Aplazo, a Mexican fintech, raised a $27M Series A funding round led by Oak HC/FT. Existing investors Kaszek and Picus Capital also participated in the round.
Aplazo is a buy-now-pay-later fintech solution for small merchants and their consumers. The platform connects with merchant’s payment processes, online and offline, to enable customers to purchase items and pay with instalments, even if they do not have a credit card.
A large percentage of Mexicans still do not have credit cards. Aplazo is helping to boost e-commerce and bring financial services to a considerable and underserved market.
Without access to credit history, Aplazo instead uses open banking and telecom data to gauge a consumers’ creditworthiness and affordability. With this data, they are able to provide fair products to consumers.
The startup raised a $5.25M seed funding round in August and has since grown its processing volume more than eight times over and partnered with over 1,000 merchants. The new funding will facilitate continued growth and expansion for the startup.
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