Plata, a Mexico-based fintech startup, has raised US$160 million in a series A funding round, reaching a US$1.5 billion valuation and becoming one of Mexico’s unicorn startups.

The round was led by Kora, with participation from Moore Strategic Ventures LLC and undisclosed investors from the US and Europe.

Launched in April 2023, Plata received a banking license in December and now serves one million active credit card users. This milestone comes despite a tough funding climate for Latin American startups.

Plata is the first Mexican unicorn since 2022, joining Bitso, Kavak, and Clip.

Founded by former Tinkoff Bank executive Neri Tollardo, the company has raised US$750 million in equity and debt, including a US$200 million warehouse facility from Fasanara Capital.

Plata distributes financial products digitally and uses “ambassadors” to deliver credit cards and assist users. The company accounts for 10% of new credit cards issued in Mexico, where digital banking adoption remains low.