Priya Patel
TLDR:
– Amazon Mexico has partnered with fintech company Kueski to offer buy now pay later (BNPL) solutions and personal loans to its customers in Mexico.
– The partnership marks the first BNPL offering by Amazon in the Mexican market, with payments initially being offered in bi-weekly instalments for up to 12 purchases.
Amazon Mexico has joined forces with fintech company Kueski to provide buy now pay later (BNPL) solutions and personal loans to its customers in Mexico. This partnership marks Amazon’s first foray into the BNPL market in Mexico.
Under the agreement, Amazon will offer bi-weekly instalments for up to 12 purchases, with Kueski providing the financing for these purchases and determining each user’s credit allowances.
This collaboration comes as Mexico’s fintech market continues to grow, with a significant number of the population still lacking access to traditional banking services. Fintech companies like Kueski are stepping in to fill this gap and provide financial services to the underserved.
Kueski, which has been in operation since 2012, has seen substantial growth in recent years, raising $202 million in a Series C funding round in late 2021. The company launched its BNPL services in 2021, and the integration with Amazon has further boosted its growth.
Mexico is emerging as a leading fintech hub in Latin America, second only to Brazil. The partnership between Amazon and Kueski highlights the potential for further growth in the Mexican fintech market. Kueski’s Head of Finance, Andrew Seiz, believes that Mexico offers a significant opportunity for the company, given the strong consumer demand and robust macroeconomic outlook in the country.
Overall, Amazon’s partnership with Kueski in Mexico signifies the increasing importance of BNPL solutions and personal loans in the country’s financial services sector. With Amazon’s vast customer base and Kueski’s expertise in providing financing, this collaboration has the potential to benefit a wide range of Mexican consumers who may not have had access to such services before.
