Plata Secures Full Mexican Banking License, Beating Nubank and Mercado Pago
Hey Digital Banking Fanatic!
Plata just crossed a line others are still approaching.
After three years in the process, the Mexico-based FinTech received final approval for a full banking license. That puts it ahead of Nubank and Mercado Pago, which are still waiting.
Right now, Plata only offers credit cards. 3 million active users. Valued at $3.1 billion in its latest round.
With a license in hand, the roadmap expands. Deposits. Lending. Broader product stack. Real balance sheet scale.
Mexico’s FinTech race is accelerating. More players are chasing licenses to tap into one of the largest underbanked populations in the region.
Revolut already made it into the banking ranks. Klar took a shortcut by acquiring Banorte’s digital unit. Others are still in line.
This wasn’t the loudest player in the room. But today, Plata leapfrogged the queue.
The competitive map in Mexico is shifting fast. I’ll unpack the next moves in the Payments industry next week.
Cheers,
INSIGHTS
📰 Breaking Down Borders: The Rise of Interconnected Global Payments Networks by Noah. In this article, the firm argues that while domestic systems have made national payments instant and low-cost, cross-border transfers remain slow and expensive. It suggests the next phase of payments will connect these siloed networks using stablecoins and blockchain as a neutral settlement layer. Read the full article here
NEWS
🇲🇽 Mexico’s Plata wins banking license, heating up FinTech race. The company, whose sole product is credit cards, said it took three years to get the approval and pledged to expand its product offering with the license. The move comes amid growing competition in Mexico’s FinTech sector.
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🇺🇸 Klarna accelerates U.S. growth and delivers $1bn revenue driven by rapid banking service adoption. The U.S. led Klarna's growth with revenue up 58% year-over-year, accelerating from 51% in Q3. Klarna now serves 29 million U.S. consumers, with 11% of the population having used Klarna in the last 12 months.
🇺🇸 Milo hits $100M originations in crypto-collateral home loans, closes $12M deal. The offering enables homeowners to tap holdings denominated in cryptocurrency to secure purchase or refinance financing, while preserving ownership of those tokens.
🇬🇧 Former Starling Bank co-founder and CEO John Mountain joins savings platform Stoa. John Mountain will work closely with Stoa’s leadership team to help shape product strategy and accelerate distribution via banks, building societies, and merchant partners.
🇪🇺 ClearBank accelerates European expansion with appointment of former Uber executive, Tristan Kirchner, as EU CEO. Kirchner brings more than 25 years of payments and financial services experience, having held senior leadership roles at Uber Payments, Barclays, and Visa.
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