Less than two years after launching, Mexican digital bank Plata has joined the unicorn club off the back of a $160 million Series A funding round.
The bank's valuation has hit $1.5 billion on the round, led by Kora and joined by, among others, Moore Strategic Ventures.
Founded in Mexico City by international banking executives led by Neri Tollardo and Danil Anisimov, Plata started operations in April 2023.
It has quickly scaled and now has more than a million active credit card uses and, since December, banking licence authorisation. Of its 1500 staffers, 40% are STEM professionals, developing Plata's own core banking system -infrastructure, systems, and applications.
Say CEO Tollardo: "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."
Plata is one of several digital banks targeting the fast-growing Mexican market, including local player Bineo, Brazil's Nubank, Argentina's Uala, and Spain's Santander, through its Openbank platform.