Plata Raises $405M, Hits $5B Valuation in Fintech Boom
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Plata, a digital bank, raised $405 million in Series C funding, valuing it at $5 billion, the highest for a privately-owned digital finance institution in Latin America. The funding will support its expansion in Mexico and other countries.
Plata, a digital bank founded three years ago, has raised $405 million in Series C funding, led by Bicycle Capital and Qatar Investment Authority. The funding values Plata at $5 billion, making it the highest-valued privately-owned digital finance institution in Latin America. Plata has achieved significant growth, reaching $600 million in annualized revenue in under 36 months. The company has launched full banking operations in Mexico, allowing it to accept retail deposits and expand its loan book. Plata has 3.5 million active credit card customers, with over 750,000 receiving their first-ever credit card through the company. The funding suggests a resurgence in fintech investment in emerging markets.
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