Mexican fintech Plata raised $405M in a Series C round, at a $5B valuation. Bicycle Capital led the round, with participation from Kora, Qatar Investment Authority, and BTG Pactual.
Plata operates a digital banking platform offering credit and payment services. Plata began operating as a bank in March and recently appointed former investment banker Marcos Kantt as CFO as it considers a potential IPO.
With the funds, Plata will expand its lending operations, broaden its product suite, and support geographic expansion.
Founded in 2023 by former Tinkoff executives, Plata has surpassed 3.5 million active credit card customers, up from 1 million in March 2025. Plata reports more than $600M in annualized revenue in under three years and has raised over $2B in debt and equity. Its loan portfolio grew about 170% in 2025 to nearly $4.6B.
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