Financial Inclusion in Mexico Expands Through BNPL: Kueski

Kueski, founded in 2012, began by offering personal loans to individuals who had never qualified for traditional credit. Over time, it expanded into Buy Now, Pay Later (BNPL) through Kueski Pay and recently launched a cashback and affiliate marketplace ecosystem. Together, these products help integrate users into the financial system in a practical, educational way, allowing them to understand interest, repayment schedules, and digital purchasing without the friction or intimidation of legacy banking. 

“Our vision has not changed in 13 years: to facilitate the financial life of Mexicans,” said Lisset May Cervantes, SVP of Sales & Customer Operations, Kueski.

Kueski has issued more than 30 million personal loans and maintains a 90% user recurrence rate, with delinquency levels in the low single digits. This performance, the company says, reflects its emphasis on transparency and consumer trust. “Trust is one of our most important pillars: being transparent with users, merchants, and with Mexico as a country,” said Samantha García, VP of Brand Marketing, Kueski.

BNPL in Mexico: From Early Doubts to Profitability and Market Leadership

BNPL has become a preferred option for Mexican consumers, especially for high-value purchases. After focusing on optimizing unit economics, the company reports that Kueski Pay now delivers positive contribution margins and is on track to cover operating expenses in 2025. This improved financial performance has helped reposition BNPL in Mexico as a viable and sustainable alternative to traditional credit.

“What is particularly striking is BNPL’s growing role as a purchase enabler,” said Cervantes. According to Kueski’s latest data, one in five consumers now uses Kueski Pay as their primary payment method during peak shopping events like Buen Fin, and more than half of users rely on BNPL as a regular part of their financial toolkit. Additionally, half of Kueski Pay users say they would not have made a purchase during Buen Fin without BNPL availability.

Mexican Consumers Are Becoming More Strategic, Digital, and Security-Oriented

Kueski’s El Buen Fin consumer study reveals a significant shift in how Mexicans shop, plan, and choose payment methods. The company reports that 95% of surveyed users planned their purchases in advance—a notable departure from the impulsive buying patterns historically associated with Buen Fin. High-value categories such as technology, electronics, home goods, and travel now dominate consumer spending, with clear generational differences.

Digital commerce has also strengthened its position. Half of consumers now prefer to shop online, a dramatic increase from pre-pandemic levels. As e-commerce grows, consumers are increasingly prioritizing payment methods that offer flexibility, transparency, and security. One-third of users actively seek installment options, and many compare prices and payment conditions with far greater rigor than in the past.

Security concerns are also reshaping behavior. Fifty-seven percent of users fear becoming victims of online fraud, making non-bank, non-card payment solutions especially appealing. As García noted, “With Kueski Pay, consumers do not need to share banking information. That gives users a stronger sense of security and control when buying online.” Fraud prevention remains a strategic priority, with Kueski investing heavily in artificial intelligence to detect anomalies and mitigate emerging digital risks.

Regarding future ambitions, the company reiterated that going public remains a long-term goal. “Mexico’s capital markets are evolving at a different pace than others. While a potential public listing is a long-term consideration, Kueski is currently focused expanding our product offering, scaling our technology, and continuing to drive sustainable growth. We believe that as financial education and investor participation continue to increase, new opportunities will emerge for companies and for the local market,” Cervantes said.

The company believes that financial inclusion and education should be priorities across the industry. “Mexico shows the world that financial products can be done well here. We are proving that you do not need foreign models; you need models built for Mexicans,” Cervantes concluded.