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December 3, 2021

Mexican BNPL firm Kueski gets $202m infusion

By Shalini mani

Mexican buy now pay later (BNPL) player Kueski has secured $202m in an equity and debt funding round to grow its business and bolster its product ecosystem for customers.

Free Report
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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.

StepStone Group led the primary equity round while the debt financing was led by Victory Park Capital.

The round was backed by investors including Glisco Partners, OnePrime Capital, Altos Ventures, Cometa, Cathay Innovation, Richmond Global Ventures, Rise Capital, and Angel Ventures Mexico.

The fundraising comes as Kueski prepares to roll out a mobile application to enable users to verify their profile, manage payments, and browse partner stores.

Last month, Kueski expanded the availability of its BNPL product Kueski Pay to brick-and-mortar stores.

Kueski founder and CEO Adalberto Flores said: “Our goal is to connect the whole Mexican retail economy without requiring consumers to have a bank account, a credit card, or credit history.

“By using Kueski Pay, consumers can defer the costs of payment over time without expensive credit cards or bank loans, and merchants can tap into a whole new market and boost their sales.”

Founded in 2012, Kueski also offers personal loans and salary advances to consumers. It has integrated with Walmart, Kipling, Nautica, VivaAerobus, Motorola and Xiaomi Shop.

StepStone Group partner Jim Lim said: “We are excited by the opportunities in the BNPL sector in Mexico and the rest of Latin America and are delighted to be partnering with one of the market leaders in Latin America, Kueski.”

Victory Park Capital partner Gordon Watson added: “Driven by limited consumer credit penetration in the region, and Kueski’s formidable competitive advantages, we anticipate many years of strong growth ahead.”

Recently, Mexico’s first omnichannel BNPL platform Aplazo raked in $27m in a Series A funding round to invest in resources across product, sales, engineering, and merchant success.

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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