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Klar raises $100m in Debt Facility to expand credit products in Mexico

By Delisha Fernandes

August 16, 2023

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KlarKlar, a Mexico City-based digital financial services platform, has secured a $100 million credit facility from Victory Park Capital (VPC), a global alternative investment firm specialising in private credit.

The financial support from VPC will help Klar to expands product offering that provide Mexicans with enhanced access to reliable, simple, and transparent credit cards.

“We are dedicated to democratising access to credit in Mexico because we believe that a more inclusive and efficient financial system means more for everyone: more opportunities, more customer satisfaction and ultimately, more prosperity,” said Stefan Möller, CEO of Klar. “There is no shortage of quality financial products, but they serve a limited population. We are changing that paradigm. More credit for more people that is our premise.”

The credit facility with VPC comes at a crucial time for the Mexican financial sector. Klar is experiencing exponential growth and has taken a leadership position in the past year, providing millions of Mexicans with accessible credit lines and financial products.

“VPC is committed to supporting Klar in its mission to enhance financial inclusion in Mexico,” said Jason Brown, Partner at VPC. “Klar has built a product that fully meets the needs of a market where credit access remains a challenge and has demonstrated its ability to scale successfully in Mexico. We believe strongly in Klar’s growth potential and look forward to partnering with them as they continue serving the unbanked and underbanked.”

Klar’s solutions for consumers include a credit card that offers cash back on all purchases, the ability to make mobile payments, and access to buy now, pay later services. Klar also offers consumers salary advances and credit lines. The company and its affiliates work closely with Mexican financial regulators to ensure their financial products are secure and accessible to all customers.

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