- Plata Card will become a bank, becoming the 54th entity in Mexico, expanding services for its over 300,000 active users
- With a recent investment of $100 million and the international experience of its founders, Plata Card will seek to compete by offering attractive interest rates, adapting to the demands of the Mexican market, and standing out against fintechs and digital banks such as Nu México and Mercado Pago.
The National Banking and Securities Commission (CNBV) approved Plata Card’s request to become a bank, making it the 54th bank in Mexico.
The National Banking and Securities Commission (CNBV) has approved Plata Card’s request, a fintech specialized in credit cards, to establish itself as a multiple banking institution, according to sources close to the process.
This authorization makes Plata Card the 54th bank in the country, solidifying its commitment to expand its financial offerings.
With the support of its new license, the company, led by Neri Tollardo, will focus on offering savings and investment accounts, aiming to compete with attractive interest rates, though different from those currently offered by Sofipos.
Currently, Plata Card operates as a Promoter Investment Corporation under the business name Tecnologías Diffiere and has more than 300,000 active users for its credit card product.
Furthermore, the fintech raised $100 million in a funding round in May, led by Fasanara Capital, reinforcing its capacity to meet the necessary regulatory requirements to begin operations as a bank by the end of 2025.
Plata Card becomes a bank: global inspiration with local impact
Plata Card’s story has international roots. Tollardo, originally from Italy, built his experience working at Tinkoff, Russia’s first digital bank, before deciding to launch his own company in Mexico in 2022.
This business model, which also inspired Nubank in Brazil, has been adapted to the Mexican market.
Plata Card’s entry as a bank highlights a growing trend: fintechs are seeking banking licenses to consolidate their operations.
Other players such as Nu México, Mercado Pago, and Klar have also submitted similar requests, reflecting an increasingly dynamic competitive landscape.
Masari Casa de Bolsa also seeks banking license
Meanwhile, Masari Casa de Bolsa has begun its process to become a bank.
After 38 years in the market, this institution aims to diversify its financial portfolio by obtaining a type 1 banking license with a minimum investment of 90 million UDIs. Ernesto López Quezada, CEO of Masari, has stated that this initiative is part of its strategy to offer a full range of financial services from a single platform.
Masari currently has 14,000 clients and a presence in 14 cities across the country, including some of the most important ones such as Mexico City, Monterrey, and Guadalajara.