Nelo

Nelo is a Mexican BNPL platform focusing on the Latin American market. It was founded by former Uber employees, Kyle Miller and Stephen Hebson, who were in charge of growing the financial services products among the ride-hailing company’s international growth team in India, Mexico, China, and Brazil. Nelo launched its first product in March 2021, after its pivot from initially revealing a debit card offering in January 2020. Nelo allows customers to spread transactions across one, four, or six installments, and in lieu of charging a flat late payment fee, the interest continues to accumulate on the original value. In April 2022, Nelo launched an all-in-one app in partnership with Mastercard to allow customers to use its BNPL service across any online merchant within the Mastercard network.

As of April 2021, Nelo reported more than 150,000 users, with more than 100 merchants signed up to its platform (October 2021). Furthermore, Nelo’s loan volume stood at USD 2 million (April 2021), which it claims grows by 50% every month (October 2021) with more than 100,000 new purchases per month.

The company’s most recent funding came in October 2022 , when it received USD 100 million in a credit facility from Victory Park Capital. The fresh funds were utilized to expand its operations in Mexico for hiring and marketing activities. This follows the USD 20 million Series A funding round in October 2021 led by Two Sigma Ventures.