FinTech: LatAm BNPL Provider Kueski Nabs $202M Series C Round

December 3, 2021 | FinTech, News, Venture Capital
https://dailyalts.com/wp-content/uploads/2021/12/60148621_1291834164298938_7384402834688573440_n.jpg

The fundraising by Kueski comprised both equity and debt.

Kueski is one of the largest buy-now-pay-later (BNPL) and digital lenders in Latin America. It announced December 2 its close of a $202 million Series C debt and equity round. The equity round was led by StepStone Group and the debt financing was led by Victory Park Capital. (Kueski)

Other investors participating in the funding included OnePrime Capital, and Glisco Partners, as well as Altos Ventures, Cometa, Richmond Global Ventures, Cathay Innovation, Rise Capital, and Angel Ventures Mexico.

Kueski seeks to address the huge problem of financial inclusion in Mexico – the country has the fifth highest rate of unbanked citizens globally, and nearly 90% of retail transactions are made with cash. “Our goal is to connect the whole Mexican retail economy without requiring consumers to have a bank account, a credit card, or credit history,” said Adalberto Flores, founder and CEO. The company applies artificial intelligence and big data to enhance its offerings of financial products and services.

Kueski’s model has proven highly successful. Its Kueski Pay BNPL product clocked growth of 210X year-over-year (YoY) growth in Gross Merchandise Volume (GMV) between November 2020 and November 2021, and since inception, customers have availed of more than 5 million of these loans.

“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,” added Flores.

The fintech also offers the Kueski Cash (personal loans), and Kueski Up (salary advances) products.

Use of funds

Kueski will use the money to further grow its BNPL market in Mexico and add more products for Mexican consumers.

The startup also intends to launch a mobile app to enable customers to view their profile, manage payments and browse products in partner stores.

Related Story: Mexican Payments Platform Clip Raises $250M, Turns Unicorn

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2022/08/10_sound_box_2.0_payment_terminal_storage_optimization-2-800x500-1.jpg
FinTech: India’s PayTM Gets Heat From Proxy Advisory Firm
August 12, 2022     FinTech, News

Proxy advisory firm Institutional Investor Advisory Services India Ltd. (IiAS) has issued a note ahead of PayTM’s (NSE: PAYTM) annual shareholders’ meeting on August 19 calling for the replacement of…

https://dailyalts.com/wp-content/uploads/2022/08/planet-g69e0d7747_640.jpg
Venture Capital: Lockheed’s Venture Arm To Boost Investment In Space Startups
August 12, 2022     News, Venture Capital

Lockheed Martin (NYSE: LMT) and its venture finance arm Lockheed Martin Ventures plans to boost the latter’s investment outlay from $200 million to $400 million.

https://dailyalts.com/wp-content/uploads/2022/08/picpay-lover.jpg
Digital Assets: Brazilian Fintech PicPay Launches Crypto Exchange With Paxos

PicPay, the well-known Brazilian payment app, has got its shoe in the crypto door in partnership with Paxos, a leading regulated blockchain infrastructure company. Picpay is opening crypto trading services…

https://dailyalts.com/wp-content/uploads/2022/08/one-braham-logo-2.jpg
FinTech: Telecom Behemoth BT Adds Barclaycard Payments To Partnership Network For Micro-Businesses
August 12, 2022     FinTech, News

BT (LON: BT.A), the telecom major, announced that Barclaycard Payments had joined its partnership network seeking to help the growth of UK microbusinesses. BT customers with 0-5 employees would get…