Mexican digital bank Banco Plata secured $500 million in funding managed by Nomura Securities International, accumulating approximately $1.6 billion in institutional funding. Plata is growing much faster than its rivals in Mexico, and its provisions as a percentage of its interest income are significantly lower than those of Nu, Stori, or Klar, stated Gilberto García, head of strategic advisory at Miranda Partners. Plata's loan portfolio grew approximately 170% in 2025, reaching nearly 10 billion pesos ($563 million), according to financial statements. It currently has 3 million active credit card customers, up from 1 million in March 2025. Additionally, Plata reached a valuation of $3.1 billion in October. Plata received final approval for its banking license earlier this year, allowing it to add deposits to its product offering. Marcos Kantt, a former investment banker turned fintech executive, will assume the role of Chief Financial Officer at Banco Plata as the fast-growing digital bank prepares for a potential initial public offering. Kantt, who has worked at firms like Credit Suisse First Boston and Bank of America, is joining Plata to 'lead the financial strategy that will drive the next stage of growth for the bank,' Plata said in a statement on Monday. 'Banco Plata is the most affordable private digital bank in Latin America and undoubtedly has enormous growth potential thanks to the proprietary technology it has developed,' Kantt said in the statement. Plata's CEO, Neri Tollardo, told Mexican newspaper El CEO in February that the company plans to sell shares but that an IPO is not imminent. 'Among the expenses related to the banking license and the still dizzying growth, it's hard to say what the stable level would be.'
