Victory Park Capital (VPC), a global alternative investment firm specializing in private credit, provided a $100 million credit facility to Nelo, a consumer payments platform for online purchases in Mexico.
Nelo’s recently launched all-in-one app enables customers to pay in installments at any online merchant, through a partnership with Mastercard. Nelo’s app is the first of its kind in Mexico and allows users to finance everyday necessities like utility bills, cellular plans and other e-commerce purchases. The platform has powered more than 3M purchases to-date and the company employs 36 people, representing citizenship of eight different countries. The funding from VPC will enable Nelo to execute its plans for continued expansion.
“This partnership with VPC marks a very important step in our long-term growth plans,” Kyle Miller, CEO of Nelo, said. “We are proud to have VPC’s support as we navigate our next phase of expansion and continue to focus on meeting our customers’ financing needs and providing a best-in-class user experience.”
“Through its app-first strategy, Nelo has successfully differentiated itself from competitors and we believe the company is well-positioned for growth,” Jason Brown, partner at Victory Park Capital, said. “Kyle and his team have developed an innovative product that bridges a significant gap in consumer access to credit, and we’re highly confident in their ability to capitalize on the sizable market opportunity ahead.”
