Banco Plata closed a Series C financing round for US$405 million, reaching a valuation of US$5,000 million. This round, one of the most advanced in the startup investment cycle, seeks to scale the business and consolidate the growth of the institution, which recently obtained its license to operate as a bank in Mexico. The operation was led by Bicycle Capital and included the participation of new investors such as Qatar Investment Authority (QIA), BTG Pactual, Valor Capital Group and a global long-only active management fund. Existing investors such as Kora, Hedosophia, Spice Expeditions and Audeo Ventures also participated.
A story of resilience
For Neri Tollardo, co-founder and CEO of Banco Plata, the US$5 billion valuation reflects much more than financial growth. In a recent message, he highlighted that this achievement symbolizes the moral stance and personal sacrifices of his co-founders and colleagues who left everything behind after the start of the war in Ukraine to start anew in Mexico. More than 30 professionals from Tinkoff joined in the first few weeks, collectively invested around US$10 million of their own money and consider themselves equal founders, which has generated a unique level of commitment and belonging.
Tollardo also highlighted the courage of his Mexican partners, who opted for a project that seemed impossible and that today serves millions of clients. “Three years ago we were a small group with an idea. Today, Plata serves millions of Mexicans, many of whom had never had a credit card before. We have built all our technology in-house, obtained the banking license and formed a team of more than 5,000 people who work every day to simplify and improve financial services,” stated Neri Tollardo, co-founder and CEO of Banco Plata.
Growth and operations
Banco Plata has achieved more than US$700 million in annualized revenues, a credit portfolio of US$700 million and managed to be operationally profitable since May 2024. These results are supported by proprietary risk models based on artificial intelligence and platforms developed by a high-level technical team. With the authorization to operate as a bank, the firm plans to expand into debit, savings and investment products, and is preparing its arrival in Colombia this year.
The Series C round marks a milestone in the evolution of Banco Plata, consolidating its position as one of the most relevant neobanks in the region. Its history combines technological innovation, human resilience and the ambition to transform access to financial services in Latin America. With a solid client base, an expanding portfolio and the support of global investors, Plata seeks to scale its operations and strengthen its role in the regional financial ecosystem.
