Plata, a technology-led digital bank operating in Latin America, has closed a $405m Series C funding round at a valuation of $5bn, becoming the region’s most valuable privately held digital bank.
The round was led by Bicycle Capital and drew in a number of new institutional backers, including Qatar Investment Authority (QIA), BTG Pactual, Valor Capital Group, and a large global long-only active fund manager. Existing investors Kora, Hedosophia, Spice Expeditions, and Audeo Ventures also took part.
The Series C was multiple times oversubscribed, reflecting strong institutional appetite. Morgan Stanley served as exclusive placement agent for the raise.
Plata’s investor base now encompasses sovereign wealth funds, global asset managers, venture capital firms, and US university endowments, including the University of Illinois Foundation, the University of Wisconsin Foundation, and Washington University.
The fundraise follows the company’s launch of full banking operations as Banco Plata in Mexico in March 2026.
In three years of operation, the platform has expanded beyond credit to offer deposit and debit capabilities, bringing comprehensive digital banking services to Mexican consumers for the first time.
Plata has accumulated more than 3.5 million active credit card customers, over 750,000 of whom were obtaining a credit card for the first time. More than 40% of the company’s customers have come through referral and organic channels. The company has also surpassed $600m in annualised revenue and built an $800m loan portfolio, supported by proprietary AI risk models. In July 2025, Plata received authorisation to incorporate a Compañía de Financiamiento in Colombia.
Its entire technology infrastructure, including a proprietary core banking system, customer relationship management platform, and AI-powered risk engine, was built in-house by a team of more than 800 STEM professionals.
Plata co-founder and CEO Neri Tollardo said, “This round reflects investors’ confidence not only in our execution to date, but also in the scale of the opportunity ahead.
“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.”
Plata chief financial officer Marcos Kantt said, “Reaching more than $600 million in annualized revenue run rate in three years demonstrates the strength of our distribution, technology and underwriting capabilities. To our knowledge, Plata is the fastest company in history to reach this milestone — faster than any digital bank ever built.
“Bringing together sovereign wealth funds, institutional crossovers, U.S. university endowments, and top-tier VCs all in the same round is a strong statement and a direct reflection of what this team has built and where we are taking it.”
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