Nelo, which offers a consumer payments platform for online purchases in Mexico, has secured a $100m credit facility.
The credit was supplied by Victory Park Capital, a global alternative investment firm specialising in private credit.
With the funds, Nelo plans to further its expansion efforts.
Its flagship product is an all-in-one app that allows customers to pay in instalments at any online merchant. This is supported by a partnership with Mastercard.
Nelo claims its app is the first of its kind in Mexico and allows users to finance everyday necessities like utility bills, cellular plans, and other e-commerce purchases.
The app has supported over three million purchases to-date.
Speaking about the partnership, Victory Park Capital partner Jason Brown said, “Through its app-first strategy, Nelo has successfully differentiated itself from competitors and we believe the company is well-positioned for growth.
“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 capitalise on the sizable market opportunity ahead.”
Nelo CEO Kyle Miller added, “This partnership with VPC marks a very important step in our long-term growth plans. We are proud to have VPC’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.”
Earlier this month, fellow Mexico-based PayTech company to raise funding was Clip. The company secured a $50m credit facility from Morgan Stanley, JP Morgan and HSBC. The PayTech company offers a range of payment products, including point-of-sale terminals and remote payments software.
Another PayTech company to raise capital this year was Stori. The credit card company raised $150m for its Series C-2 funding round, which brought its valuation to $1.2bn. Stori provides underserved populations with access to credit card products.
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