Plata raises $405m in Series C funding round

By Aarav Garg

Plata, a Mexico-based digital bank, has raised $405 million in a Series C funding round, valuing the company at $5 billion and making it the most valuable privately held digital bank in Latin America.

The round was led by Bicycle Capital, with participation from new investors including Qatar Investment Authority, BTG Pactual and Valor Capital Group, alongside a global active fund manager. Existing investors such as Kora, Hedosophia, Spice Expeditions and Audeo Ventures also joined the round. Morgan Stanley acted as exclusive placement agent.

The funding follows the launch of full banking operations as Banco Plata in Mexico in March 2026. Since its founding, the company has reached more than 3.5 million active credit card users, including over 750,000 first-time cardholders.

Plata said its growth has been driven by customer referrals and organic channels, which account for more than 40% of new users. The addition of deposit and debit services allows it to offer a full digital banking experience.

“This round reflects investors’ confidence not only in our execution to date, but also in the scale of the opportunity ahead,” said Neri Tollardo, Co-Founder and CEO of Plata. “We built a technology-led platform designed to broaden access to better financial services at scale. The launch of full banking operations in Mexico is a pivotal milestone — it expands our product range and gives us access to retail deposit funding, meaningfully strengthening our funding model for the next phase of growth.”

The company reported over $600 million in annualised revenue and an $800 million loan portfolio, supported by proprietary AI risk models. It also received approval in July 2025 to establish a financing company in Colombia.