microvascular complication, the retinopathy could be detected using the photoplethysmography (PPG) technology. In this paper we investigate the predictive value of the pulse wave velocity and PPG signal analysis with machine and deep learning approaches to detect retinopathy in diabetic subjects. PPG signals and pulse wave velocity (PWV) showed promising results in assessing the diabetic retinopathy. The best performances were scored by a LightGBM based model trained over a subset of the available dataset obtaining 80% of specificity and sensitivity. Clinical relevance-PPG based retinopathy detection could make the retinopathy detection more accessible since it does not need neither expensive devices for signal acquisition nor highly specialized personnel to be interpreted.