Mexican fintech company Klar has secured USD 190 million in a series C funding round, bringing its valuation to over USD 800 million.
The round included USD 170 million in equity and USD 20 million in venture debt. US-based private equity firm General Atlantic led the round, with participation from existing investors such as Prosus, IFC, Mouro Capital, and Quona Capital. New participants included Santander Group, Grupo Televisa, and Grupo Formula.
The funding will be used to support Klar’s operations in Mexico, with a focus on product expansion and growth efforts, according to a representative from the company.
Mexico’s fintech sector attracts investor interest
The Klar funding round comes in the context of heightened investor activity in Mexico’s financial technology sector. In 2024, the country recorded USD 865 million in fintech investment across 50 deals, representing 74% of all venture capital allocated nationally. This marks a significant increase in investor attention compared to previous years.
According to the official press release, Mexico has seen its fintech ecosystem grow from just over 300 startups in 2018 to more than 1,000 by mid-2025. Of these, 803 are domestic companies, while the remainder are foreign entrants targeting the Mexican market. The country has also caught up to Brazil, historically the region’s leader in fintech investment.
Domestic fintech firms are increasingly shifting from prioritising rapid growth to pursuing profitability. Klar is reportedly nearing USD 300 million in annual revenue as it continues this transition.
Persistent financial gaps and regulatory shifts shape the market
Despite the expansion of financial services, challenges in financial inclusion persist. Around one-third of Mexico’s population remains unbanked, and many small and medium-sized enterprises still struggle to access credit. According to the World Bank, only 37% of adults in the country have access to a formal bank account.
Cash remains the primary payment method for over 70% of adults, though digital transactions are becoming more common. Mexico’s payments market is projected to grow from USD 103 billion in 2023 to USD 168 billion by 2028, driven by increased adoption of digital financial tools.
