Mexican fintech Plata secured $405 million in Series C funding, valuing the company at $5 billion. The round led by Bicycle Capital marks the highest valuation for a privately-held financial services firm in Latin America. Founded by former Tinkoff employees in 2023, Plata now operates as a bank with 3.5 million active credit-card customers, surpassing competitors like Klar and Stori in the region's competitive fintech landscape.

The funding attracted major investors including Qatar Investment Authority and BTG Pactual, alongside university endowments. Plata's rapid growth demonstrates the opportunity in Mexico's underbanked market, with the company reporting over $600 million in annualized revenue and a loan portfolio that surged 170% last year. The fintech raised more than $2 billion in total debt and equity since its inception.

With Morgan Stanley as exclusive placement agent, Plata joins a surge in Latin American venture funding that reached $6.2 billion in 2025. The company appointed former investment banker Marcos Kantt as CFO and is considering a potential IPO, while expanding its operations beyond Mexico after receiving approval in Colombia. Plata's valuation places it among Latin America's most valuable fintech companies, though still trailing Brazil's Nubank.