15 May 2024

Mexico based Aplazo Secures $70mn

Written By FinTech Alliance

Mexico based Aplazo Secures $70mn

QED Investors led the equity financing
 

In brief:

- The financing round comes on the back of a threefold growth in revenue from rapidly expanding market share among online and offline merchants, as well as strong financial performance, operating near breakeven in the last couple of months.

- The company will deploy the additional capital to continue shaping Aplazo’s best-in-class product offering for consumers and merchants alike and double down on product innovation including using AI capabilities to better understand consumer and merchant needs and to enhance risk decisions.

- Aplazo has positioned itself as the category leader in the BNPL space by tackling the massive offline retail market, which represents around 93 percent of total retail sales in Mexico. Presently, in-store transactions account for roughly more than half of Aplazo’s business and have been a meaningful driver of retention and loyalty.

 

What does this mean?

Angel Peña, CEO and co-founder of Aplazo, said: “Aplazo set out to become the preferred payment method in Mexico through fair, simple and transparent financial solutions, rather than traditional credit products that lure users into a debt trap. This behavior has been common practice in Mexico over the past decades, and we put the consumer at the core of our fair payment solutions offering. With this investment we look to further advance on our mission and are tremendously excited to welcome QED as one of the leading global consumer fintech investors as a partner on this journey.”

 

Read more here.

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