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The fintech boom in Latin America continues. One of the most high-profile cases of recent years is Plata. it is an example of digital banking innovation. Plata is a neobank without branches, card delivery by courier, 15% cashback, and 1 million users in a year and a half.
In this article, we’ll try to understand how they built a unicorn in Mexico, and why it’s the best fintech experiment in recent years — and what lessons it offers for fintech startups and financial organizations seeking digital transformation in the LATAM.
Neri Tollardo, Alexander Bro, and Danil Anisimov are the founders of the Mexican neobank. They have invested in the project around $300 million. Within 18 months, Plata issued its first million credit cards. Every tenth new card in the country is now issued through them. The result is a valuation of a whopping $1.5 billion and unicorn status. The first in Mexico in two years.
The emergence of fully digital banking platforms and super apps has revolutionized the industry. It is one of 5 fintech trends for 2025.
Manage everything we’re used to through a user-friendly mobile banking app. А great example of how custom software can elevate user experience in financial services.
They obtained a full banking license in Mexico.
Monetization is classic: credit card interest, premium subscription (Plata Plus), installment payments, and affiliate programs. The focus is on technology + emotion + speed.
Plata has understood the local audience’s problem and hits the Mexican market where it hurts. “It’s either three days in line at BBVA, or a day with us—and even with bonuses.” This is the kind of user-centric approach. This approach makes digital transformation in the financial sector a competitive advantage.
Mexico is hungry for decent service. Older banks are slow, charge commissions, and lack customer focus. In other countries of LATAM the situation is the same. In Plata, everything is fast, transparent, and in a couple of clicks, you’ll have a courier in a nice T-shirt on the same day.
The name Plata is no accident. In Mexico, “plata” means “bucks.” Communication is in street Spanish, the design is local, and the service is not colonial. It is a great example of localization.
Cashback of up to 3,000 pesos (about $150) per month and a flexible category selection system. It’s real money, not points or coins. Mexicans are already publishing guides on how to get the most. They’ve created a viral effect around the product—people are promoting it themselves.
So far, Plata is a rare case where everything is done well:
They could become a pan-Latvian company with an IPO. Already they are a case study in how to build a fintech unicorn through smart localization, mobile-first strategy, and the right tech partner for custom app development.
The fintech boom in Latin America continues. One of the most high-profile cases of recent years is Plata. it is an example of digital banking innovation. Plata is a neobank without branches, card delivery by courier, 15% cashback, and 1 million users in a year and a half. In this article, we’ll try to understand […]
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