Nelo, a Buy Now Pay Later (BNPL) product in Mexico secured a $100 million credit facility from Victory Park Capital, a leading global alternative investment firm specializing in private credit.
Founded by former Uber international growth team leads in 2019, Nelo is a consumer payments product in Mexico. Its recently launched all-in-one app enables customers to pay in installments at any online merchant, through a partnership with Mastercard. Nelo’s app is the first of its kind in the country, and allows users to finance everyday necessities like utility bills, cellular plans, and other e-commerce purchases. To date, the platform has powered more than 3M purchases.
“This partnership with Victory Park Capital marks a very important step in our long-term growth plans.” “We are proud to have Victory Park Capital’s support as we navigate our next phase of expansion and continue to focus on meeting our customers’ financing needs and providing a best-in-class user experience,” said Nelo CEO Kyle Miller.
The fresh funding from Victory Park Capital will allow the fintech to execute its plans for continued expansion.
“Through its app-first strategy, Nelo has successfully differentiated itself from competitors and we believe the company is well-positioned for growth,” said Jason Brown, Partner at Victory Park Capital. “Kyle and his team have developed an innovative product that bridges a significant gap in consumer access to credit, and we’re highly confident in their ability to capitalize on the sizable market opportunity ahead.”
The announcement comes one year after Nelo raised a $20M funding round led by Two Sigma Ventures. Nelo is not the only player in the Mexican market. A number of other companies n the BNPL rush include Aplazo and Atrato.