‍Aplazo, Mexico’s leading Buy Now, Pay Later (BNPL) platform, has secured a $35.5 million credit line from BBVA Spark, the tech-focused division of BBVA. This funding adds to the $70 million raised in May 2024, bringing Aplazo’s total financing to over $200 million in equity and debt since its founding in 2020.

The BNPL model has gained significant traction in Mexico, providing consumers with interest-free installment plans without requiring a traditional credit card. Aplazo has positioned itself as a leader in this space, leveraging AI-driven credit assessments to serve a largely underbanked population.

Strengthening Aplazo’s Market Position

In 2024, Aplazo tripled its revenue, reinforcing its role as a key player in Mexico’s digital payments ecosystem. The company’s CEO, Ángel Peña, highlighted the significance of BBVA Spark’s support, stating:

“This new credit line is a testament to our commitment to revolutionizing financial access in Latin America.”

BBVA Spark emphasized its commitment to fostering high-growth startups, positioning itself as a strategic ally for fintech innovation in the region.

Aplazo’s Unique BNPL Approach

Aplazo’s differentiation in the BNPL market comes from:

  • Fast and seamless onboarding – Users can get approval in under three minutes.
  • Flexible repayment options – Payments are split into biweekly or monthly installments.
  • No credit card required – Aplazo serves a demographic largely excluded from traditional credit systems.

According to Aplazo, 70 percent of its users do not have any other financial product, and 40 percent lack a credit history. Despite this, the company maintains an approval rate of over 80 percent, thanks to AI-powered risk assessment tools that analyze financial and behavioral data in real time.

For merchants, integrating BNPL has been a game-changer:

  • 60 percent increase in average purchase size
  • 30 percent boost in conversion rates

These figures highlight BNPL’s impact on retail growth, making it an essential tool for e-commerce and physical stores.

The BNPL Boom in Mexico

The BNPL sector in Mexico is experiencing rapid expansion, with an expected 40 percent annual growth rate in 2024. A recent Research and Markets report projects that:

  • BNPL transactions in Mexico will reach $4.56 billion in 2024.
  • The sector will maintain a 27.2 percent compound annual growth rate (CAGR) through 2029.
  • By 2029, BNPL payments will exceed $15.2 billion in transaction volume.

This growth is fueled by younger consumers, particularly Millennials and Gen Z, who prefer flexible, transparent payment options over traditional credit.

Aplazo’s Path Forward

With its latest funding, Aplazo is set to:

  • Expand its merchant partnerships and consumer base.
  • Enhance its AI-driven credit evaluation systems.
  • Continue driving financial inclusion by offering alternative payment solutions.

As BNPL adoption accelerates, Aplazo’s position as a market leader strengthens, paving the way for a more inclusive and innovative financial ecosystem in Mexico.

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