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Aplazo Expands Buy Now, Pay Later Services in Mexico to Achieve Financial Ubiquity

2024-06-30 00:58:18.568000

In Mexico, Aplazo, a fintech startup, is leveraging buy now, pay later (BNPL) services to achieve financial ubiquity in the country. With a large underbanked population, BNPL offers an alternative to cash for Mexican consumers. Aplazo enables fractionated payments for both offline and online merchants, catering to buyers without credit cards. In-store transactions make up more than half of Aplazo's business, and the company has experienced significant revenue growth, tripling its revenue in the past year. Aplazo has effectively managed credit loss by utilizing data and technology, including artificial intelligence (AI). While facing competition from other BNPL providers in Mexico, Aplazo views BNPL as a stepping stone to its broader fintech ambitions. The company recently secured $45 million in a Series B funding round led by QED, which will support its expansion efforts. Aplazo is close to achieving cash-flow breakeven and currently employs 130 people. To date, the company has raised $100 million in equity and has $75 million in committed debt [5491f0a1].

The rising popularity of buy now, pay later services in Mexico reflects the growing demand for alternative payment options among the underbanked population. Aplazo's success in facilitating fractionated payments for offline and online merchants demonstrates the potential of BNPL to address the financial needs of consumers without credit cards. By leveraging data and technology, Aplazo has been able to effectively manage credit loss, contributing to its revenue growth. The recent funding round led by QED will provide Aplazo with the necessary resources to expand its reach and achieve its broader fintech goals. As Aplazo continues to establish itself as a key player in the BNPL market in Mexico, it will be interesting to see how the company navigates competition and further drives financial inclusion [5491f0a1].

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