Mexican neobank Plata has reached a valuation of $5 billion following a new funding round
Mexican neobank Plata raised $405 million in a Series C funding round. This brought the company’s valuation to $5 billion, nearly double what it was six months ago, when the fintech was valued at around $3 billion.
This was reported by the bank’s press office.
Over three years of operation, the company has grown its customer base to 3.5 million active users and raised over $2 billion in equity and debt financing.
Plata started as a credit card service, but is now expanding its model and entering the deposit segment. This effectively transforms it into a full-fledged bank and opens access to cheaper funding sources, which is key for further scaling.
Separately, the company is expanding its international presence: it has already obtained a license to operate in Colombia, marking the first step toward expanding beyond the Mexican market.
Earlier, Apple reported that since the launch of its high-yield bank account in April, it has already accumulated $10 billion. This indicates that the company now operates one of the largest neobanks in the world.
The European neobank bunq, the second-largest in the EU, has officially applied for a de novo banking license in the U.S. with the Office of the Comptroller of the Currency (OCC). This step became possible after FINRA approved the company’s broker-dealer license, opening up new opportunities for the bank’s expansion into the U.S. market.
