Nexu secures a MXN 1,013M revolving credit line from BBVA Spark for auto loans in Mexico

Nexu has closed a revolving credit line of 1,013 million Mexican pesos, about $55 million, with BBVA Spark, BBVA's unit for fast-growing innovative companies. Moody's rated the transaction.

Nexu provides auto financing and leasing in Mexico. Its platform connects to dealership point-of-sale systems and sits alongside existing lenders, using machine learning risk models to assess each application and decide in real time. It is led by co-founders and co-CEOs Abdón Nacif and Fernando Gómez.

The company works through a network of 3,000 dealerships, distributors and brands, and expects to originate more than 10,000 auto loans with the new line. Its target includes independent workers, entrepreneurs and people with limited credit histories.

Rodrigo Velasco, head of BBVA Spark, said the financing will help more families buy a car.