Klar, a Mexico-based challenger bank, has raised $57.5m in a round comprised of seed funding and debt financing.
The capital injection was split $7.5m in equity and $50m in debt.
Quona Capital, a FinTech-focused venture firm, led the round, with participation from Santander Innoventures, aCrew, FJ Labs, Arc Labs, and Western Technology Investment.
With the new proceeds, Klar will look to launch its product in Mexico and reach 100,000 new users in 2020.
Klar was founded in 2018 with the goal of democratizing bank services in Mexico with an alternative to traditional credit cards and debit services. Its products are available through a mobile app, giving consumers a bank account with no minimum balance and no transfer fees.
Through the mobile app, consumers can access a Mastercard, and receive a fair creditworthiness assessment, it claims.
Cards are linked to the Klar app, where deposits and expenses are available, money can be sent and received instantly, and payments can be completed in real-time.
Klar co-founder and CEO Stefan Moller said, “Klar is the future of banking, and the good news is that it’s open to all Mexicans, not just a few. Today just 15% of adults in Mexico have access to a credit card, and only 3% of credit applications from middle class consumers are approved. We believe Klar will dramatically change banking access across Mexico.”
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