Digital financial services platform Klar has announced that it has secured a $100m credit facility from Victory Park Capital.
The move is set to allow the Mexico City-based FinTech to expand its product offers domestically.
The financial support from VPC is set propel the company, as it experiences exponential financial growth amidst burgeoning times for the sector in the country.
Stefan Möller, CEO of Klar said: “We are dedicated to democratizing access to credit in Mexico because we believe that a more inclusive and efficient financial system means more for everyone: more opportunities, more customer satisfaction and ultimately, more prosperity.
“There is no shortage of quality financial products, but they serve a limited population. We are changing that paradigm. More credit for more people — that is our premise.”
Since its launch in 2019, Klar has quickly gained a loyal customer base thanks to its focus on technology and user experience.
The organisation’s solutions for consumers include a credit card that offers cash back on all purchases, the ability to make mobile payments, and access to buy now, pay later services.
This coupled with the fact that Klar also works alongside Mexican financial regulators to ensure that their products and services are secure and accessible to all customers, makes them the most enticing option for consumers in the Mexican financial market.
Jason Brown, Partner at VPC said: “VPC is committed to supporting Klar in its mission to enhance financial inclusion in Mexico.
“Klar has built a product that fully meets the needs of a market where credit access remains a challenge and has demonstrated its ability to successfully scale in Mexico.
“We believe strongly in Klar’s growth potential and look forward to partnering with them as they continue serving the unbanked and underbanked.”
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