Mexican fintech unicorn Plata has officially received final approval from the National Banking and Securities Commission (CNBV) to operate as a full-fledged bank. This pivotal achievement concludes a multi-year application process and positions the company to significantly expand its financial services. With a valuation of $3.1 billion and a user base exceeding 2.5 million, Plata is now poised to directly challenge traditional banking institutions in Mexico.
The Journey to a Banking License
Plata formally initiated its quest for a banking license in September 2022, embarking on a rigorous journey that culminated in final regulatory approval in December 2024. CEO Neri Tollardo highlighted the thoroughness of the CNBV's process, noting it is a key reason for the strength and stability of Mexico's banking sector. This demanding evaluation ensures that new entrants meet strict standards for capital, governance, and risk management before operating.
The new license transforms Plata from a credit-focused fintech into a Multiple Banking Institution, unlocking a broader range of financial capabilities. The company can now move beyond its popular credit card and buy-now-pay-later services to offer comprehensive banking products. This expansion is expected to include mortgages, business loans, and investment options, allowing it to serve a wider spectrum of customer needs.
A Vision for Digital-First Banking
At the core of Plata's strategy is a commitment to revolutionizing the customer experience by eliminating the bureaucracy often associated with traditional banking. The company has publicly stated its promise to redefine banking services, making them more accessible and less frustrating for Mexicans. Through its advanced technology, Plata aims to set a new precedent for digitalization and drive greater financial inclusion across the country.
Even before securing its license, Plata demonstrated significant market traction by building a substantial customer base entirely through its mobile application. The company currently serves over 2.5 million active users with a suite of consumer credit products, including a Mastercard-powered credit card with generous limits. This success underscores the strong demand for digital-native financial solutions and provides a solid foundation for its expansion as a bank.
Intensifying Competition in Mexico's Fintech Sector
Plata's entry as a licensed bank adds a powerful new player to Mexico's increasingly dynamic financial landscape. The company joins other digital challengers like Nu Mexico, which also recently gained its banking license, and UK-based Revolut, which has launched full operations. This trend signals a significant shift as regulators embrace innovative models that promise to modernize the country's financial services industry.
The company's ambitious plans are supported by substantial financial backing from prominent investors, including TelevisaUnivision and Moore Strategic Ventures. A series of successful funding rounds in 2025 culminated in a $250 million Series B, elevating Plata's valuation to an impressive $3.1 billion. This robust capitalization provides the necessary resources to scale its operations and compete effectively against both established banks and other fintech rivals.
The authorization of Plata as a bank marks a significant milestone not only for the company but for the entire Mexican fintech ecosystem. It validates the viability of technology-driven financial models and signals a new era of competition and innovation in the sector. As Plata prepares to launch its expanded services, consumers stand to benefit from more accessible, user-friendly, and competitive banking options.