Nelo provides a digital credit platform that enables consumers in Latin America to obtain immediate credit approvals and manage payments for services and purchases through a user-friendly app. By offering flexible repayment options and transparent terms, Nelo enhances consumers' purchasing power while helping them improve their credit history.
Funding
$25.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
VPFounders
Product
Problem
Many consumers in Latin America lack access to traditional credit systems, hindering their ability to make purchases and manage essential payments. Existing credit options often have inflexible repayment terms and lack transparency, making it difficult for consumers to build a positive credit history.
Solution
Nelo is a digital credit platform that provides accessible and transparent financial solutions for consumers in Latin America. Through a user-friendly mobile application, Nelo offers instant credit approvals for various services and purchases, including utility payments, mobile recharges, and online shopping. Users can access virtual credit cards for online transactions and physical cards for in-store purchases, with flexible repayment options tailored to their needs. By providing clear terms and promoting responsible credit management, Nelo empowers users to enhance their purchasing power and improve their creditworthiness.
Target Audience
Nelo primarily targets consumers in Latin America who are seeking accessible credit solutions for everyday purchases and bill payments, particularly those who may have limited access to traditional banking services.
Features
- Instant credit approval through a mobile app
- Virtual credit cards for secure online purchases
- Physical credit cards for in-store transactions (VIP users)
- Flexible repayment options with fixed installments
- Payment options for utility bills (CFE, water, gas, Telmex) and mobile recharges
- Installment payments for online shopping at major retailers (Amazon, SHEIN, Walmart)
- Option for cash loans with flexible repayment schedules
- Security features including a security code and one-time virtual credit card generation