Klar obtained the credit facility from the alternative investment firm, Victory Park Capital (VPC). This strategic move aims to support Klar's transformative growth, as the company expands an array of product offerings designed to provide the Mexican population with improved access to reliable, transparent, and straightforward credit card options.
In the company press release, Klar officials emphasised the company's commitment to democratising credit access in Mexico, with the belief that a more inclusive and efficient financial system will lead to a multitude of benefits for everyone involved. They also highlighted that the current selection of quality financial products serves a limited population, a situation that Klar aims to change.
The credit facility from VPC comes at an important juncture for Mexico's financial sector. Since its inception in 2019, Klar has made efforts to secure a loyal customer base by leveraging its technology and a user-centric strategy.
Victory Park Capital Advisors was founded in 2007 and is headquartered in Chicago, Illinois, with additional resources in New York, Los Angeles, San Francisco, and London. Representatives from VPC affirmed the firm's commitment to supporting Klar's mission of improving financial inclusion in Mexico.
They also talked about Klar's achievement in developing a product that effectively addresses the credit access challenges prevalent in the market, while also scaling its operations in Mexico. According to the official press release, VPC's investment could be seen as a vote of confidence in Klar's growth potential and its eagerness to collaborate as the company continues its mission of catering to the unbanked and underbanked population.
Klar was founded in 2019 and focused its efforts on introducing a digital, transparent, free, and secure alternative to conventional credit solutions. Klar operates as a commercial entity offering credit products and is not under the supervision of the CNBV.
The company's consumer-centric solutions encompass a range of offerings, including a cash-back credit card for all purchases, mobile payment capabilities, and access to buy-now-pay-later services.
Additionally, the platform provides salary advances and credit lines, all while leveraging data analytics to tailor its credit lines, accounts, and products, thus providing customised solutions to its clientele. In addition, Klar works closely with Mexican financial regulators to ensure the security and accessibility of its financial products to all customers.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now