Latin American digital bank Plata has closed on a $405 million Series C at a $5 billion valuation.
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The round was led by Bicycle Capital with new investors Qatar Investment Authority (QIA), BTG Pactual, Valor Capital Group, and previous investors.
The bank’s value has almost doubled from a $3 billion figure secured just six months ago.
Since launching three years ago, Plata has grown to serve over 3.5 million active customers and has raised more than $2 billion in debt and equity.
The raise comes shortly after the Mexican neobank began offering deposit services alongside its initial suite of credit products. It is also eyeing regional expansion after receiving authorisation last July to operate as a financial institution in Colombia.
“This round reflects investors’ confidence not only in our execution to date, but also in the scale of the opportunity ahead,” says Neri Tollardo, co-founder and CEO of Plata. “We built a technology-led platform designed to broaden access to better financial services at scale. The launch of full banking operations in Mexico is a pivotal milestone — it expands our product range and gives us access to retail deposit funding, meaningfully strengthening our funding model for the next phase of growth.”
The company, founded by three former Tinkoff executives, built its technology infrastructure in-house, including a proprietary core banking system, CRM, and AI-powered risk engine, developed by a team of over 800 STEM professionals.