LatamList – Klar, a Mexican challenger bank, recently closed $15M in a Series A funding round led by Prosus Ventures along with new investor International Finance Corporation, and previous investors Quona Capital, Mouro Capital, and Acrew.
With this round, Klar has raised a total of $72M in debt and equity funds since founding in 2019.
“Klar has identified a massive need in the Mexican financial market and brings a unique solution through their credit and debit offering,” said Banafsheh Fathieh, Investment Lead at Prosus Ventures. “In less than a year, the team has shown an ability to build a world-class digital bank for the masses, one focused on financial access and inclusion. We are very excited to partner with them on that mission.”
Traditional banks in Mexico have struggled to serve the needs of a growing middle class, with only 10% of adults in the country owning credit cards. Klar’s low-cost tech solutions enable the company to offer premium products to underbanked or unbanked segments in Mexico.
“We’ve built a new banking infrastructure core that aligns with the financial needs of consumers and allows us to service a massive segment of the population in Mexico that has previously been left behind when it comes to financial services,” said Stefan Moller, Klar’s co-founder and CEO.
Klar will grow its engineering capabilities in both its Berlin and Mexico hubs with this new funding, expanding the company’s product suite to help users manage their liquidity with simple, transparent, and affordable credit products.
Currently, Klar has issued over 25,000 credit lines amongst its 200,000 customers in less than 12 months since inception. The startup has also tripled its growth during the pandemic.