Evaluating only Kueski (2022 crisis)’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. That’s exactly how it died.
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Documented cause
Kueski, Mexico's largest buy-now-pay-later platform, raised $202M and reached 1M monthly users. In 2022 rising interest rates globally compressed BNPL margins — the cost of capital exceeded the yield on consumer loans. Kueski laid off 15% of its workforce in 2022 and restructured its lending model to survive. It remained operational but at significantly reduced scale.
Lesson
“BNPL models are levered bets on low interest rates. Model your unit economics at 3x current rates before raising. If the model breaks at 3x, the business breaks when rates normalize.”
FAQ
What happened to Kueski in 2022?
Kueski, Mexico's largest BNPL platform, laid off 15% of its workforce in 2022 after rising global interest rates compressed its lending margins. The cost of capital exceeded loan yields, forcing a significant restructuring.