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November 16, 2021updated 02 May 2022 12:44pm

Mexican BNPL firm Aplazo raises $27m to spur growth

Mexico-based first omnichannel buy now, pay later (BNPL) platform Aplazo has raised $27m in a Series A funding round, following its $5.25m seed financing round four months ago.

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What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

The round was led by Oak HC/FT and joined by the company’s existing investors such as Kaszek and Picus Capital.

Aplazo plans to use the new capital to accelerate its growth with increased investment in resources across product, sales, engineering, and merchant success.

The firm is said to have grown its total processing volume more than eightfold since its seed funding.

It is now aiming to propel its expansion to other Latin American countries next year.

Aplazo founder and CEO Angel Peña said: “At Aplazo, we’re combatting unequal access to credit by providing consumers with access to an alternative form of credit that helps them to extend their purchasing power in a financially responsible, low-risk way.

Aplazo allows customers to pay for their online and offline purchases over time in equal instalments without needing a credit card.

Aplazo estimates consumers’ creditworthiness and level of affordability using alternative data, including open banking and telecom data, and optimises approval rates.

Aplazo co-founder Alex Wieland noted: “By providing our partner merchants with access to new customer segments that are credit-worthy, Aplazo is already an indispensable payment method, taking up to 60% of the share of their transactional volume and increasing conversion and repeat purchases.”

Oak HC/FT principal Allen Miller said: “Aplazo’s solution caters to this influential segment of consumers, creating a new payment network that is especially valuable to the Mexican economy where credit is so challenging to access. We look forward to our partnership with Aplazo as they bring their platform to the markets that need it most.”

In August this year, Mexican B2B software and payments firm Yaydoo reportedly raised $20.4m in a Series A funding round to grow its team and accelerate its product development.

Last year, B2B payments platform TransferMate received a payments licence from National Banking and Securities Commission in Mexico to operate as a money transmitter in the country.

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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