Following this Series A investment, Plata has reached a USD 1.5 billion valuation. The funding round will be leveraged in order to accelerate the company’s development process and launch improved solutions for its customers.
The funding round was led by Kora, with participation from Moore Strategic Ventures LLC and several undisclosed investors from the US and Europe. The unicorn is set to remain committed to meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of respecting the regulatory requirements and laws of the local industry as well.
Plata represents a company that distributes financial products digitally, leveraging ambassadors in order to deliver credit cards and assist customers. The firm accounts for 10% of new credit cards issued in the region of Mexico, where the process of accelerating digital banking remains low.
The firm was launched in April 2023, and it received a banking licence in December, aiming to further accelerate its development in the region and serve a large number of customers. Plata also raised USD 750 million in equity and debt, including a USD 200 million warehouse facility received from Fasanara Capital.
Earlier in October 2023, Plata also partnered with authentication solutions provider Entersekt in order to increase the overall security of its credit card with 3-D Secure payments authentication processes. The Plada Card solution was designed to deliver Mexican customers technology and security, offering users up to 5% cashback on purchases and a payment period of up to 60 days. Through this collaboration, Plata received low friction payment authentication with risk-aware 3-D Secure, aiming to allow Plata Card to have an 18% higher transaction success rate with orchestrated and customisable payment authentication.
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