Nelo’s partnership with Paymentology gives Mexican users real cards, flexible payments, and financial inclusion through Google Wallet.
In order to introduce its physical cards, Nelo, a consumer payments platform in Mexico, is collaborating with Paymentology, a global issuer-processor. Additionally, partial biweekly repayments are included. Through Billetera de Google in Mexico, this agreement will also support Nelo’s Mastercard in-person payments. As a result, clients can choose to pay off their entire bill at once or choose to finance particular products over time.
In addition to its physical card, Paymentology enables Nelo to effortlessly introduce its Tap to Pay solution through Google Wallet. Additionally, the cooperation will increase financial inclusion by giving more individuals dependable access to credit.
This has particular significance in Mexico, where more than 40% of the population is financially disenfranchised despite efforts by fintechs to change this. They don’t have access to banking, savings, credit, or insurance services. The alliance aims to give this group of people financial freedom by letting them make payments when and how they like.
This is our mission
“Empowering consumers across LatAm is our mission, and in response to our customers’ high demand, we now provide the ability to pay in person,” said Kyle Miller, co-founder and CEO of Nelo. We have the know-how and infrastructure, working with Paymentology, to introduce a fair and transparent credit solution. The very nature of credit itself can be redefined.
With this most recent advancement in the cooperation, Alejandro Del Rio, regional director for LatAm at Paymentology, added: “Through our creative ideas and excellent technological ability, we are enabling Nelo to transcend the financial barrier. As a result, it will be able to connect with folks who weren’t previously banked and include them into the financial system. We are eager to keep assisting Nelo in its mission to increase customer spending power while upholding moral principles.
The most recent rounds of funding and investments made by Nelo have only strengthened the company’s reputation in the market. Investors have provided Nelo with nearly $25 million in venture funding. Homebrew, Two Sigma Ventures, and Susa Ventures are a few of these. In addition, Victory Park Capital raised a $100 million credit facility.
