Mexican buy now, pay later fintech Nelo has renewed a $100 million credit facility with Victory Park Capital, reinforcing its ability to scale consumer credit operations. The Mexico City based company, founded by former Uber employees, has emerged as one of Latin America's most efficient fintech platforms. The renewed funding will support Nelo's expanding app-first ecosystem for online and in-store purchases, utility payments, and merchant financing.
A Growing Consumer Payments Platform
Founded in 2019 by former Uber international growth team leads Kyle Miller and Stephen Hebson, Nelo allows users to split purchases into up to eight biweekly payments over 120 days. Customers can shop at Amazon, Mercado Libre, Walmart, and Zara, pay utility bills, withdraw cash, and access virtual and physical Mastercard cards. Through its partnership with Mastercard, the app enables installment payments at any online merchant and has powered more than three million purchases to date.
New AI-Powered Ecosystem
Nelo has introduced El Nuevo Nelo, an artificial intelligence driven commerce and credit platform serving both consumers and merchants. The ecosystem combines the Nelo App and Card, Tienda Nelo marketplace, Nelo Checkout, Nelo Capital, and a hub for everyday service payments. It operates with a transparent model that replaces revolving interest with fixed biweekly installments and full cost visibility before purchase.
Financial Performance and Efficiency
Nelo reports $115 million in annualized revenue, one million active customers, and three consecutive years of net profitability. The company generates approximately $2.5 million in revenue per employee with a full-time team of just 45 people. At the end of 2025, Nelo recorded a $75 million annual revenue run rate and $1 billion in purchase volume, underscoring its capital-efficient growth.
Advancing Financial Inclusion
Nelo positions itself as a channel for digital financial inclusion in Mexico, where about 75 percent of consumer transactions still occur in cash. One in three Tienda Nelo users reportedly makes a first online purchase through the marketplace, and one in five card users obtains a first credit card. The company has processed more than 40 million credit decisions, supporting its instant approval technology and healthy portfolio metrics.
Executive Perspectives
Nelo Chief Executive Officer Kyle Miller described the partnership with Victory Park Capital as an important step in the company's long-term growth plans. He noted that the renewed facility supports the next phase of expansion while keeping customer financing needs and user experience at the center of the strategy. Victory Park Capital Partner Jason Brown added that Nelo's app-first approach has differentiated the company and bridges a meaningful gap in consumer access to credit.
Capital for Continued Expansion
The $100 million debt facility will finance Nelo's consumer credit portfolio and allow the company to scale credit capacity without compromising portfolio health. Victory Park Capital's backing validates Nelo's underwriting discipline and its ability to generate consistent profitability while expanding. The funding also supports new merchant-facing tools such as Nelo Capital, which aims to boost sales for affiliated retailers.
Nelo's credit facility renewal marks a notable milestone in the evolution of Mexico's digital credit market. With one million active customers, sustained profitability, and an integrated commerce and credit platform, the company is well positioned to capture broader consumer and merchant demand. The continued backing from Victory Park Capital provides the debt capacity needed to support responsible expansion in a largely cash-based economy.