Plata, a fintech company founded by former Tinkoff employees, has reached $1 billion in annual revenue

Mexican neobank Plata has reached $1 billion in annual recurring revenue, its CEO Neri Tollardo said in an interview with Bloomberg. The company was founded in 2023 by former top executives at Tinkoff. By comparison, Nu Holdings and Revolut took eight and six years, respectively, to reach a comparable revenue figure, the agency notes.

Plata's revenue in September totaled $85 million, which translates to $1 billion on an annualized basis, Tollardo said. He estimates that this result will enable the company to become profitable next year.

“This is the kind of speed you see from players in the artificial intelligence space. It’s much faster than that of other prominent digital banks, and it’s the result of our high-tech platform, our team, and our execution,” said Tollardo.

Nu Holdings and MercadoLibre remain Mexico’s largest fintech players, but Plata has quickly emerged as a major competitor in the credit products market, according to Bloomberg. Banco Plata began operating as a full-fledged bank in Mexico in March, adding deposit services to its credit card offerings, and by August had reached 60% of the portfolio held by Nubank, which has been operating in the country for more than six years. Revolut, meanwhile, launched full-fledged banking operations there in January 2026.

From March through August, Plata’s credit card portfolio grew from 12.8 billion pesos to nearly 19 billion (about $1 billion). Its deposit balance reached 25.9 billion pesos ($1.4 billion).

Plata was founded by Neri Tollardo, Alexander Bro, and Danil Anisimov, all former employees of the Russian bank Tinkoff. Oleg Tinkov himself and Michael Calvi of Baring Vostok also invested in the project at the outset. Initial investments in the company totaled approximately $300 million.

In April 2026, it raised $405 million in a funding round involving Bicycle Capital, the Qatar Investment Authority, and BTG Pactual, after which its valuation reached $5 billion—one of the highest among private fintech companies in Latin America. In June, Plata raised $300 million from Oaktree Capital Management and Macquarie Group as part of a $500 million syndicated credit facility. The company is using the deposits to reduce its reliance on wholesale and short-term funding, Bloomberg reported at the time.

Plata has already begun expanding beyond Mexico: in September, it entered the Colombian market and also announced that it is exploring the possibility of launching in Brazil. Among other potentially interesting markets, company executives cited Argentina and Peru.

This article was AI-translated and verified by a human editor