Kueski makes nearly $1 billion in loans to one million costumers, the Latin American lender and buy now, pay later (BNPL) firm said inside a news release Tuesday (March 8).
\”The $1 billion figure shows impressive growth, however the real impact we are having on people's finances are much more impressive,\” said Adalberto Flores, founder and CEO of Kueski. \”We're delivering on our mission to help customers meet their financial needs regardless of stage of their financial journey.\”
Founded in 2013 and based in Guadalajara, Mexico, Kueski offers customers three chief products. Kueski Pay, its BNPL solution, is provided at a lot more than 2,000 stores (when compared with 56 this time last year), including brands for example VivaAerobus, Xiaomi, Nautica and Steve Madden.
Kueski Cash, its loan offering, disbursed more than 600,00 loans in the last year and has been \”immensely popular with Mexican consumers, who typically use the capital to cover monthly expenses, as well as investments in health insurance and education.\”
Finally there's Kueski Up, which lets employees access wages as needed, and it has helped provide advances on 4,000 salaries to date.
The company said hello could expand these products with the help of the $202 million in funding it raised late last year.
PYMNTS spoke to Kueski's Flores after 2022 concerning the rise of BNPL, that has become a solution for countless unbanked and underbanked customers around the world accessing financial services for the first time. This is especially true in developing economies, where lots of people work in the informal economy.
\”The potential we've is we aren't only solving the credit aspect; we're also solving the payment aspect as well,\” Flores told PYMNTS' Karen Webster.
\”In Mexico, many people operate in the informal economy, plus they don't want to open or make use of a bank account. So, we do not want to force these to make use of a banking account. We are able to enable someone who is 100% outside of the formal economy to begin accessing credit.\”
