Mexico-based challenger bank Klar raises $15 million funding

Klar, a challenger bank in Mexico, closed on $15 million in Series A funding led by Prosus Ventures with participation from also former investor Quona Capital.

Mexican digital bank Klar, closed on US$15 million in Series A funding led by Prosus Ventures (formerly Naspers Ventures) with participation from new investor International Finance Corporation and former investors Quona Capital, who led Klar's seed round, Mouro Capital (formerly Santander Innoventures) and aCrew. The round brings the total debt and equity funds raised to approximately $72 million since the company was founded in 2019.

Klar established as a 100% digital, transparent, free and secure alternative to traditional debit and credit services in Mexico. Klar is founded by Stefan Moller, a former consultant at Bain & Co. who advised large banks. It's seems like he used his connections to hire talenetd team and according to our LinkedIn profile check, we can clearly see that many ex-N26 employee joined the Klar to create a challenger bank in Mexico.

Klar’s business has experienced rapid growth having issued over 25,000 credit lines amongst its 200,000 customers in less than 12 months since inception. Moreover, the business has shown significant resiliency to the Covid-19 crisis, as growth has tripled during the pandemic.

Banafsheh Fathieh from Prosus Ventures:

Prosus Ventures partners with entrepreneurs that are solving big societal problems with technology, in a uniquely local way. We invest in sectors of the economy where technology can lead to meaningful change in the lives of consumers. Klar has identified a massive need in the Mexican financial market and brings a unique solution through their credit and debit offering. In less than a year, the team has shown an ability to build a world-class digital bank for the masses, one focused on financial access and inclusion. We are very excited to partner with them on that mission.

In Mexico, only 10% of Mexican adults have a credit card and Klar launched a credit and debit products in the market. Klar will be accessible for people without credit history. Therefore, Klar also aiming to help people build credit score.

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