ALLVP exits Aplazame as Spanish banks expand Fintech bets
Mexico City - August 1, 2018 – ALLVP is pleased to announce the sale of portfolio company Aplazame to Spanish online leading bank, WiZink. The branchless Spanish bank with over €3bn in credit card loans, acquired Aplazame to complement its consumer lending portfolio. The 100% cash transaction reaffirms ALLVP’s ability to create value in the new Fintech wave.
Founded in 2014, Aplazame offers a unique payment alternative to e-commerce customers by providing lending directly at the point-of-sale based on a proprietary platform and risk algorithm, while stores use it as a marketing tool to increase sales. ALLVP led the company’s seed round in 2016 betting on Aplazame early traction in Spain and potential in Latin America. Aplazame launched in Mexico two years later.
Aplazame, will continue to operate as an independent company with Fernando Cabello-Astolfi, founder & CEO, leading the startup with the same team that grew the tech company from scratch. Fernando commented: “I am very grateful for the confidence that WiZink places in Aplazame and in the fabulous team that we have assembled during these years. We were lucky to be supported by ALLVP to build Aplazame, and today, we are grateful to add the financial strength of WiZink, to scale the company.”
For Iñaki Perkins, CEO of WiZink: “Aplazame's proposal fits perfectly with our digital profile and with our philosophy of simplicity and to make the client's day-to-day easier. Although WiZink and Aplazame will continue to operate as two independent companies, this acquisition is another step towards becoming a benchmark for flexible payment methods and reinforces our digital strategy by entering the field of e-commerce.”
Fernando Lelo de Larrea, Managing Partner at ALLVP, commented on the relevance of the transaction: “As Fintech investors, we look for unique technologies that create exceptional value in financial services. WiZink recognized the value of adding the outstanding technical talent of Fernando Cabello and his team. This transaction confirms ALLVP’s thesis in the Fintech opportunity in Latin America."