Plata, a Mexican fintech, has received authorization to operate as a bank in Mexico. This development follows a period of significant growth and strategic expansion for the company. They aim to be profitable this year, leveraging their new banking license and a customer base of 3.5 million, with plans to offer 100% of their clients debit products by May to improve funding costs.
The fintech recently announced its operational launch in Colombia, marking its first step into Latin American expansion. For this, Plata secured $2 billion in capital and international financing, and obtained a financial company license in Colombia in the summer of 2025. This expansion is supported by $300 million from Oaktree Capital Management, Macquarie Group, and Banco Covalto as part of a private credit line, alongside a $405 million funding round.
Plata achieved a $5 billion valuation in April, following a $405 million funding round led by Bicycle Capital, making it the most valuable privately-held financial services firm in Latin America. The company, founded in 2023 by former employees of the digital bank Tinkoff, offers credit cards, savings and business accounts, and investment options in stocks and ETFs in Mexico. They are also seeking a license to launch an independent brokerage house in Mexico by December 2026.
Marcos Kantt, former managing director at Credit Suisse and Bank of America, joined Plata as CFO with a plan for profitability in 2026. Kantt highlights three pillars for achieving profitability: launching new products, improving funding costs, and increasing operational leverage. The company plans to continue investments over the next 24 months, focusing on sustainable growth and a selective credit approval rate of around 20%.
Plata began offering investment options in 2025, initially through VestFi and then Plata Inversiones, in partnership with Alpaca Securities. The company is actively recruiting for key positions, including a Head of Trading for its planned brokerage house, as it aims to bring investment operations directly to Mexico and deepen capital markets in the country.
