FAQ: Surprise Backers and Growth of Mexico’s Fintech Unicorn Plata

Who are the surprise backers of Plata?

Michael Calvey, a private equity investor known for early-stage tech investments, and Oleg Tinkov, founder of Tinkoff, are backing Plata, with both their families also investing in the company.

What is Plata’s current valuation?

Plata has recently crossed the $1.5 billion valuation mark.

How does Plata’s growth compare to Tinkoff’s early years?

Plata is growing at twice the pace of digital bank Tinkoff in its early years, reaching one million cards in a year and a half compared to Tinkoff’s three years.

What are Plata’s expansion plans?

Plata is evaluating international expansion opportunities into Colombia and other Latin American markets due to its growth trajectory exceeding expectations.

Who founded Plata and when?

Plata was founded in 2023 by Neri Tollardo, Danil Anisimov, and other former Tinkoff executives.

What percentage of new credit card issuance in Mexico does Plata account for?

Plata now accounts for approximately 10% of all new credit card issuance in Mexico.

Why did Plata’s founding team relocate to Mexico?

The founding team relocated to Mexico due to what they described as a favorable regulatory and business environment.

What recent financial milestone did Plata achieve?

In July, Plata announced the successful placement of a $120 million senior unsecured bond, which was 1.7 times oversubscribed due to strong demand from international institutional investors.

What does Michael Calvey’s involvement in Plata signify?

Michael Calvey’s involvement, given his history of successful tech investments, signifies strong confidence in Plata’s potential and the broader fintech sector in Latin America.