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Nelo Mobile

Buy-now-pay-later fintech offering installment payments

Overview

Nelo is a Mexico City-based consumer fintech that offers buy-now-pay-later services. It lets shoppers split purchases into up to eight biweekly payments over 120 days and can be used at online and offline retailers, with options to pay utilities, withdraw cash, and use Mastercard virtual and physical cards. The product works by digitally underwriting Mexican consumers for installment credit and financing purchases at partner merchants such as Amazon, Mercado Libre, Walmart, and Zara; repayments are made over a set schedule via the app. Nelo differentiates itself through a focus on the Mexican market with digital underwriting, a broad use-case set (incl. utilities payments and cash withdrawals), and a scalable credit facility to support its consumer credit book. Its goal is to grow flexible installment credit for Mexican shoppers while expanding its merchant network and maintaining profitability, aiming for continued growth in purchase volume and revenue.

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About Nelo Mobile

Simplify's Rating
Why Nelo Mobile is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Consumer SoftwareFintechFinancial Services

Company Size

51-200

Company Stage

Debt Financing

Total Funding

$223M

Headquarters

Mexico City, Mexico

Founded

2019

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Simplify's Take

What believers are saying

  • Nelo renewed a $100 million facility in September 2026, expanding lending capacity.
  • It reported $115 million annualized revenue, one million active customers, and three profitable years.
  • Nelo’s Google Wallet, physical card, and merchant credit products deepen usage beyond e-commerce.

What critics are saying

  • Victory Park Capital still finances Nelo’s credit book, creating refinancing pressure in 2027.
  • Mexico still lacks BNPL-specific regulation, leaving Nelo exposed to consumer-protection enforcement.
  • Mercado Pago, Kueski, and Aplazo can compress margins faster than Nelo scales.

What makes Nelo Mobile unique

  • Nelo pairs BNPL with Tienda Nelo, Checkout, and Nelo Capital, broadening monetization.
  • Its 2026 AI-commerce push targets consumers and merchants, not just installment lending.
  • One-third of Tienda Nelo buyers make their first online purchase there.

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Funding

Total Funding

$223M

Above

Industry Average

Funded Over

4 Rounds

Debt funding comparison data is currently unavailable. We're working to provide this information soon!
Debt Funding Comparison Coming Soon

Benefits

Health Insurance

Dental Insurance

Vision Insurance

Unlimited Paid Time Off

401(k) Retirement Plan

Extended maternity and paternity leave

Relocation Support

Remote Work Options

Hybrid Work Options

Sabbatical Leave

Stock Options

Company Equity

401(k) Company Match

Unlimited Paid Time Off

Health Insurance

Growth & Insights and Company News

Headcount

6 month growth

3%

1 year growth

-3%

2 year growth

-3%
LatamList
Sep 15th, 2026
Nelo renews $100M credit facility with Victory Park Capital.

Nelo renews $100M credit facility with Victory Park Capital. Mexican buy now, pay later fintech Nelo renewed its $100M credit facility with Victory Park Capital. Founded in 2019 by former Uber employees Kyle Miller and Stephen Hebson, Nelo allows users to split purchases into up to eight biweekly payments over 120 days. Customers can also use the app to shop at retailers including Amazon, Mercado Libre, Walmart, and Zara, pay utility bills, withdraw cash, and access virtual and physical Mastercard cards. Nelo will use the debt to finance its consumer credit portfolio. Nelo reports $115M in annualized revenue, one million active customers, and three consecutive years of profitability. At the end of 2025, Nelo reported a $75M annual revenue run rate and $1B in purchase volume.

Latam Fintech Hub
Sep 15th, 2026
Mexican BNPL fintech Nelo renews $100M debt facility to expand lending capacity

Mexican fintech Nelo has renewed a US$100 million credit facility with Victory Park Capital to fund customer loans. This is not fresh investment but a renewal of the same facility granted in 2022. The buy-now-pay-later company reports US$115 million in annualised revenue and its third consecutive year of profitability. Nelo's app allows users to split purchases into up to eight fortnightly payments over 120 days. It issues a single-use virtual Mastercard for each purchase and offers a physical card for long-standing customers. The platform integrates shopping at retailers like Amazon, Mercado Libre, and Walmart, plus utility payments and cash withdrawals. Founded in December 2019 by Kyle Miller and Stephen Hebson, former Uber executives, Nelo last raised venture capital in October 2021 with a US$20 million Series A. The company now serves one million active customers with 45 full-time employees.

LatamList
Sep 19th, 2023
Paymentology And Nelo Partner To Boost Financial Inclusion In Mexico

Paymentology, a global card and payment processing leader, teamed up with Nelo, a Mexican buy now pay later platform.The partnership will encompass support for Nelo’s Mastercard for in-person payments via Google Wallet allowing customers to pay their balance immediately over time, along with the introduction of physical cards.To date, Nelo has raised over $25 million in venture capital and a $100 million credit line from Victory Park Capital.“We are very proud to be among the first to enable Google Pay in Mexico. Through our collaboration with Paymentology, we have the expertise and infrastructure to introduce a transparent and equitable credit solution,” said Kyle Miller, Nelo’s co-founder.While Alejandro Del Río, Paymentology’s Regional Director for Latam, added:“We are empowering Nelo to bridge the financial gap, and we are excited to continue supporting their mission to enhance the purchasing power of their customers.”Read more on Contxto

FF News
Sep 12th, 2023
Paymentology Partners With Nelo: Creating The Bridge For In-Person Transactions In Mexico

Paymentology, the leading global issuer-processor, today announces its partnership with Nelo, a consumer payments platform in Mexico, to support its Mastercard in-person payments via Billetera de Google in Mexico and the launch of physical cards.With over 6 million online purchases on its platform, Nelo is reimagining the way that credit products should be delivered. The Nelo card, along with the integrated Google Wallet feature, provides customers with the flexibility to either settle their entire balance or opt for financing specific purchases gradually, enabling widespread usage of the popular online purchasing solution. What sets Nelo’s product apart from a conventional revolving credit card is the inclusion of partial biweekly repayments, making it a distinctive offering in the market.Thanks to Paymentology, Nelo now has access to a fast and scalable infrastructure solution, enabling the smooth launch of its Tap to Pay solution through Google Wallet, along with its physical card. With Paymentology’s support, Nelo can offer more people access to credit swiftly and reliably, making Nelo’s services accessible and efficient.The news comes at a time when over 40% of the Mexican population remains financially excluded, meaning they do not have access to formal financial services such as banking, savings, credit, and insurance. However, technology partnerships like that of Nelo and Paymentology are critical in improving financial inclusion in the country by bringing financial services to the previously unbanked and enabling consumers to pay how and when they want.Kyle Miller, co-founder and CEO of Nelo commented: “We’re incredibly proud to be among the first to enable Google Pay in Mexico. Empowering consumers across LatAm is our mission, and in response to our customers’ high demand, we now provide the means to pay in person

Finextra
Sep 12th, 2023
Paymentology's card issuing platform support Nelo's expansion in Mexico

Paymentology, the leading global issuer-processor, today announces its partnership with Nelo, a consumer payments platform in Mexico, to support its Mastercard in-person payments via Billetera de Google in Mexico and the launch of physical cards.

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