Fintech service Plata has officially received permission from the National Banking and Securities Commission (CNBV) to operate as a bank in Mexico. The regulatory process took about three years. Previously, Plata operated in Mexico as a non-banking fintech service, primarily offering the Plata Card credit card and digital services to private clients without full-bank status.
The company said it will continue to operate entirely digitally, with no physical branches, providing service via mobile app, phone and live chat 24/7. The service already has about three million active clients, and further development is associated with the launch of a full line of retail banking products.
The transition to a banking model is accompanied by significant support from international investors. Plata previously raised $500 million in funding from Japanese financial group Nomura, one of the largest deals in the Mexican fintech sector. The funds are aimed at strengthening the capital base, developing technological infrastructure and scaling operations after acquiring a license. Taking into account this investment, the total amount of funding raised by the company exceeded $1.6 billion, and the business valuation based on the results of the previous round in 2024 reached approximately $3.1 billion.
Plata was founded in 2022 and initially focused on issuing credit cards for the mass market, gradually growing its customer base and technology platform. The company emphasizes that it now intends to move from a non-banking fintech model to a universal digital bank aimed at smartphone users who are not yet sufficiently covered by traditional financial services.
Plata has an indirect connection with Russian businessman Oleg Tinkov, whose banking model of digital servicing of private clients is considered one of the benchmarks for fintech projects in Latin America. At the same time, Plata operates as an independent Mexican banking institution with international capital and does not have direct Russian shareholders.
There are already dozens of digital financial institutions operating in Mexico, and high smartphone penetration creates significant potential for online banking growth. With the license, Plata joins the ranks of other digital banks including Openbank, Hey Banco, Revolut and Bineo. The latter is currently undergoing the process of being sold to the fintech group Klar by Grupo Financiero Banorte.