- More than 60 million adults in the country need credit options, and over 70% of these transactions are carried out through installment plans
- Mexico’s BNPL market is expected to reach USD $13.85 billion by 2031
MEXICO CITY, March 24, 2026 /PRNewswire/ — APLAZO, a leading Mexican platform for “Buy Now, Pay Later” (BNPL) solutions, has expanded its credit line with BBVA Spark by 40%, reaching a total of $50 million. This extension will enable the company to continue driving its growth and expanding access to financing solutions in Mexico. In this way, BBVA Spark—the business unit specialized in high-growth companies and venture capital funds—reinforces its commitment to promoting credit inclusion in the country and bringing merchants closer to consumers through digital and flexible tools such as APLAZO.
“We are very proud of what we have achieved so far and confident that, with this credit extension, we will reach more people in a stronger position, providing them with simple, fair, and transparent solutions, and fostering credit inclusion in the country,” said Ángel Peña, CEO and co-founder of APLAZO. “The growth of the model is clear; for example, BNPL was one of the five most widely used payment methods during Buen Fin 2025, accounting for 12% of user preferences, according to AMVO.”
Rodrigo Velasco, Country Manager Mexico & LatAm Head at BBVA Spark, stated: “We are excited to join Ángel and Alex’s vision and celebrate the growth and results they have achieved. Today, APLAZO enables millions of Mexicans to pay for their purchases ‘at their own pace.’ At BBVA Spark, we reaffirm our commitment to driving financial innovation in the country and will continue to be the partner of companies with bold ambitions.”
Founded in 2020, APLAZO provides flexible payment solutions to both physical and digital merchants, allowing users to make purchases and pay for them in installments without the need for a credit card. The company serves a large market in Mexico, where more than 60 million adults need credit options (ENIF 2024), and more than 70% of credit transactions are conducted through installment plans (Stripe, PayPal, Research and Markets on MSI/BNPL). As a result, the brand has established itself as a leader in the BNPL space in the country, with more than 300,000 monthly downloads, millions of users, and over 15,000 commercial partners across both physical and online stores, operating in various segments such as retail, travel, entertainment, health, and wellness, among others, ranging from local businesses to large chain retailers.
The “Buy Now, Pay Later” (BNPL) method has established itself as a flexible and increasingly important payment option, especially in Mexico. This system allows consumers to acquire products or services immediately and defer the cost over time, facilitating access to consumption without the need for a credit card. The ease of this model has driven significant expansion in the Mexican market, which is expected to grow from $3.98 billion in 2025 to $13.85 billion by 2031.
This transaction not only enables BBVA Spark to advance its goal of financing innovative, high-growth companies, but also aligns with the Group’s strategy by incorporating a social impact component. Specifically, through APLAZO, the unbanked population can begin building a digital credit history while simultaneously expanding their access to goods and services.
APLAZO is Mexico’s leading “Buy Now, Pay Later” (BNPL) payments platform. Founded with the mission of empowering consumers through responsible, easy, and transparent access to financing in just five minutes, APLAZO enables users to shop online or in-store and pay through convenient, flexible biweekly installments—no credit card required. Through advanced technology and strategic partnerships with merchants of all sizes, APLAZO drives financial inclusion.
BBVA Spark is the bank for high-growth, innovative companies and venture capital funds. BBVA Spark allows all its clients to meet their financial needs in one place, from basic products such as collections/payments, payroll, and cards, to structured financing products such as venture debt or asset-backed lending, tailored to companies in more advanced stages of development or those already seeking venture capital investment.
BBVA Spark is already present in five regions, has more than 1,800 clients, and has committed nearly €1 billion in bank financing to provide both working capital solutions and long-term investment projects.
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SOURCE APLAZO
