Plata, a Mexico-based digital bank that received its banking license authorization in December 2024, announced it has closed its Series A equity round with a $1.5 billion valuation less than two years after launching operations and after surpassing one million active credit card users. The Series A raised $160 million in a combined equity round, led by Kora, subject to regulatory approvals. The round also included participation from Moore Strategic Ventures, among other U.S. and European investors.
Following this deal, Plata has now secured a total of $750 million in debt and equity investment since its inception to deploy in Mexico.
With this funding, Plata showed confidence in the Mexican market and strengthened its commitment to digitalizing financial services in the country. Combined with the recent approval of a banking license, Plata consolidates its position in Mexico as a pioneer in economic innovation.
Along with the Series A investment, some of Plata’s most notable capital markets transactions completed since inception include a $200 million warehouse facility from Fasanara Capital, a London-based fund manager, and a $55 million Senior Unsecured Bond, which was the first unsecured issuance for a Mexican Non-Bank Financial Institution since 2021.
Launched in Mexico City by international banking executives led by Neri Tollardo and Danil Anisimov, Plata started operations in April 2023. Since then, it has grown to a global team of over 1,500 employees, with nearly 40% of them STEM professionals responsible for developing Plata’s core banking system (infrastructure, systems, and applications). This enables faster and more efficient innovation and solution implementation, positioning Plata as one of the few financial companies that develops its infrastructure internally instead of outsourcing this service.
True to its value proposition of simplifying the financial experience through cutting-edge technology, Plata remains committed to operating as a fully digital bank. This means Plata will not have physical bank branches. Instead, it will offer all of its products and services through its digital platform, prioritizing accessibility and efficiency for its users.
Along with its internal development team, Plata directly hires all its agents, who handle customer requests, and its ambassadors, who deliver cards to clients’ homes and perform identity verification in person.
KEY QUOTES:
“The real value of Plata lies in the collective talent we’ve gathered to achieve exceptional growth while maintaining a strong financial model. I am confident that our focus on technological solutions, accessible through an intuitive and simple customer-facing app, sets a benchmark for financial services in Latin America. Our products have been met with incredible enthusiasm, and we couldn’t be more thrilled.”
“With a highly experienced team, a Banking license authorization, proprietary technology like our own core banking system, and this capital investment, we are confident that we will continue to be one of the fastest-growing digital banks in Latin America. Even more, we are poised to be a driver of change in digitalization and financial inclusion.”
“While we are a 100% digital platform, we understand the importance of human contact in addressing any questions or issues. Not having physical branches leads us to make exceptional customer service one of our main pillars. We offer instant response via chat and a direct contact phone number without any phone menus.”
- Neri Tollardo, Co-Founder and CEO of Plata
“We believe financial services are a powerful driver of economic development in emerging markets and have been fortunate to partner with companies driving this change across the globe. Plata has an exceptional team, in our view, with a unique combination of talent and integrity that positions it to be one of the key players driving this change in Mexico. We are excited to strengthen our partnership with them.”
- Nitin Saigal, Co-Founder of Kora
