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Spanish (Spanish), too much!
For some time now, you’ve probably noticed that you have more payment options when you shop online. It’s easy to explain: The pandemic has not only boosted e-commerce, but has also brought more payment options such as the famous “by now, pay later (BNPL)” model, which is booming in recent years. Latin America. Kueski has an advantage over this product, since BNPL has been the core business of fintech for some time.
Its growth has been steady enough that the Mexican company has just announced it has raised US $ 202 million in equity and debt.
The increase was a Series C led by StepStone Group and Victory Park Capital. Also participating were One Prime Capital and Glisco Partners, as well as Altos Ventures, Richmond Global Ventures, Cometa, Cathay Innovation, Rise Capital and Angel Ventures Mexico.
Kueski continues to focus on Mexico… for now
Although fintech does not rule out expanding to other Latin American countries, it is currently focusing on Mexico. They want to offer their products (Kueski Pay, the BNPL model; Kueski Cash, personal loans; and Kueski Up, their interest-free payday advances), to the unbanked population.
Kueski Pay managed 210% growth in gross cargo volume (GMV) from November 2020 to November 2021. Kueski Up grew 320% during the same period.
Kueski’s strategy is clear: They don’t rely on information from credit authorities, but instead use real-time behavioral and socio-demographic data. Their artificial intelligence and machine learning technology analyzes this data to predict the applicant’s situation and their ability to repay.
The country has a wide range of opportunities, as just over 80% of the population still use cash and around 20% use credit cards, according to data from the Central bank.
The new funding will be used to increase BNPL de Kueski’s presence in Mexico and to create new products for the people of the country. So far, Kueski has made around 5 million loans online.
Kueski, founded in 2012, also wants to use the capital to hire more people. They now have 500 employees but want to reach 1,000 new hires by the end of 2022.
In addition, Adalberto Flores, CEO and co-founder of the company, said Techcrunch that they expect to have annual recurring revenues of over US $ 100 million.
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