Kueski, a Buy Now, Pay Later fintech in Mexico, broke its loan disbursement record this month as it hit 10 million loans.
The BNPL lender surpassed $1.6 billion in loan transactions. A press release said it was an “important milestone” as it seeks to expand access to financial services in Latin America’s second-largest economy.
Founded in 2012, Kueski is one of the largest BNPL firms in Latin America. The company reports 1.8 million customers, most of whom are in the underbanked segment.
“Since Kueski’s inception over a decade ago, we have been committed to improving consumers’ financial lives,” said Adalberto Flores, Founder and CEO of Kueski. Most of their customers, he said, have had their first-ever financial experience with Kueski.
“Our goal is to be the go-to provider of innovative financial solutions that meet consumers where they are, no matter how far along their financial journey.”
Kueski takes on the financially excluded
The fintech has two different products, Kueski Cash and Kueski Pay. The first is a low-ticket personal loan service aimed at Mexicans with little traditional financial records.
Demand for loans is rising fast in Mexico, Regina Moreno, senior director at Kueski, told Fintech Nexus in an interview. Year to date, the company has issued close to half a million personal loans, according to the release. However, the company is vigilant of the risks of a recession and the possible impact on delinquencies.
The second primary product at Kueski is a BNPL initiative. Known as Kueski Pay, its adoption increased markedly over the quarters due to solid e-commerce tailwinds. BNPL services allow consumers to make purchases and pay later in installments.
In the release, the company said its online and brick-and-mortar retailers network was closing in on 10,000 merchants in Mexico. The company is one of the main sponsors of “Hot Sale,” the country’s most significant sales event hosted by the Mexican Association of Online Sales.
Mexico overall has become a hotbed of fintech activity. According to the Inter-American Development Bank, it is the second-largest ecosystem in the region. It had 512 financial technology companies as of 2021.
Kueski has raised over $300 million in equity and debt funding to date.