Nexu helps people in Mexico get financing to buy a car, even if they don't have a long credit history for a bank to evaluate. The company built its own system to judge, in real time, whether a buyer is likely to repay a loan, and works directly with more than 1,000 car dealerships — roughly half of all dealerships in the country — so buyers can walk out with financing the same day they choose a car.
Nexu has secured a USD $143 million credit facility from HSBC Mexico. Unlike an equity investment, this is a line of credit: money Nexu can borrow and then lend back out to car buyers, giving the company more capital to grow its loan book.
