Paymentology partners with Nelo for in-person transactions in Mexico

Nelo, with over 6 million online purchases, is changing the way credit products are offered. Their Nelo card, featuring integrated Google Wallet, offers customers the choice to pay their balance in full or finance individual purchases over time. What makes Nelo unique is its option for partial biweekly repayments, distinguishing it from traditional revolving credit cards.

Increasing access to credit and financial inclusion in Mexico

Thanks to Paymentology, Nelo now has access to a fast and scalable infrastructure solution, enabling the 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 their services more 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.

Officials from Nelo said they are among the first to enable Google Pay in Mexico. Empowering consumers across LatAm is their mission, and in response to their customers' high demand, they now provide the means to pay in person. Collaborating with Paymentology as their global technical partner, they have the expertise and infrastructure to introduce a transparent and equitable credit solution, redefining the essence of credit itself.

Paymentology’s representatives commented that through their innovative solutions and superior technological ability, they are facilitating Nelo to bridge the financial divide with this partnership, reaching out to those previously unbanked and integrating them into the financial system. They 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 investment and financial support rounds. The company has raised over USD 25 million of venture capital from investors including Homebrew, Two Sigma Ventures, and Susa Ventures. Additionally, a USD 100 million credit facility was raised with Victory Park Capital.