Michael Calvey, a renowned private equity investor, and Oleg Tinkov, a serial tech entrepreneur, have emerged as the surprise backers of Plata, Mexico’s digital bank that recently achieved a $1.5 billion valuation. Their involvement underscores the growing interest in Latin America’s fintech sector, particularly in Mexico, where Plata has quickly become a significant player.
Plata, founded in 2023 by Neri Tollardo, Daniil Anisimov, and other former Tinkoff executives, has seen exponential growth, reaching over 1 million users within its first 18 months. The startup, now a fully-licensed digital bank, accounts for approximately 10% of all new credit card issuance in Mexico. Its success is attributed to a combination of fintech expertise and a deep understanding of the local market, a formula Calvey and Tinkov believe is key to scaling in competitive financial landscapes.
The backing by Calvey and Tinkov, both of whom have divested from Russia following its invasion of Ukraine, highlights a strategic shift towards investments in regions like Latin America. Plata’s recent $120 million senior unsecured bond, which was 1.7 times oversubscribed, reflects strong confidence from international institutional investors in Mexico’s financial innovation potential.
With Mexico’s banking sector dominated by a few large institutions, Plata aims to serve younger and underserved consumers through its mobile-first platform. The company is exploring expansion into other Latin American markets, such as Colombia, and while an IPO has not been formally announced, a medium-term valuation target of around $10 billion has been suggested.
The investment in Plata by figures like Calvey and Tinkov not only validates the startup’s business model but also signals the broader potential for digital banking in Latin America. As Plata moves towards profitability, its growth trajectory offers insights into the evolving dynamics of financial services in emerging markets.
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