Latin American lender Kueski approaches $1 billion in loans

Kueski has provided nearly $1 billion in loans to one million customers, the Latin American lend and buy now, pay later (BNPL) company said in a press release on Tuesday (March 8).

“The $1 billion figure shows impressive growth, but the actual impact we’re having on people’s financial situations is far more impressive,” said Adalberto Flores, Founder and CEO of Kueski. “We are fulfilling our mission to help customers meet their financial needs, no matter what stage of their financial journey.”

Read more: Mexican platform BNPL Kueski lands $202 million

Founded in 2013 and based in Guadalajara, Mexico, Kueski offers its customers three main products. Kueski Pay, its BNPL solution, is offered in more than 2,000 stores (up from 56 at this time last year), including brands such as VivaAerobus, Xiaomi, Nautica and Steve Madden.

Kueski Cash, its loan offering, has disbursed more than 600,000 loans over the past year and has been “tremendously popular with Mexican consumers, who typically use the capital to cover monthly expenses, as well as investments in health and education”.

Finally, there’s Kueski Up, which allows employees to access salaries as needed, and has helped provide advances on 4,000 salaries to date.

The company said it was able to expand these products thanks to the $202 million in funding it raised late last year.

Read more: Buy now, pay later, a route to traditional banking in Mexico

At the end of 2021, PYMNTS spoke to Flores de Kueski about the rise of BNPL, which has become a solution for millions of unbanked and underbanked customers around the world accessing financial services for the first time. This is especially true in developing economies, where many people work in the informal economy.

“The potential we have is that we’re not just solving the credit aspect; we also solve the payment aspect,” Flores told Karen Webster of PYMNTS.

“In Mexico, most people work in the informal economy, and they don’t want to open or use a bank account. So we don’t want to force them to use a bank account. We can enable someone who is 100% outside the formal economy to start accessing credit.

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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICE IN THE DIGITAL ENVIRONMENT

On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.

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