Mexican Fintech Klar Secures $190M Series C at $800M Valuation

Mexican fintech company Klar has raised $190 million in a Series C funding round led by US private equity firm General Atlantic, valuing the company at over $800 million. The round included $170 million in equity and $20 million in venture debt, with participation from existing investors such as Prosus, IFC, Mouro Capital, and Quona Capital, as well as new investors including Santander Group, Grupo Televisa, and Grupo Formula. Klar, founded in 2019, offers app-based financial services including credit cards, digital banking, loans, and investment options to more than two million users in Mexico, targeting consumers and small businesses with lower-cost alternatives to legacy institutions. The new funding will support Klar's product development, expansion efforts within Mexico, and growth opportunities, as the company nears $300 million in annual revenue amid a surge in fintech investment across the country. Despite rapid fintech ecosystem growth, Mexico still faces challenges in financial inclusion, with about one-third of the population unbanked and cash remaining the dominant payment method for over 70% of adults. Klar's progress reflects broader trends of increasing digital payment adoption and fintech competition in Latin America, as the market gradually shifts from rapid growth to profitability.