Victory Park Capital Announces $100 Million Credit Facility for Consumer Payments Platform Nelo
Press Release
Oct 19, 2022
CHICAGO–(BUSINESS WIRE)–Victory Park Capital (“VPC”), a leading global alternative investment firm specializing in private credit, today announced it has provided a $100 million credit facility to Nelo, a consumer payments platform for online purchases in Mexico.
Nelo’s recently launched all-in-one app enables customers to pay in installments at any online merchant, through a partnership with Mastercard. Nelo’s app is the first of its kind in Mexico and allows users to finance everyday necessities like utility bills, cellular plans, and other e-commerce purchases. The platform has powered more than 3M purchases to-date and the company employs 36 people, representing citizenship of eight different countries. The funding from VPC will enable Nelo to execute its plans for continued expansion.
“This partnership with VPC marks a very important step in our long-term growth plans,” said Nelo CEO Kyle Miller. “We are proud to have VPC’s support as we navigate our next phase of expansion and continue to focus on meeting our customers’ financing needs and providing a best-in-class user experience.”
“Through its app-first strategy, Nelo has successfully differentiated itself from competitors and we believe the company is well-positioned for growth,” said Jason Brown, Partner at Victory Park Capital. “Kyle and his team have developed an innovative product that bridges a significant gap in consumer access to credit, and we’re highly confident in their ability to capitalize on the sizable market opportunity ahead.”
About Victory Park Capital
Victory Park Capital is a global alternative investment firm that provides capital to emerging and established businesses in the U.S. and abroad. The firm’s differentiated offerings leverage an extensive network of industry relationships, disciplined deal origination, creative financing capabilities, broad credit structuring and special situations expertise. The firm was founded in 2007 and is headquartered in Chicago with additional resources in New York, Los Angeles, London, Austin, and Miami. VPC is privately held and a Registered Investment Advisor with the SEC. For more information, please
visit www.victoryparkcapital.com.
About Nelo
Founded by former Uber international growth team leads in 2019, Nelo is a consumer payments product in Mexico available on Android, iOS, and at checkout for merchants. Consumers can use Nelo to pay for purchases at thousands of stores including Walmart, Mercado Libre, Telcel, Amazon, and more.
Media Contacts:
Victory Park Capital
Jordan Niezelski, Edelman Smithfield
jordan.niezelski@edelmansmithfield.com
Nelo
Kyle Miller, CEO