The fundraising comes as Kueski prepares to roll out a mobile application to enable users to verify their profile, manage payments, and browse partner stores. Credit: Andrej Lišakov on Unsplash.

Mexican buy now pay later (BNPL) player Kueski has secured $202m in an equity and debt funding round to grow its business and bolster its product ecosystem for customers.

StepStone Group led the primary equity round while the debt financing was led by Victory Park Capital.

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The round was backed by investors including Glisco Partners, OnePrime Capital, Altos Ventures, Cometa, Cathay Innovation, Richmond Global Ventures, Rise Capital, and Angel Ventures Mexico.

The fundraising comes as Kueski prepares to roll out a mobile application to enable users to verify their profile, manage payments, and browse partner stores.

Last month, Kueski expanded the availability of its BNPL product Kueski Pay to brick-and-mortar stores.

Kueski founder and CEO Adalberto Flores said: “Our goal is to connect the whole Mexican retail economy without requiring consumers to have a bank account, a credit card, or credit history.

“By using Kueski Pay, consumers can defer the costs of payment over time without expensive credit cards or bank loans, and merchants can tap into a whole new market and boost their sales.”

Founded in 2012, Kueski also offers personal loans and salary advances to consumers. It has integrated with Walmart, Kipling, Nautica, VivaAerobus, Motorola and Xiaomi Shop.

StepStone Group partner Jim Lim said: “We are excited by the opportunities in the BNPL sector in Mexico and the rest of Latin America and are delighted to be partnering with one of the market leaders in Latin America, Kueski.”

Victory Park Capital partner Gordon Watson added: “Driven by limited consumer credit penetration in the region, and Kueski’s formidable competitive advantages, we anticipate many years of strong growth ahead.”

Recently, Mexico’s first omnichannel BNPL platform Aplazo raked in $27m in a Series A funding round to invest in resources across product, sales, engineering, and merchant success.