Mexico’s Banco Plata Prices $120M Bond Offering

Mexican fintech Plata successfully priced a $120M senior unsecured bond offering. The issuance saw strong demand from international institutional investors and was oversubscribed 1.7 times. Banco Plata recently received its banking license in Mexico.

Plata will use the net proceeds to support its growth and partially refinance existing debt. This issuance brings the total investment from Banco Plata in Mexico to over $970M, moving it closer to its goal of investing $1B in the country by the end of 2025.

Founded in 2023, Banco Plata’s mission is to simplify banking and make it more accessible for people in Mexico. Its main product, the Plata Card, has over one million active users and is managed through a mobile app. The platform uses artificial intelligence to offer customers a personalized rewards program, including up to 15% cashback.

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