Plata, founded by Tinkoff natives, reached a valuation of $5 billion

Mexican fintech company Plata, founded by former top managers of Russian bank Tinkoff (now T-Bank), has raised $405 mln in a new round of financing. Thus, the company's valuation has reached $5 billion, said one of Plata's investors Michael Calvey in Linkedin. This is the highest figure in Latin America among private financial companies, Bloomberg notes.

Plata's Series C funding round was led by venture capital fund Bicycle Capital, fintech investor Kora, Qatar's sovereign wealth fund Qatar Investment Authority and Brazilian investment bank BTG Pactual. Following the deal, Plata investors also included sovereign wealth funds, global asset managers, and U.S. university endowments, including the University of Illinois Foundation, the University of Wisconsin Foundation, and Washington University in St. Louis, Bloomberg writes, citing a Plata release.

Morgan Stanley acted as the exclusive financial advisor to the transaction.

"This round reflects investor confidence not only in our current execution of our strategy, but also in the scale of future opportunities," said Plata co-founder and CEO Neri Togliardo.

The fundraising comes amid increased competition between fintech companies and traditional banks in Mexico, one of the world's largest markets with low bank availability, Bloomberg notes.

Founded in 2023 by Neri Tollardo, Alexander Bro and Danil Anisimov - former top managers of Tinkoff - Plata is developing its own technological solutions using artificial intelligence. In February 2026, the fintech received final approval for a banking license in Mexico and in March began full-fledged operations as a bank. Plata joined the ranks of Mexican banks after Nikolay Storonsky's Revolut.

The number of active users of the company's credit cards exceeded 3.5 million against 1 million in March 2025, Bloomberg writes. According to the analytical platform PitchBook, Plata is among the most highly valued fintech companies in Latin America, ahead of private Klar and Stori, but behind Brazil's Nubank.

Since its founding - in three years - Plata has raised more than $2 billion in debt and equity, and its annualized revenue has exceeded $600 million, Bloomberg notes. The company's loan portfolio grew about 170% to nearly 10 billion pesos ($563 million) in 2025, according to Plata's financial statements. By comparison, the loan portfolio of Nu Holdings, one of the largest digital banks in the world, in Mexico increased 61% to 31 billion pesos ($1.75 billion) over the same period, Bloomberg writes, citing data from the local regulator.

Plata currently operates only in Mexico, but in July 2025 it also received approval to become a financial institution in Colombia, Bloomberg writes.

The company is considering an IPO, the agency points out.

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