Mexico's BNPL Kueski raises $202 mln in funding round

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SAO PAULO, Dec 2 (Reuters) - Mexican fintech Kueski has raised $200 million in an equity and debt funding round to expand its business, the provider of buy now pay later (BNPL) services said in a statement on Thursday.

Private equity firm StepStone Group led the $102 million equity investment, while alternative investment firm Victory Park Capital was the main investor in the $100 million debt round. OnePrime Capital, Glisco Partners, Altos Ventures, Cometa, Richmond Global Ventures, Cathay Innovation, Rise Capital, and Angel Ventures Mexico are also part of this funding round.

"Our goal is to connect the whole Mexican retail economy without requiring consumers to have a bank account, a credit card, or credit history," said Kueski founder and CEO Adalberto Flores in a statement, adding more than 90% of retail transactions are currently paid in cash.

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Founded in 2012, Kueski offers consumers BNPL services, personal loans and salary advances. It has processed more than 5 million transactions online.

Kueski has BNPL partnerships with companies such as Walmart, Nautica, Motorola and Xiaomi Shop.

(This story has been refiled to remove extraneous tag from headline)

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Reporting by Carolina Mandl

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