Plata, the Mexican digital bank that received its banking license authorization in December 2024, has become the country’s newest unicorn, reaching a $1.5 billion valuation after raising $160 million in Series A led by Kora, with participation from Moore Strategic Ventures. The company, founded in 2023, provides credit cards, cashback, and embedded BNPL services to improve financial access for underserved populations in Mexico (now serving over 1 million active users). Plata plans to use the funding to scale operations and expand financial services, capitalizing on Mexico’s growing fintech ecosystem and supportive regulatory environment.

Plata Becomes Mexico’s Newest Unicorn with $160M Series A