Village Capital uses the power of peer support to change the traditional dynamics between investors and entrepreneurs, providing access to entrepreneurship for everyone.  We recruit entrepreneurs solving specific problems in agriculture, energy, education, financial inclusion, and health. We then put the power of investment in the hands of the entrepreneurs, who award pre-committed seed funding to the two ventures ranked highest by the entrepreneurs at the end of every program. Our programs connect high potential, early-stage entrepreneurs with the people, institutions, and capital they need to succeed. We support early-stage ventures with a 501c3 nonprofit that operates training programs for founders, investors, and communities. We also manage a for-profit, managed investment fund that provides early-stage capital to top graduates of each program, as selected by their peers. Our unique peer-selection model received McKinsey/Harvard Business Review’s prestigious M-Prize for innovation in 2013, and we have supported more than 550 enterprises across 51 programs in 9 countries. Since 2009, Village Capital has supported more than 1,000 entrepreneurs through our programs and partnered with affiliated investment funds, including VilCap Investments, that have invested seed capital in more than 90 program graduates. Over the past 8 years, our program graduates have gone on to generate $61.5M in revenue, reach 8.5 million customers, and create over 11,500 jobs. 96% of our alumni would recommend our program to other entrepreneurs, and to date and 91% of our entrepreneurs are still in business.

Village Capital

Systema

A private investment arm of a group of partnering European family offices, focused on the best-performing private asset class — venture capital. Email us at team@azurocapital.com

Azuro Capital

99 Startups is Venture Capital Firm looking to fund Fintech, Healthcare and Logistics startups in Latin America

99 Startups

Kaszek is a venture capital firm that invests in high-impact technology-based companies. The firm is industry and stage-agnostic, mainly investing in Seed, Series A, and Series B. In addition to capital, it provides first-hand expertise and insights into strategy, operational execution, team-building, growth, technology, product, networking, fundraising, and more.  It was founded in 2011 and is headquartered in Buenos Aires, Sao Paulo.

Kaszek

Picus Capital is an early-stage technology investment firm with a long-term investment philosophy. We work together with daring technology companies to build successful, global companies challenging the status quo and shaping tomorrow. We want to become the closest partner of our portfolio companies by working together on key strategic decisions and operative challenges. As a privately financed venture capital investor with long-term and flexible capital we are looking for exceptional founders who are committed to building category leaders throughout the next 5-10+ years. We invest in early-stage technology ventures with a focus on financial services, HR, energy & climate, healthcare, logistics & mobility, real estate & construction, crypto & web3, deeptech and e-commerce. Picus makes initial investments in pre-seed, seed and series A ventures thereby starting to work together with entrepreneurs in various stages of their companies ranging from ideation phase to initial traction. We follow a very long-term investment approach investing significant amounts throughout the lifecycle of the companies. We have invested in over 50 companies to date. At Picus we work in a culture combining the discipline of a financial investor with the creativity and pragmatism of an entrepreneur. We follow a comprehensive and well-structured investment approach in order to identify the most attractive and ambitious investment opportunities in our target industries and geographies. Within our core investment team every member has a distinctive industry competence and a functional or geographic focus. We are working closely together with our portfolio companies to develop large and successful market leaders. This comprises in particular leveraging our marketing & sales expertise and our global market perspective to provide strategic advice, providing HR management to grant access to top talent, connecting our portfolio companies with our broad B2B & investor network as well as supporting the fundraising process.

Picus Capital

Woodson Capital Management operates as an investment firm.

Woodson Capital Management

Bridge Latam is a Seed stage fund based in Mexico investing in Latam-based companies.

Bridge Latam

SystemaNova Funds Early-Stage Startups in the Climate, Fintech, and Healthtech Sectors.

Systema nova

Oak HC/FT is a venture and growth equity investment firm that focuses on healthcare information services and financial service technology.   The firm focuses on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, and access to our extensive network of industry leaders. Oak HC/FT partners are peerless in delivering returns for investors and growing innovative businesses. Over the past decade, the partners at Oak HC/FT have had 20 realizations with 6 companies achieving valuations in excess of $1 billion. Oak HC/FT is led by the Healthcare and FinTech team of Oak Investment Partners as part of Oak’s strategy to develop sector-specific funds and continue its legacy of building best-in-class businesses.

Oak HC/FT

QED Investors is an investment firm that supports high-growth companies and businesses. The firm typically provides a combination of both capital and capability. But common to all the firm's partnerships is a shared conviction that information plays a decisive role in the success of the company, a mutual desire for a high degree of direct engagement, and a shared enthusiasm for experimentation and learning.

QED Investors

Volpe Capital is a venture capital investment firm, invests in tech and tech enabled high growth opportunities in Latin America.

Volpe Capital

Aplazo

Aplazo is the developer of a fintech platform designed to promote financial access and opportunity. The company's platform enables users to pay for their purchases online in installments at affiliated stores. Users must apply online through the website and select delay as a payment method that allows them to pay for their products in a fixed installment payment plan, allowing businesses to expand their customer base by gaining access to delay marketing channels.

<div>Aplazo is an omnichannel BNPL platform provider that can be integrated with merchants&rsquo; online and offline payment processes. It enables users to purchase and pay in 5 equal bi-weekly installments without a credit card. As of November 2021, Aplazo operates in Mexico and has partnered with over 1,000 merchants across fashion, footwear, and cosmetics industries. Aplazo uses alternative open banking and telecom data to determine consumer creditworthiness and affordability to target the population underserved by traditional financial services, as nearly 40% of the population in Mexico does not have a credit history.</div>

Buy Now, Pay Later

Aplazo is using buy now, pay later as a stepping stone to financial ubiquity in Mexico

Mastercard

To launch Latin America's first-of-its-kind virtual card solution. This virtual card brings secure digital payments to the region, providing a seamless payment journey to customers that enables the convenience of BNPL (installment) payments and the capacity to shop anywhere.

These providers integrate with the merchant’s e-commerce checkout. The service is offered through the provider’s app or a virtual card that facilitates in-store application, including non-partnered retailers.

<div>
 
 Aplazo is an omnichannel BNPL platform provider that can be integrated with merchants&rsquo; online and offline payment processes. It enables users to purchase and pay in 5 equal bi-weekly installments without a credit card. As of November 2021, Aplazo operates in Mexico and has partnered with over 1,000 merchants across fashion, footwear, and cosmetics industries. Aplazo uses alternative open banking and telecom data to determine consumer creditworthiness and affordability to target the population underserved by traditional financial services, as nearly 40% of the population in Mexico does not have a credit history.
 
 
 The company claims to differentiate itself from its peers by offering offline BNPL capabilities. The company charges a processing fee from merchants and interest on late payments and fixed fees (depending on the merchant agreement) from customers.
 
 
 Funding and financials
 
 
 In 
 <a href="https://sp-edge.com/updates/29384">
 May 2024
 </a>
 , Aplazo raised USD 70 million in equity funding led by QED Investors, which included USD 45 million from Series B funding. The company planned to use the funds toward product development and innovation, including using AI capabilities to meet consumer and merchant needs and support decision-making.
 
</div>

Openpay is an Australian BNPL platform launched in 2016 offering flexible payment plans with deferments ranging between 2-24 months for transactions from AUD 50 to AUD 20,000 (approximately USD 36-USD 14,600). The platform focuses on the automotive, healthcare, home improvement, memberships, and education industries. In December 2019, Openpay was listed on the Australian Securities Exchange, raising AUD 50 million (approximately USD 35 million) in the process. This was roughly two years after it had to abruptly cancel its initial IPO plans and raised AUD 10 million (approximately USD 8 million) instead.Openpay’s B2C solution offers equal weekly and bi-weekly installment plans at no interest, with longer terms typically offered for larger ticket purchases. Its proprietary risk management technology drives the platform’s credit decisions, and it integrates with leading e-commerce platforms such as Shopify, PrestaShop, Magento, and WooCommerce. Furthermore, Openpay has a B2B trade account management solution that is separate from its BNPL service.Openpay generates revenue through merchant fees, which represent a percentage of the transaction value, customer fees (including late fees), an initial establishment fee, and a recurring plan management fee.Initially available in Australia and New Zealand, Openpay expanded its operations to the UK in June 2019, followed by a US launch in December 2020 under the brand Opy. However, it withdrew from the UK BNPL market in March 2022 citing its inability to compete in the market. It also revealed that it will continue to offer longer-term repayment plans for dental procedures and car repairs in the UK through partnerships.Key customers and partnershipsIt entered the veterinary market in the US via a partnership with ezyVet, which provides cloud-based software for veterinary professionals, and its plans are expected to be available on ezyVet platforms by early FY2022 in the US. It partnered with contactless payments firm Everyware in <a href="https://sp-edge.com/updates/5954">October 2021 </a>to offer the first-ever Pay-by-Text BNPL solution, followed by a tie up with American Express in <a href="https://sp-edge.com/updates/7084">December 2021 </a>.Openpay secured a strategic partnership with the payments processor Worldpay and Cross River Bank. As a result, Openpay’s payment plans were integrated with Worldpay’s payment gateway as the merchant acquirer for Openpay in the US, while Cross River was expected to serve as <a href="https://sp-edge.com/updates/5806">Openpay’s lender </a>for consumer financing loans to US customers, meaning it will fund and originate all loans on Openpay’s US platform. However, in July 2022, Openpay announced that it’s ceasing operations in the US market owing to economic headwinds stemming from rising interest rates and deteriorating consumer sentiment.

Openpay

PrimaHealth Credit (PrimaHealth) is a BNPL solution designated for elective medical procedures such as cataract surgery, orthodontic work, dental care, LASIK, and addiction treatment. PrimaHealth’s credit decision-making is handled in-house using proprietary credit underwriting models. With PrimaHealth, patients would pay 25% to 50% of the cost upfront, and the residual cost, running from USD 300 to USD 24,000, can be repaid over 2-4 months. PrimaHealth’s interest rates range from around 0% to 25% APR with an average loan size of USD 1,800 across all types of procedures.As of December 2020, PrimaHealth was available in Arizona, California, Florida, Oklahoma, and Texas, and plans to expand across all 50 states by 2021.

PrimaHealth Credit

Laybuy is a New Zealand-based BNPL provider offering its services in Australia, the US (beta launched in December 2020), and the UK through a partnership with the streetwear retailer Footasylum in 2019. The platform partners with Experian, a multinational credit bureau, to help with its credit decision-making. Through Laybuy, users can make online or in-store purchases over six weekly payments with no interest charges if paid on time. The in-store offering is facilitated by Laybuy’s “Tap to Pay'' digital card, available in Australia and New Zealand as of March 2021 and launched in August 2021 in the UK. The platform has an average customer transaction limit of GBP 240, and any missed payments will result in the user account being suspended and a late fee of USD 10.In FY2022, the platform reported gross merchandise volume (GMV) of NZD 868 million (~USD 600 million), reflecting 47% YoY growth. The platform’s revenue grew by 45% YoY to NZD 47.1 million (~USD 32.8 million). The UK operation accounted for the majority (~60%) of GMV in FY2022, improving on its ~50% share last year. The company also revealed that total active customers increased 23% YoY to 931,000, while total active merchants grew 50% YoY to 13,700. Laybuy was listed on the ASX from September 2020 to March 2023, after which it was <a href="https://sp-edge.com/updates/15915">delisted</a>.Laybuy issued <a href="https://sp-edge.com/updates/30597">receivership notice</a> in June 2024 due to financial pressures and economic challenges affecting its operations in New Zealand and Australia. The company stated that Laybuy Group Holdings Limited, Laybuy Holdings Limited, and Laybuy Australia Pty Limited were placed for receivership on 17 June and that its UK entities remain unaffected.Key customers and partnershipsIn May 2023, <a href="https://sp-edge.com/companies/976316">​​ </a>Laybuy collaborated with New Zealand-based Centrix, a credit bureau, to develop a credit reporting system, <a href="https://sp-edge.com/updates/18326">PayWatch </a>. The company also <a href="https://sp-edge.com/updates/18595">partnered with Eventfinda </a>, an event ticketing and marketing platform, to embed its BNPL solution and offer flexible payment options for event tickets. Laybuy secured partnerships with merchants such as Rakuten, AWIN, and Sovrn, giving users access to more than 5,000 merchants in the UK, including WHSmith, Asos, Nike, Marks &amp; Spencer, Amazon, and eBay.

Laybuy

Tamara is a Saudi Arabian BNPL platform provider offering customers the option to pay in 30 days or in three installments over 60 days at zero interest, making it Shariah-compliant. Tamara settles payments with merchants weekly for a commission-based fee, charging a late payment penalty of SAR 25 (approximately USD 7) from customers. These charges are capped at a lower rate between SAR 150 or 25% of the total transaction value. In September 2020, Tamara established a partnership with the e-commerce platform Salla, extending its reach to more than 10,000 merchants on the platform. As of June 2021, it operates in Saudi Arabia and the UAE with offices in Germany and Vietnam. In July 2023, Tamara <a href="https://sp-edge.com/updates/19954">secured a permit </a>to operate its flexible payment services from the Saudi Central Bank following a trial period of operation within the Saudi Arabian regulatory framework.Key customers and partnershipsThe company claims to be the market leader in the BNPL space in Saudi. It reported that its transaction volume grew 170% month-on-month and its customer base increased 180% month-on-month over the six months preceding its Series A round. As of January 2023, the platform had serviced over 9 million registered users and had over 30,000 merchant partners, including partnerships with firms such as IKEA, Jarir, Shein and Namshi.<a href="https://sp-edge.com/updates/27305">In March 2024</a>, Tamara partnered with UK-based <a href="https://sp-edge.com/companies/615710">Uqudo</a>, a digital identity verification platform, to enhance privacy and security on digital transactions. <a href="https://sp-edge.com/updates/25271">In January 2023</a>, the company partnered with Egypt-based <a href="https://sp-edge.com/companies/497895">Paymob</a>, a payment gateway platform, to provide an integrated solution that facilitated installment payments for customers in the Gulf Cooperation Council (GCC) region.Funding and financialsIn <a href="https://sp-edge.com/updates/24016">November 2023</a>, Tamara secured up to USD 250 million in debt financing from Goldman Sachs and Shorooq Partners. It comprises an incremental debt financing of USD 200 million of senior debt provided by Goldman Sachs (bringing its senior warehouse facility up to USD 350 million, an increase from USD 150 million raised in <a href="https://sp-edge.com/updates/17139">March 2023</a>) and USD 50 million mezzanine tranche led by Shorooq Partners, which brings the total warehouse facility up to USD 400 million. The company earmarked the funds to service its growing BNPL product demand and invest in developing new products and services.

Tamara

Fly Now Pay Later is a UK-based consumer credit provider regulated by the Financial Conduct Authority. The platform provides its services exclusively to the travel sector through a direct-to-consumer app (Anywhere) and an integrated checkout solution. The platform allows consumers to spread the cost of travel over a maximum of 12 months, with a limit of GBP 3,000 (approximately USD 4,200). The plans’ interest rates vary depending on the applicant's borrowing history; therefore, users may incur a one-off credit transaction fee. The payment plans can be applied to flight bookings, hotels, and car hires.The company has partnered with travel brands such as Lastminute.com, TravelUp, Kayak, LycaFly, and Trivago.The company secured GBP 55 million (approx. USD 75 million) in <a href="https://sp-edge.com/updates?industryIds=58">debt funding </a>from Atalaya Capital Management. The round follows its extended Series A round worth GBP 10 million (approx. USD 14 million) in May 2021. The debt infusion is earmarked to support its expansion efforts in the US, which it entered into in 2020.

Fly Now Pay Later

The providers plug into merchant checkouts and convert business purchases into installments.

These platforms integrate with the merchant’s e-commerce checkout and primarily offer the BNPL solution through their app. Consumers are restricted to shopping at merchants integrated with the provider in most cases.

These companies offer merchants and financial institutions a white-label product to provide in-house BNPL solutions.

Solutions can use AI/ML to improve the quality of underwriting tools used in assessing consumers

Use of blockchain technology for customer screening is an emerging area

ANALYST_QUICK_TAKE

<div>
 
 The omnichannel Buy Now Pay Later (BNPL) platform provider, Aplazo, based in Mexico, has successfully raised an equity funding of USD 70 million. The funding round was led by QED Investors and saw participation from Oak HC/FT, Kaszek, Picus Capital, and Volpe Capital. The funding included USD 45 million from a Series B funding round. The total funding of Aplazo now amounts to USD 175 million.
 The company has future plans of utilising the raised funds for the development of their product and driving innovation. This includes leveraging artificial intelligence capabilities in an effort to cater to the needs of consumers and merchants alike and aiding in decision-making processes.
 Aplazo also revealed a threefold increase in revenue growth. This growth was driven by an expanding market share from both online and offline merchants. The company also showcased a strong financial performance, managing to operate near a breakeven point over the past few months.
 
</div> Analyst QuickTake: 
 Aplazo’s USD 70 million funding comes after Ramp raised <a href="https: 
//sp-edge.com/updates/28597"> USD 150 million in Series D </a> (last month) to accelerate AI integration and Colombia-based Addi raised <a href="https: 
//sp-edge.com/updates/27801"> USD 86 million in funding </a> , comprising USD 36 million in equity and USD 50 million in debt funding from Goldman Sachs Group (two months ago) to support business expansion.

Aplazo

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