Venture capital-backed financial technology tartup Kueski Inc. has signed a deal with Amazon.com Inc. to become the first buy now, pay later provider on Amazon Mexico.

Under the partnership announced today, Amazon customers who choose to use Kueski Pay for their purchase can select plans of up to 12 bi-weekly installments. A key feature of the product is that it does not require a credit card, which is beneficial since an estimated 60% of adults in Mexico are unbanked and more than 70% of the population does not have a credit card.

The agreement between Kueski and Amazon allows customers to choose how they want to pay, including via a linked bank account, debit card or cash on affiliate networks. Additionally, any Mexican consumer over 18 can use this payment option.

“Customers are increasingly looking for flexible payment options to help them meet their purchasing needs,” Karen Pepper, head of digital payments for Amazon Mexico, said ahead of the announcement. “Paying in bi-weekly installments with Kueski Pay is Amazon’s latest initiative to provide customers in Mexico with access to affordable payment methods, and expanding Amazon’s secure financing offers with a simple fee structure demonstrating our commitment that Amazon is for everyone.”

Kueski was founded in 2012 and has, in that time, become one of the leading BNPL providers in Latin America, having granted 15 million loans to individuals and entrepreneurs in Mexico. The company’s flagship product, Kueski Pay, allows customers to make purchases and pay later, both online and in physical stores. An additional service called Kueski Cash offers personal loans. 

The company has raised over $300 million in funding, including $202 million raised in a mixed equity and debt round in January 2021. Investors in Kueski include StepStone Group LLC, Victory Park Capital Advisors LP,  Altos Ventures Management LLC, Cathay Innovation SAS, Richmond Global Ventures LLC, Rise Capital VC Management LLC, Tuesday Capital LLC, Angel Ventures Inc. and Cometa Inc.

Image: Kueski