Nelo, the consumer payments platform in Mexico, is partnering with Paymentology, the global issuer-processor, as it launches its physical cards. Its also includes partial biweekly repayments. This partnership will also support Nelo’s Mastercard in-person payments via Billetera de Google in Mexico. As a result, customers to settle their entire balance or opt for financing specific purchases gradually.
Paymentology enables Nelo to smoothly launch its Tap to Pay solution through Google Wallet, in addition to its physical card. Furthermore, the partnership will enable more people to access credit reliably, improving financial inclusion.
This is especially impactful as over 40 per cent of the Mexican populace is financially excluded, despite efforts being made by fintechs to change this. They do not have access to services such as banking, savings, credit and insurance. The partnership looks to provide this segment of the population with financial freedom: enabling them to pay how and when they want.
Kyle Miller, co-founder and CEO of Nelo commented: “Empowering consumers across LatAm is our mission, and in response to our customers’ high demand, we now provide the means to pay in person. Together with Paymentology, we have the expertise and infrastructure to introduce a transparent and equitable credit solution. We can redefine the essence of credit itself.”
Alejandro Del Rio, regional director for LatAm at Paymentology added: “Through our innovative solutions and superior technological ability, we are empowering Nelo to bridge the financial divide with this latest development in the partnership. This will enable it to reach out to those previously unbanked and integrating them into the financial system. We are excited to continue supporting Nelo on its journey to enhance its customers’ purchasing power while remaining ethical.”
Nelo’s trust from the industry is further cemented by its latest investment and financial support rounds. Nelo has raised over $25million of venture capital from investors. These include Homebrew, Two Sigma Ventures, and Susa Ventures. Additionally, a $100million credit facility was raised with Victory Park Capital.
The post Nelo and Paymentology Tackle 40% of Financially Excluded Mexicans With Partnership appeared first on The Fintech Times.
