Mexican online lender and BNPL provider Kueski has raised $202 in a debt and equity round led by StepStone Group.
OnePrime Capital, Glisco Partners, Altos Ventures, Cometa, Richmond Global Ventures, Cathay Innovation, Rise Capital, and Angel Ventures Mexico joined the $102 million equity raise. Victory Park Capital led the $100 million debt financing.
Mexico has the fifth highest rate of unbanked citizens globally, and nearly 90% of retail transactions are made with cash.
With instalment plans surging in popularity around the world, the Kueski Pay BNPL product has seen 210X year-over-year growth in Gross Merchandise Volume in the last 12 months.
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.
Adalberto Flores, CEO, Kueski, says: “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.”