Plata, a Mexico City digital bank that started out issuing credit cards, announced on 15 April 2026 that it had raised $405m in a Series C round at a valuation of $5bn.
Bicycle Capital led the round. New investors were the Qatar Investment Authority (QIA), BTG Pactual, Valor Capital Group and an unnamed large global long-only fund manager, and existing investors Kora, Hedosophia, Spice Expeditions and Audeo Ventures also took part, according to FinTech Global. The endowments of the University of Illinois, the University of Wisconsin and Washington University also joined, Crowdfund Insider reported. Morgan Stanley acted as exclusive placement agent, and the round was oversubscribed several times.
QIA said the valuation made Plata the most valuable privately held digital bank in Latin America.
“We have developed a scalable, tech-first platform to deliver superior financial access across Latin America.”Neri Tollardo, Co-founder and CEO, Plata
What Plata does
Plata launched in 2023, according to LatamList, which reported that it was set up by former Tinkoff executives. Neri Tollardo is co-founder and chief executive. The company began with credit cards and, in March 2026, began full banking operations in Mexico as Banco Plata, adding deposit accounts and debit cards. In July 2025 it received approval to set up a financing company in Colombia.
The company says it has more than 3.5 million active customers, including more than 750,000 people who got their first credit card through Plata, and more than $600m in annualised revenue. It has built its own core banking system, customer relationship software and AI risk engine, developed by a team of more than 800 people with mostly technical backgrounds, QIA said. More than 40% of new users come through referrals or word of mouth, Crowdfund Insider reported.
Reports differ on the size of its lending. FinTech Global and Crowdfund Insider put the loan portfolio at $800m, while LatamList reported a much higher figure.
What the money is for
QIA said the money would go towards expanding Plata's deposit and transactional banking products, investing in its technology and scaling operations across the region. LatamList reported that the company would expand lending, add products and expand into new countries.
Tollardo said the launch of full banking in Mexico was a major milestone that strengthened the company's funding model for its next phase of growth, according to law firm Gunderson Dettmer, which advised Bicycle Capital. Marcos Kantt, the company's recently appointed chief financial officer, said reaching a $600m revenue run rate in three years showed that its go-to-market strategy worked, Crowdfund Insider reported. LatamList reported that Plata was considering a possible initial public offering.
The funding so far
The valuation has more than tripled in about a year. Plata raised $160m in a Series A led by Kora at a $1.5bn valuation in March 2025, LatamList reported, and $250m at a $3.1bn valuation in October 2025, with Kora, Moore Strategic Ventures and TelevisaUnivision among the investors.
Including debt, Plata has raised more than $2bn in total, QIA said.
Company website: plata.com.mx