Mexico’s fintech Plata reaches USD$3.1B valuation ahead of banking debut
Plata raises $250M, valuing the fintech at $3.1B, as it prepares to launch full banking services and expand in Mexico’s competitive market.
Plata, the Mexico-based fintech, has successfully raised $250 million in a new funding round, valuing the company at $3.1 billion. This capital injection comes as Plata prepares to expand its business and complete its transition into a fully licensed bank, positioning itself among the fastest-growing digital financial institutions in Latin America.
A Landmark Investment in Latin America’s Fintech Sector
This latest funding round follows a $160 million capital raise earlier in 2025, making it one of the largest fintech investments in the region this year. Investors in the round included Kora, Moore Strategic Ventures LLC, and Televisa Univision, according to a company statement.
“This transaction reflects the confidence of our investors, the strength of our technology model, and the talent we have assembled,” said Neri Tollardo, CEO of Plata and former Tinkoff Bank alumnus.
Regulatory Approval and Banking Expansion
Plata received regulatory approval for a banking license in December 2024 and is now finalizing audits before beginning full operations. The license will allow Plata to expand its product offerings beyond credit cards, including access to payroll services and debit accounts, further positioning fintech as a major player in Mexico’s financial market.
Rapid Growth Amid a Competitive Fintech Landscape
Since its launch in Mexico in April 2023, Plata has experienced rapid expansion, growing from 100 employees to 3,000 staff and serving over two million active users. The company is part of a broader surge of fintech funding in the region this year, alongside firms such as:
- Klar: $190 million raised
- Félix Pago: $75 million raised
- Ualá (Argentina): $66 million raised
- Addi (Colombia): $50 million raised
The Rise of Licensed Digital Banks in Mexico
Next year, several of Mexico’s largest fintechs will operate as fully licensed banks, signaling a new phase in the country’s rapidly evolving financial sector. Regulators have already approved licenses for Revolut and Nubank, while Mercado Pago is under review. Additionally, Klar acquired Bineo, Banorte’s digital unit, to secure its own banking authorization.
This shift allows digital lenders to compete directly with traditional banks, potentially pressuring established institutions to modernize services and reduce fees in one of Latin America’s most competitive financial markets.
