Kueski will use the funding to expand within Mexico and offer new BNPL products to consumers. Here are the top-line bullets you need to know.
Kueski, a consumer lending and credit startup, has raised $202M — $102M in Series D funding from StepStone Group, Richmond Global, and Angel Ventures Mexico, among others, and $100M in debt funding from Victory Park Capital.
How’s the company performing?
- Mexico City-based Kueski leverages artificial intelligence (AI) and big data to offer BNPL services, personal loans, and interest-free earned wage advances via its Kueski Pay, Kueski Cash, and Kueski Up products.
- The company, which has granted roughly 5M loans online to date, has developed integrations with more than 1,000 merchants, such as Walmart, Nautica, Xiaomi Shop, Motorola, and Steve Madden.
- Since the start of the year, the company’s online sales volume has grown more than 70%.
- Its employee headcount currently sits at 500.
- The fintech expects to exceed 1M unique users and $100M in ARR by the end of the year.
Why does the market matter?
- The global digital lending platform market is expected to reach a value of $27.1B by 2028, growing at a CAGR of 18.13%, according to Verified Market Research.
- Today, BNPL accounts for a small portion of the overall annual spending on payment cards (including credit, debit, and prepaid cards) — which currently sits around $8T. However, BNPL is at an inflection point. By 2025, the global BNPL industry is expected to grow 10–15x its current volume, topping $1T in annual gross merchandise volume by some estimates. This growth trajectory has incumbents paying close attention and increasing their efforts to improve the digital user experience.
- There have been major acquisitions in this space as well, such as Square acquiring AfterPay for $29B.