Neobank Plata, founded by former Tinkoff execs, achieves $1 bln in annualized revenue

Mexican neobank Plata has reached $1 billion in annualized recurring revenue, CEO Neri Tollardo told Bloomberg in an interview. Recall the company was founded in 2023 by former top executives of Tinkoff. Nu Holdings and Revolut took about eight and six years, respectively, to reach a comparable revenue milestone, Bloomberg notes.

Plata generated $85 million in revenue in September, equivalent to $1 billion on an annualized basis, Tollardo said. That puts the company on track to become profitable next year, he added.

“This is a speed seen by AI companies,” Tollardo said. “It’s much faster than other prominent digital banks, and it’s a testament to Plata’s high-tech platform, team, and execution capabilities.”

Nu Holdings and MercadoLibre remain Mexico’s largest fintech players, but Plata has quickly emerged as a major competitor in lending, Bloomberg reports. Banco Plata began operating as a full-service bank in Mexico in March, adding deposits to its credit-card offering. By August, its credit-card portfolio had reached 60% of Nubank’s, despite the latter having operated in the country for more than six years. Revolut, meanwhile, launched full banking operations there in January 2026.

From March to August, Plata’s credit-card portfolio grew from MXN12.8 billion to almost MXN19.0 billion (around $1 billion). Its deposits reached MXN25.9 billion ($1.4 billion).

Plata was founded by Neri Tollardo, Alexander Bro, and Danil Anisimov, all former executives at Russian bank Tinkoff. Tinkoff founder Oleg Tinkov and Baring Vostok’s Michael Calvey were early investors, as well. Initial investment in Plata totaled around $300 million.

In April, Plata raised $405 million in a funding round that included Bicycle Capital, Qatar Investment Authority, and BTG Pactual, bringing its valuation to $5 billion, one of the highest among privately held fintech companies in Latin America. In June, Plata secured $300 million from Oaktree Capital Management and Macquarie Group as part of a $500 million syndicated credit facility. The company is using deposits to reduce its reliance on wholesale and short-term funding, Bloomberg reported at the time.

Plata has already begun expanding outside of Mexico: it entered Colombia in September and has also said it is exploring a launch in Brazil. The management has identified Argentina and Peru as other potentially attractive markets.