Nexu secured a roughly $55 million revolving credit line from BBVA Spark to expand car lending in Mexico, where it targets borrowers underserved by conventional lenders. The bank announced the closing on November 9.
Nexu offers car loans and leases through dealerships, giving shoppers another financing option at the point of sale. Its platform assesses applicants using proprietary risk models. The companies expect the facility to support more than 10,000 loans across a network of 3,000 dealerships, distributors and partner brands.
A roughly $143 million HSBC credit line preceded the BBVA deal in July, according to Startuplinks. El Cronista's coverage of that financing described Nexu's target customers as people rejected by conventional lenders, including HSBC.
Nexu says it considers applicants with imperfect credit histories. Its customer guidance distinguishes an immediate preliminary assessment from final approval, which follows biometric identity checks, income verification and phone calls with applicants and their references.