Nelo integrates with Google Wallet and launches physical credit cards
By Delisha Fernandes
Nelo, a consumer payments platform in Mexico, has announced an integration with Google Wallet and the launch of physical cards.
The Nelo card can be securely added to Google Wallet, enabling consumers to make contactless payments effortlessly from their Android devices. The consumer payments platform has powered 6 million online purchases in its app. These new products allow Nelo customers to pay with Nelo offline.
When customers charge a purchase to their card (either physical or through Google Wallet), they can repay in full at the end of their statement period interest-free or elect to finance their transaction over time and repay in instalments. This model and a biweekly repayment schedule differentiate Nelo’s product from a traditional revolving credit card.
“The number one request we’ve had from our customers has been a way to pay in person. With these launches, we enable that,” said Kyle Miller, co-founder and CEO of Nelo. “Nelo’s mission is to increase the buying power of consumers in Latin America. We are doing this with a transparent, fair credit product, built the way that credit should work.”
Nelo aims to build a modern alternative to a credit card, designed from first principles for a world of real-time and mobile payments. Nelo’s app is available on Android and iOS. The consumer payments platform has raised over $25 million of equity capital from investors, including Two Sigma Ventures, Homebrew, and Susa Ventures, and has a $100 million credit facility from Victory Park Capital.