BNPL firm Kueski raises $202m in equity and debt financing
Kueski, one of the largest buy now, pay later (BNPL) and online consumer lenders in Latin America, has raised $202 million in a Series C equity and debt financing round.
The primary equity round was led by StepStone Group and the debt financing was led by Victory Park Capital. These investors were joined by OnePrime Capital and Glisco Partners, as well as Altos Ventures, Cometa, Richmond Global Ventures, Cathay Innovation, Rise Capital, and Angel Ventures Mexico.
Over the last year, the company posted 210x year-over-year growth in gross merchandise volume for its flagship BNPL product, Kueski Pay.
Since its inception, more than five million loans have been issued to Kueski’s customer base. Kueski Pay is integrated with Walmart, Kipling, VivaAerobus, Nautica, Motorola, Steve Madden, and Xiaomi Shop, among others.
Kueski was founded in 2012 in Mexico. In addition to Kueski Pay, it also offers Kueski Cash (personal loans) and Kueski Up (salary advances).
At present, Mexico has the fifth highest rate of unbanked citizens globally, and nearly 90% of retail transactions are made with cash.
Adalberto Flores, founder and CEO, says his company’s goal is to “connect the whole Mexican retail economy without requiring consumers to have a bank account, a credit card, or credit history”.