Mexican fintech Plata Card raised $55M by issuing senior unsecured bonds. The offer, structured by Scotiabank, is the first involving senior unsecured debt for a non-bank financial institution in Mexico since 2021.
The bonds were issued through a private placing program, meaning that the offer was made to selected investors who will receive principal with interest in 2026. As senior unsecured instruments, the bonds have no collateral attached but have a high priority of repayment in case of default.
Founded in 2022, Plata Card offers credit cards, cashback, and BNPL services with a focus on high-quality service for Mexico’s underserved population.
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