Plata Card

Plata began operations in 2023 as a credit card issuer. It reached about 3 million active credit card users, all served through a mobile app with no branches. It received final CNBV approval to operate as a full bank in February 2026, after a licence authorization in December 2024. Funding includes a $160M Series A (March 2025, $1.5B valuation), a $250M Series B (October 2025, $3.1B valuation) and a $405M Series C (April 2026). Its own site cites a $5B valuation. Revenue comes from consumer credit, such as interest and fees, and it plans to add payroll, debit accounts and SME lending.