Millennial LATAM BNPL looking for funds
It was a pleasure to meet Carlos Del Valle Garza, CEO of Zplit, a buy now, pay later solution for Latin America that enables Millennials and Gen Zs a flexible way to make purchases.
An entrepreneur at 13 years old, he started his first real company at 17 years old and has since been focused on the finance, construction, and energy sectors.
Paying in batches is nothing new to LATAM; it has been around for over three decades and has been common practice for a very long time. BNPL is a natural progression of that for online purchases for many customers. Per a Zplit's customer survey, it is clear to them that the existing split payment solutions, although in existence, do not cater to millennials who are financially savvy and do not want to pay heavy fees.
The service is being launched in one of the hottest markets in LATAM, Mexico, which has seen explosive ecommerce growth and still has a very large percentage of the population paying with cash. With the recent pandemic, online BNPL transactions have risen 100% in 2020 compared to 2019, in some countries. The BNPL industry is expected to reach $1 trillion in annual gross merchandise volume by 2025.
To learn more about the company and its products, please click on the video below:
We wish the team good luck, always great to see young entrepreneurs launch products for their generation. Problems they experience and understand well themselves.
The company is looking to raise their first seed round of about $2M.
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