Mexican digital bank Plata has raised $160m in its Series A funding round with a valuation of $1.5bn.
The round, subject to regulatory approvals, was led by Kora.
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It also included contributions from Moore Strategic Ventures and other investors from the US and Europe.
With this latest round, Plata’s total debt and equity investment since its inception amounts to $750m.
This comes less than two years after the bank began operations and exceeded one million active credit card users.
Kora co-founder Nitin Saigal said: “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.”
Founded in Mexico City by banking executives Neri Tollardo and Danil Anisimov, Plata began its journey in April 2023. It now has a global workforce of over 1,500, with nearly 40% being STEM professionals.
Licenced in Mexico, Plata operates as a fully digital bank, providing all services through its online platform without physical branches.
It directly employs customer service agents and ambassadors for card delivery and identity verification.
Plata co-founder and CEO Neri Tollardo said: “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.”
