Less than two years after its inception, Mexican digital bank Plata has reached unicorn status following a $160 million Series A funding round, valuing the bank at $1.5 billion. The round was led by Kora, with participation from Moore Strategic Ventures among others.
Founded in Mexico City by banking executives Neri Tollardo and Danil Anisimov, Plata began operations in April 2023. The bank has quickly garnered over a million active credit card users and, since December, has received authorization for its banking license. Of its 1,500 employees, 40% are STEM professionals dedicated to developing Plata’s proprietary core banking system, including its infrastructure, systems, and applications.
CEO Tollardo expressed confidence in the bank’s mission, stating, “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 among several digital banks targeting the rapidly growing Mexican market, joining the likes of local competitor Bineo, as well as Brazil’s Nubank, Argentina’s Uala, and Spain’s Santander through its Openbank platform.