Credit cards have been around for a long time now. In the digital age, retailers have partnered with Buy Now, Pay Later (BNPL) companies, making it easier for people to make purchases on their websites.
BNPL is a FinTech solution that allows consumers to purchase any item they want now without the need to make an instant payment. It differs from the regular credit card. The difference between a credit card and a BNPL option is that many BNPL providers don’t charge any interest, as there is a fixed repayment schedule.
Buy Now Pay Later is revolutionising how customers make online and in-store purchases by making payments more flexible and convenient for shoppers. BNPL apps are similar to credit cards, but the difference is that many don’t charge any interest as long as you make the scheduled payments.
In the wake of the pandemic, BNPL has gained much popularity, and this has paved the way for the emergence of BNPL providers all over the world.
Here are 4 Latin America-based BNPL companies to keep an eye out for in 2023:
- Addi
Addi is a technology company that seeks to promote and enable digital commerce in Latin America. By providing BNPL, Addi wants you to buy what you want, when you want, easily, quickly, and transparently. Addi allows you to pay in 3 installments with 0% interest. The tech company doesn’t charge interests or any extra costs; it simply requires your WhatsApp and ID.
- Creditas
Creditas is one of the leading online credit platforms with guarantees in Brazil and one of the largest FinTechs in Latin America. They work with four main products: loan with a guarantee of property and vehicle, private payroll loan, and vehicle financingCreditas’ mission is to enable what fulfils people by unleashing the potential of their assets. And they are constantly researching innovative ways to help people reach new heights.
- Kueski
Kueski is one of the largest online consumer lenders in Mexico that provides financial services for users who are ineligible for traditional bank loans. Because of its technology and data analysis criteria, the company has positioned itself as a market leader. Tuesday Capital, Victory Park Capital, Sobrato Family, Angel Ventures Mexico, Rise Capital, Core Ventures Group, Ariel Poler, Pedro Aspe, Bismarck Lepe, Variv Capital, David Begler, Endeavor Catalyst, and Auria Capital are among the companies betting on this project.
- Nelo
Nelo is a startup founded by former Uber international growth team leads. It began offering BNPL services to Mexico in early 2021. Its ultimate goal is to expand to all of Latin America, and it has also raised $20 million in an effort to help it advance on that goal. The Mexico City-based company is already live with over 100 merchants, including Steve Madden and Ben & Frank. Using Nelo’s app, customers can purchase from merchants such as Amazon, Mercado Libre, Telcel, Netflix, and Spotify.
