Rapid Growth Across its Products Is Evidence of Strong Adoption of Buy-Now, Pay-Later Solutions in Mexico, Kueski Pay Expanding Almost 200x in 2021
GUADALAJARA, MEXICO / ACCESSWIRE / March 8, 2022 / Solidifying it as one of the largest Buy-Now, Pay-Later (BNPL) and online consumer lenders in Latin America, Kueski today announced a booming expansion of its loan transactions totaling nearly $1 billion with one million consumers and six million loans. By leveraging its AI and ML-powered credit decisioning model to expand access to financial products, Kueski has emerged as the market leader in Mexico and one of the fastest-growing fintechs in Latin America.
Founded in 2013, Kueski's mission is to expand access to traditional financial services and products, and now serves customers via Kueski Pay, its BNPL solution; Kueski Cash, the fintech's inaugural cash loan product; and Kueski Up, an earned wage advance product that allows employees to advance their payroll interest-free. Fueled by its $202 million Series C funding round in December 2021, Kueski has posted strong growth for all three products:
- Kueski Pay: Kueski significantly expanded its merchant network from 56 partners in February 2021 to more than 2,000 today. This network includes popular brands such as Kipling, VivaAerobus, Xiaomi, Nautica, and Steve Madden. Overall, the product has grown 194X in 2021.
- Kueski Cash: Kueski disbursed more than 600,000 loans over the past year through Kueski Cash. This product has proven immensely popular with Mexican consumers, who typically use the capital to cover monthly expenses, as well as investments in health and education.
- Kueski Up: This product offers employees access to their earned wages when they need it. To date, Kueski provided advances on over 4,000 salaries.
"The $1 billion figure shows impressive growth, but the real impact we are having on people's financial situation is much more impressive," said Adalberto Flores, founder, and CEO of Kueski. "We're delivering on our mission to help customers meet their financial needs no matter the stage of their financial journey."
In Q4 2021, Kueski launched its BNPL product in brick-and-mortar stores. With the support of 1% of its merchant network, Kueski Pay Instore is now offered in almost 600 stores throughout Mexico - and will soon be offered by hundreds more as the rollout continues over the next few months. Kueski also launched a dedicated app that allows users to check their profile, manage payments, and browse partner stores - further increasing transparency and ease-of-use.
In addition to expanding and growing its products, Kueski continues to focus on building a team dedicated to supporting the company's mission and values. Earlier this year, Kueski announced the appointment of Krishna Venkatraman as chief data officer, who previously held leadership positions at Mission Lane and Nubank. Alex Schleifer, Airbnb's former chief product designer, also joined Kueski's Board of Advisors. Venkatraman and Schleifer were brought on to amplify the company's data-first capabilities, as well as further improve the customer user experience.
About Kueski
Kueski is one of the largest Buy-Now, Pay-Later (BNPL) and online consumer lending companies in Latin America, providing financial services to consumers through three innovative products: Kueski Pay (BNPL), Kueski Cash (personal loans), and Kueski Up (salary advances). Founded in 2013 with the mission of making the financial lives of people in Mexico easier, Kueski leverages the use of technologies such as Artificial Intelligence and Big Data to expand access to traditional financial products and services. Kueski has raised over $300M in equity & debt financing.
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SOURCE: Kueski