Mexico City-based online lender and Buy Now, Pay Later (BNPL) provider Kueski has raised $202m in a debt and equity round led by StepStone Group, a report by Finextra has revealed.
OnePrime Capital, Glisco Partners, Altos Ventures, Cometa, Richmond Global Ventures, Cathay Innovation, Rise Capital, and Angel Ventures Mexico joined the $102m equity raise. Victory Park Capital led the $100m debt financing.
The firm has recently rolled out its BNPL product in bricks-and-mortar stores and is set to launch a mobile application, which will allow users to verify their profile, manage payments, and browse partner stores.
According to a report by TechCrunch, Flores founded Kueski because he wanted to expand access to basic financial services to Mexico’s population. Instead of relying on credit bureau information, the company uses contextual data such as device information, real-time behavioural data and sociodemographic data, and many other types of data sources that are then analysed by its artificial intelligence and machine learning technology to predict an applicant’s repayment ability.
Adalberto Flores, CEO of Kueski, said, “Our goal is to connect the whole Mexican retail economy without requiring consumers to have a bank account, a credit card, or credit history.
“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.”
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