Plata Card Authorized as Bank in Mexico
Fintech Startup Plata Card Gets Green Light to Become Mexico‘s Newest Bank
Mexico City – Plata Card, the fast-growing fintech company led by Neri Tollardo, has received approval from Mexico’s National Banking and Securities Commission (CNBV) to become a multiple-banking institution.
The CNBV’s governing board granted the authorization during a meeting on December 10th, marking a significant milestone for the technology firm focused on the credit card segment. This move positions Plata Card as mexico’s 54th bank, joining a landscape that includes 51 operational banks and two others, Revolut and Hey Banco, currently working towards fulfilling the requirements to begin operations.Plata Card’s authorization reflects a growing trend of companies seeking banking licenses in Mexico. Tech-driven entities, eager to solidify their financial offerings under the umbrella of a bank, are leading the charge. Mercado Pago and Nu México are prime examples of this movement.
Customary banks are also jumping on board,expanding their technological reach by establishing new banking entities dedicated to this sector. Bineo, a subsidiary of Banorte, and OpenBank, part of Santander, are already operational examples of this strategy.
After nearly two years of operating in Mexico as a Sociedad Anónima Promotora de Inversión (SAPI), Plata Card decided to pursue a banking license to broaden its operations, particularly in attracting deposits from the general public.
In May, the company announced a $100 million investment round led by Fasanara Capital.At that time, Plata Card reported having over 300,000 active users for its credit card product.
Fintech Startup Plata Card Gets Green Light too Become Mexico’s Newest Bank
Mexico City – Plata Card, the rapidly growing fintech company headed by Neri Tollardo, has secured approval from Mexico’s National Banking and Securities Commission (CNBV) to operate as a multiple-banking institution.
The CNBV’s governing board granted the authorization during a meeting on December 10th, marking a key milestone for the technology firm specializing in the credit card sector. This makes Plata Card Mexico’s 54th bank, joining a landscape comprising 51 operational banks and two others, Revolut and Hey Banco, currently working towards fulfilling the requirements to commence operations.
Plata Card’s authorization reflects a burgeoning trend of companies seeking banking licenses in Mexico. Tech-driven entities, keen to solidify their financial offerings under the umbrella of a bank, are leading this movement. Mercado Pago and Nu México are prime examples of this trend.
Traditional banks are also joining the fray, expanding their technological reach by establishing new banking entities dedicated to this sector. Bineo, a subsidiary of Banorte, and OpenBank, part of Santander, are already operational examples of this strategy.
After nearly two years operating in Mexico as a Sociedad Anónima Promotora de Inversión (SAPI), plata Card decided to pursue a banking license to broaden its operations, particularly in attracting deposits from the general public.
In may,the company announced a $100 million investment round led by Fasanara Capital. At that time, Plata Card reported having over 300,000 active users
for its credit card product.
To discuss the implications of Plata Card’s authorization and the broader trends in Mexico’s fintech landscape, we interviewed Dr. Miguel Hernandez, a leading expert on financial technology at the Autonomous Metropolitan University in Mexico City.