Overview
- Banco Plata received CNBV authorization on Feb. 18 to operate as an Institución de Banca Múltiple and will run as a fully digital, branchless bank with 24/7 support via app chat and phone.
- The license follows roughly three years of regulatory audits covering capital, internal controls, anti–money‑laundering compliance and technology.
- Plata moves from a single product—its credit card with about 3 million active users—to offering deposit accounts, payroll services, savings products and broader credit lines.
- The company says it has raised more than $1.6 billion in equity and debt, carries an estimated $3.1 billion valuation, and is targeting profitability in 2026.
- Plata joins a recent wave of digital banks such as Revolut, Openbank and Hey, while Nu México, Mercado Pago, Finsus and Klar remain in review phases; reports differ on whether this brings Mexico’s bank count to 52 or 53.