Nelo is a consumer payments platform for online purchases in Mexico that offers an all-in-one app enabling customers to pay in installments at any online merchant through a partnership with Mastercard. The app finances everyday necessities like utility bills, cellular plans, and e-commerce purchases and is available on Android, iOS, and at merchant checkout. Nelo has powered more than 3 million purchases to date and serves customers at thousands of stores including Walmart, Mercado Libre, Telcel, and Amazon. The company was founded in 2019 by former Uber international growth team leads and employs 36 people representing eight different nationalities. Victory Park Capital provided a $100 million credit facility to support Nelo's expansion plans. The funding is intended to enable continued expansion and further focus on meeting customers' financing needs and improving the user experience. Nelo is a Mexico City-based buy now, pay later (BNPL) startup that offers a consumer mobile app alongside an embedded checkout experience for merchants. The company issued its first product in Mexico in January 2020, launched credit installment loans mid‑2020 and released an Android app in March 2021; it now has apps on both Android and iOS. Nelo is live with over 100 merchants, including Steve Madden and Ben & Frank, and customers can use its app to make purchases from merchants such as Amazon, Mercado Libre, Telcel, Netflix and Spotify. The company reports revenue and GMV growing 50% month over month and sees over 100,000 new purchases/transactions per month. Nelo has hubs in Mexico City and New York City, employs 23 people (up from 12 in January), and is focused 100% on Mexico while planning eventual expansion across Latin America. It plans to use the new capital to grow its consumer and merchant base and continue building its team. Nelo builds buy‑now‑pay‑later installment credit in Mexico, having launched its first product in January 2020 and pivoted to credit installment loans mid‑2020. Its offering connects directly with merchants (including Netflix and Spotify) and is used for purchases and bills, converting prepaid services to postpay. The company is live with more than 45 merchants and over 150,000 users, has lent about $2 million, and is growing roughly 20% month over month. Nelo launched via an Android app and plans a web app; it has about 14 employees with an engineering team in New York. The founders are former Uber international growth team leads and the company is hiring data scientists and engineers to improve underwriting and product competitiveness. Nelo emphasizes proprietary underwriting models and merchant relationships as its primary defensibility in a market with low credit‑card penetration.

Total raised

$123M

Funding rounds

3

Latest round

Debt Financing

Latest activity

Oct 2022