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Less than two years after its launch, Mexican digital bank Plata has secured $160 million in a Series A funding round, propelling its valuation to $1.5 billion and earning it unicorn status.
The funding round was led by Kora and included participation from Moore Strategic Ventures and other key investors.
Rapid Growth and Innovation in Digital Banking
Founded in April 2023 in Mexico City by banking executives Neri Tollardo and Danil Anisimov, Plata has rapidly scaled its operations. The digital bank now boasts over one million active credit card users and recently obtained banking license authorization in December 2024.
With a workforce of 1,500 employees, 40% of whom are STEM professionals, Plata has developed its own core banking infrastructure, systems, and applications—demonstrating its commitment to technological innovation.
A Vision for the Future of Financial Services
CEO Neri Tollardo emphasized Plata’s mission to set a new standard for digital banking in Latin America:
“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.”
Competing in Mexico’s Expanding Digital Banking Sector
Plata joins a competitive Mexican digital banking landscape, alongside Bineo, Brazil’s Nubank, Argentina’s Ualá, and Spain’s Santander, which operates through Openbank.
With its fresh funding, Plata is poised to further expand its product offerings, enhance its regulatory compliance, and continue reshaping digital banking in Mexico and beyond.
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