Mexican startup Kontempo, which offers a “buy now, pay later” model for business-to-business purchases, announced in TechCrunch the closing of a US$31.5 million seed round (US$25 million in debt and US$6.5 million in equity). The round was led by Portage, a Canadian venture capital firm with a track record of investing in fintech companies (Wealthsimple, Koho, Clark). Scor P&C Ventures, Upper90, Ignia, Tectonic Ventures, and Asymmetric Capital Partners also participated.
Kontempo is only eight months old, and its partners are Antonia Marino (former Uber Mexico), Matthew Meehan (former Merrill Lynch), and Kwesi Steele (former Google).
It presents itself as an integrated payment solution for B2B e-commerce in LatAm, enabling companies to offer their business clients BNPL payments and interest-free installments. When they launched the company, co-founder Antonia Marino described it as “a powerful tool to help companies boost sales, increase customer loyalty and reduce payment risk.”
Business-to-business “buy now, pay later” (or B2B BNPL) is an area of growing interest to investors. Financial Times recently reported that this model is attracting more investment compared to consumer-focused BNPL companies, such as Klarna. This year, companies are looking for alternatives to manage their cash flows, which they have had to adjust due to rising energy bills and inflation.
Main image: Adobe Stock
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