Nelo, a Mexican fintech, raised a $20M funding round led by Two Sigma Ventures with contributions from existing investors. New investors Primer Capital, Gaingels, Moving Capital, and various private investors also participated in the round.
Nelo is a buy-now-pay-later (BNPL) solution for e-commerce sites in Mexico. WIth the Nelo app, customers can make purchases from merchants such as Amazon, Mercado Libre, Telcel, Netflix, and Spotify.
“Our goal is to enable digital commerce throughout Latin America, and BNPL in Mexico is our first step towards that vision,” said Kyle Miller, co-founder and CEO of Nelo.
The BNPL market is growing in Latin America and Nelo is competing with other companies such as Alchemy and Addi. However, unlike these solutions, Nelo offers its mobile app alongside the embedded checkout experience, making it a more attractive and flexible solution for merchants and customers alike.
“Our mobile app allows customers to buy now and pay later at over 75 merchants, and very soon any merchant, ultimately becoming the destination for any consumer that wants to buy online,” said Miller.
Nelo is currently active with over 100 merchants in Mexico and has both an Apple and Android version of its app. With the new funding the startup plans to continue expanding in Mexico and improving its technology to become the best BNPL solution in Latin America.
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