Mexico-based buy now pay later firm Kueski announced that it has completed a $202 million funding in debt and equity, led by the Stepstone group and VVictory Park Capital, according to media reports. Stepstone Group led the $102 million equity investment round with Victory Park as the primary investor. Other investors like OnePrime Capital, Glisco Partners, Altos Ventures, Cometa, Richmond Global Ventures, Cathay Innovation, Rise Capital and Angel Ventures Mexico also participated in the latest funding. With this latest round of investment, Kueski has now raised over $300 million in equity and debt capital.
While the company has declined to reveal its current valuation, but the CEO and founder Adalberto Flores told the media that he expects it will soon achieve the $100 million+ ARR milestone. He also added, saying that the company’s goal is to connect the whole Mexican retail economy without requiring consumers to have a bank account, a credit card, or a credit history.
Keuski provides services like personal loans, salary advances and BNPL services. Till now, the company has processed more than 5 million transactions online since it was founded in 2012. Some of the companies that rely on the BNPL services provided by Kueski are Walmart, Nautica, Motorola and Xiaomi Shop.
At present, Mexico has the fifth-highest rate of unbanked citizens globally, and nearly 90 percent of retail transactions are made with cash. As instalment plans are increasing in popularity, around the world, the Kueski Pay BNPL product has grown almost 210 times year-over-year growth in Gross Merchandise Volume in the last 12 months.
Recently, the firm has also rolled out its BNPL product in bricks-and-mortar stores and is set to launch a mobile application that will enable its users to verify their profile, manage payments, and browse partner stores.