Mexican buy now, pay later (BNPL) company Aplazo has netted $27m from a Series A funding round led by Oak HC/FT.
The round also saw participation from existing investors Kaszek and Picus Capital. The company previously raised $5.3m from a seed funding round.
Aplazo allows consumers to split their online and offline purchases into multiple instalments without the need for a credit card and avoiding the trap of debt.
The firm’s integrated platform provides merchants with the ability to boost average basket size, customer engagement and conversion and uses open banking and telecom data to work out consumers’ creditworthiness and level of affordability.
According to Aplazo, it will use the funds to accelerate growth, including increasing investment in talent across product, engineering, sales and merchant success and scale its expansion in 2022 to other Latin American regions.
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