Banco Plata Raises US$300 Million to Fuel Lending Growth

Digital banking platform Banco Plata has secured US$300 million in new financing from Oaktree Capital Management and Macquarie Group to strengthen its funding base amid the rapid expansion of its operations in Mexico. Fasanara Capital and Mexican fintech Banco Covalto also participated in the financing, contributing to a US$500 million private credit facility structured by Nomura Securities International late last year.

"These are some of the most sophisticated institutional lenders in the world, and having their backing reflects the financing structure we are building: a durable, profitable platform that is less dependent on short-term capital," said Marcos Kantt, chief financial officer, Plata.

Plata has emerged as one of Mexico's fastest-growing neobanks, competing with traditional financial institutions in a market where banking penetration remains relatively low. The company recently expanded beyond consumer lending by introducing deposit products. It had previously raised US$405 million from new investors, including Bicycle Capital, the Qatar Investment Authority, and Banco BTG Pactual SA, alongside existing backer Kora.

During its first month offering deposit accounts, Plata attracted approximately MX$3.7 billion (US$213 million) in deposits. According to data compiled by Jefferies Financial Group analyst Íñigo Vega, the launch outperformed those of competitors such as Revolut and Banco Santander's digital platform, Openbank, although it still trails Nu Holdings and MercadoLibre's Mercado Pago.

A recent Morgan Stanley report noted that its bankers hosted a meeting between institutional investors and Plata's management team, during which executives said the digital bank is reaching an inflection point as it replaces wholesale funding with customer deposits and diversifies its business beyond consumer credit.

Gilberto García, director of strategic advisory, Miranda Partners, said Plata's loan portfolio expanded 10% in the first quarter compared with the previous three months. Although that represented a slowdown from the 22% growth recorded in the fourth quarter, it remained above the pace reported by comparable banks and fintech companies.

The latest capital injection comes four months after Mexico's National Banking and Securities Commission (CNBV) granted Banco Plata a full banking license, completing a three-year regulatory process.

"The level of scrutiny and the regulatory processes required to reach this point are among the main reasons why Mexico's banking sector remains one of the strongest and most resilient in the world," said Neri Tollardo, co-founder and CEO, Banco Plata, following the authorization.

Tollardo added that the approval enables new digital entrants to increase competition and broaden access to financial services. "While 82% of Mexicans own a smartphone, only 25% use digital banking. By developing intuitive and user-friendly products, we can help more people overcome their hesitation about managing their finances through an app," Tollardo said.