Mexican BNPL platform Aplazo has successfully raised $70 million in equity financing, which includes $45 million from a Series B round. QED Investors led the financing, joined by new investor Volpe Capital and existing backers Oak HC/FT, Kaszek, and Picus Capital. Since its launch in late 2020, Aplazo has secured over $100 million in equity financing and $75 million in committed debt funding.
This funding round follows Aplazo’s significant revenue growth, driven by its expanding market share among both online and offline merchants. The company has reported operating near breakeven in recent months. Currently, in-store transactions represent more than half of Aplazo’s business, reflecting about 93 percent of total retail sales in Mexico.
Notably, 40 percent of Aplazo’s users lack a credit history, yet the company boasts an impressive credit approval rate exceeding 80 percent, alongside low single-digit credit loss rates.
Angel Peña, CEO and co-founder of Aplazo, states, “We’ve identified clear gaps in the market when it comes to offering consumers better payment and financing products. Our ability to provide ubiquitous BNPL services enables 88 percent of Mexicans without credit cards to make everyday purchases and pay in installments simply, which resonates well with the underserved population.”
He added that Aplazo’s merchants also benefit from access to a marketing tech stack and AI tools designed to offer unique customer insights for improved business management. The additional capital will be utilized to further enhance Aplazo’s product offerings by leveraging AI capabilities to better understand the needs of consumers and merchants and to optimize risk assessments.