Mexico-based buy now, pay later platform Kontempo has closed its seed round on $30m, with a mixture of debt and equity.
The round comprised $6.5m in equity and $25m in debt, according to a report from TechCrunch.
Kontempo will use the capital to hire staff, grow its merchant network and further the development of technology. It plans to double its team of 11 by the end of the year.
The company provides e-commerce sites with BNPL services. Through the technology a client can offer interest free instalments to their B2B customers. Â
Kontempo CEO and co-founder Matthew Meehan said, “Kontempo sees an opportunity with its BNPL product to increase the use of digital payments in the B2B space, boost sales for both online and offline distributors and suppliers to SMEs, and be an early mover in building critical payments infrastructure for the still small but fast growing B2B ecommerce market.
“Kontempo is a pioneer in this space where suppliers themselves are the primary providers of point-of-sale finance to SMEs. We have created the technology that allows for suppliers to outsource this function.â€
Earlier in the year, credit card company Stori became Mexico’s newest unicorn following the close of its $150m Series C-2 round.
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