LatamList – Klar, a Mexican fintech, raised an undisclosed Series B led by General Atlantic. Existing investors Prosus Ventures, Quona Capital, Mouro Capital, International Finance Corporation, and WTI also participated in the round.
Klar provides low-cost, premium banking solutions to the underbanked or unbanked segments in Mexico. Customers can open an account and access consumer credit with a fee-free overdraft line via Klar’s mobile app.
Klar previously raised a $15M series A in October last year, and has since grown considerably in customers and revenue.
“We founded Klar to expand credit access to all Mexicans, many of whom have been overlooked by the traditional banking system. As a digital-native, holistic platform, we provide our clients with the ability to transact in an increasingly digital economy,” said Stefan Moller, co-founder and CEO of Klar.
The funding round is subject to regulatory approval, including clearance from the Mexican Banking and Securities Commission (CNBV) and the Mexican COFECE.
“Mexico is one of the last major economies to transition to a digital ecosystem, and we look forward to supporting Klar in its mission to promote transparency and innovation,” General Atlantic said in a statement.
Klar will use the new funding to strengthen its presence in Mexico and reach more customers with product and proprietary technology expansion.
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