Mexico Semiconductor "Kutsari" Program | Ep. 119
Plus, Aplazo $35.5 Million Credit Line, Glim $3.47 million Round, and more!
Your weekly newsletter on technology, VCs, and startups in Spanish-speaking Latin America.
I remember a few weeks ago reading a great newsletter edition of Fintech Takes from Alex Johnson exploring the impact of BNPL on consumers versus credit cards.
This week, Aplazo new US$35.5 million credit line made me dig a little deeper into the matter.
For context, this recent funding from BBVA Spark adds to the US$70 million raised in May 2024, bringing Aplazo’s total financing to over US$200 million in equity and debt since its founding in 2020.
The BNPL model has gained significant traction in Mexico, providing consumers with interest-free installment plans without requiring a traditional credit card.
In 2024 BNPL transactions in Mexico reached US$4.56 billion, and it is projected that the sector will maintain a 27% compound annual growth rate (CAGR) through 2029, exceeding US$15.2 billion in transaction volume.
This growth is fueled by younger consumers, particularly Millennials and Gen Z, who prefer flexible, transparent payment options over traditional credit.
According to Aplazo, 70% of its users do not have any other financial product, and 40% lack a credit history.
The opportunity can be huge, and BNPL a solution to Mexico low credit penetration, but here’s Alex answer to his question: Is BNPL better for (Mexican) consumers than credit cards?
I don’t know. The CFPB doesn’t know. No one knows. It’s too early to say.
My hunch, at this moment, is that the following three statements are true:
Use of pay-in-4 BNPL and use of credit cards are not mutually exclusive. In fact, they are increasingly linked together (and BNPL providers should furnish data to the credit bureaus!)
A credit card is a better product if it is used in a healthy and responsible way.
A pay-in-4 BNPL loan is a better product if it is used in an unhealthy and irresponsible way.
Qui vivra verra.
Follow The Money
🇲🇽 Aplazo Secures a US$35.5 Million Credit Line from BBVA Spark
Aplazo is a Mexican "Buy Now, Pay Later" (BNPL) Fintech. This new credit line comes in addition to the US$70 million it raised in May 2024. The startup is said to have tripled its revenue in 2024, reinforcing its market position. Unlike traditional credit, Aplazo allows users—70% of whom lack other financial products—to split payments without a credit card, leveraging AI-driven risk assessment. The opportunity is big, as BNPL adoption in Mexico is projected to grow at a 40% annual rate, reaching US$15.2 billion by 2029.
Sector: FinTech
Founders: Angel Pena, Alexander Wieland
Investors: BBVA Spark
🇦🇷-🇨🇴 Glim Raises a US$3.47 million Round
Glim is a Fintech providing salary optimization, real-time payroll management, financial education, and multi-currency wallets. The platform allows employees to control when and how they receive their wages, allocate funds for savings or investments, and access corporate discounts and cashback rewards. It addresses key challenges in Latin America, such as complex tax structures and inflation-driven salary erosion, helping companies improve compensation strategies while simplifying payroll management. With steady transaction growth and adoption by major companies, Glim is focused on strengthening its product offering in Colombia and Mexico before expanding into new markets.
Sector: Web3
Founders: Alex Robbio, Tomás González Ruiz
Investors: Skandia, DCG y ParaFi, MatterScale, Newtopia, Wayra
🇦🇷-🇨🇴 Quix Raises a US$350,000 Pre-Seed Round
Quix is a corporate training platform powered by artificial intelligence. The platform enables companies to create customized training programs in under 48 hours using internal content like documents, videos, and presentations. Integrated with WhatsApp, Slack, and Microsoft Teams, Quix provides an AI tutor available 24/7, guiding employees through role-playing exercises and simulations to improve learning outcomes. The team plans to use the funds to launch pilot programs with large corporations, strengthen its engineering team, and expand customer support in key industries.
Sector: FinTech
Founders: Ignacio Barrea, Julia Insua, Santiago Gómez, Carlos Alarcón
Investors: Mr. Pink, Venture Do
Startups News
🇨🇴 Nubank Colombia's New Loyalty Program
Nu Plus is Nubank Colombia's new customer recognition program, initially available to selected credit card users. Unlike traditional points-based programs, Nu Plus aims to help customers improve their financial habits by offering tangible benefits, such as redeemable Nu Points for credit card payments, interest rate reductions, and an additional 0.5% return on savings for those with a Nu account. Currently in its pilot phase, the program is automatically activated for eligible users who meet a monthly spending goal. Nubank plans to refine Nu Plus based on customer feedback before rolling it out to all credit card users in Colombia.
BBVA Integrates BBVA Spark Into its CIB Division
BBVA has integrated its startup financing unit, BBVA Spark, and its digital assets and blockchain strategy into its Corporate & Investment Banking (CIB) division. As part of this move, Roberto Albaladejo has been appointed global head of strategy, industries, and cross-border business for Sustainability and CIB, reporting to Javier Rodríguez Soler. He will oversee strategy development, innovation through BBVA Spark and digital assets, and cross-border business in key sectors. Santiago Muguruza will now lead BBVA Spark, supporting startups and venture capital funds, while Alicia Pertusa will head the bank’s digital assets and blockchain strategy, focusing on expanding product capabilities and distribution channels.
Economy
🇲🇽 Mexico Launches the "Kutsari" Program
Mexico has launched the "Kutsari" program to develop its semiconductor industry, aiming to cover chip design, production, and assembly by 2029. The initiative includes the creation of the National Semiconductor Design Center, with locations planned in Puebla, Jalisco, and Sonora by 2027, and a semiconductor manufacturing plant expected by 2029. The program seeks to reduce Mexico’s reliance on imported chips, boost exports, and create jobs, aligning with the country's broader semiconductor industry development plan. It also involves legislative reforms to streamline patent processes and protect intellectual property. Positioned strategically amid the U.S.-China semiconductor rivalry, Mexico is leveraging its trade agreements and collaboration with the U.S. under the "Western Hemisphere Semiconductor Initiative" to strengthen its role in the global chip supply chain.
🇲🇽 Grupo Coppel to Invest US$691 million in 2025
Grupo Coppel will invest 14.2 billion pesos (approx. US$691 million) in 2025 to expand its retail and financial services presence, accelerate digital transformation, and strengthen sustainability initiatives. The company plans to open 100 new stores, expand distribution centers, and improve logistics to cover 98% of Mexico's postal codes within three days. Additionally, it will invest 4.4 billion pesos (about US$214 million) in digitalization to enhance both in-store and online shopping experiences. This expansion is expected to generate 6,800 new jobs, reinforcing Coppel’s role as one of Mexico’s top employers and a key driver of economic development.
Expansion Plans
🇦🇷 Reaquila to Launches Operations in Spain and Mexico
Reaquila, an Argentine circular economy startup, is expanding beyond its home market, recently launching operations in Spain and Mexico. The company is working with retailers and supermarkets in Spain to implement recycling systems and is exploring Mexico’s high-demand market for packaging waste solutions. The startup is enhancing its AI-powered platform to improve waste collection efficiency and strengthen partnerships with governments, businesses, and communities.
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Abrazo,
Arnaud
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Credit history is a double-edged sword...great if used wisely, dangerous if ignored. Maybe BNPL needs a hybrid model: interest-free but also credit-score-building? What do you think, Arnaud?