Banco Plata, a Mexico-based fintech founded by former Tinkoff employees, has secured USD 405 million in a Series C funding round, valuing the company at USD 5 billion.

This round was spearheaded by Bicycle Capital and also involved investments from Kora, the Qatar Investment Authority, and BTG Pactual. As a result, Plata’s investor roster now includes major investors such as sovereign wealth funds, global asset managers, venture firms, and US university endowments.

Expanding Reach in an Underserved Market

Banco Plata launched its full banking operations in March 2026 and has been rapidly growing its customer base. Starting with one million active credit-card customers in March 2025, the company now boasts more than 3.5 million users.

The financial growth of Banco Plata mirrors this expansion. Annual revenue exceeded USD 600 million within just three years of operation. Additionally, its loan portfolio surged approximately 170% to nearly 10 billion Mexican pesos (about USD 563 million) in the course of a single year, according to regulatory data.

A Surge in Regional Venture Activity

This funding comes during a period of robust growth for venture capital in Latin America. In 2025, the region witnessed approximately USD 6.2 billion in venture financing, marking its highest level since 2022, based on data from PitchBook.

Potential IPO and Future Expansion

Banco Plata has hinted at exploring an initial public offering (IPO), though no specific timeline has been provided yet. In the short term, the company will continue its focus on Mexico but has already received permission to operate as a financial institution in Colombia.