Klar is a Mexico City–based digital financial services platform launched in 2019 that aims to democratize access to credit in Mexico. Its consumer products include a cashback credit card, mobile payments, buy‑now‑pay‑later services, salary advances and adjustable credit lines. Klar leverages data analytics to customize credit lines, accounts and products for customers. The company says it has experienced exponential growth and now provides millions of Mexicans with accessible credit lines and financial products. Klar and its affiliates work closely with Mexican financial regulators to ensure products are secure and accessible, and the company notes it is a commercial entity not supervised by the CNBV. To support product expansion, Klar has secured external financing to extend its credit offerings. Klar is a 100% digital financial-services platform founded in 2019 that provides spending and borrowing products—including credit, mobile payments, rewards, personal loans, salary advances and buy‑now‑pay‑later—to Mexican consumers. The company offers features such as a Klar Card with cashback, a free-fee overdraft up to 1,000 pesos, credit lines up to 20,000 pesos, and Mastercard-powered security. Klar says 40% of its customers access digital financial products for the first time, and it has an NPS of 80. Over the past 12 months Klar added 1.4M customers while reporting a 7x revenue increase and a 4x increase in transaction volume year-over-year. The platform emphasizes proprietary data science and customer service to reduce bureaucracy and expand access in a market where large portions of the population lack formal credit or banking. Klar plans to continue enhancing its product suite, pursue strategic acquisitions, expand distribution channels, and invest in its team. Klar is a mobile-first digital financial services platform that provides fee-free accounts, cashback, a free overdraft and consumer credit products. The company offers features such as online account opening in minutes, cashback on purchases, a fee-free overdraft up to 1,000 pesos, and credit lines up to 10,000 pesos without referencing users’ credit bureau scores; the platform is powered by Mastercard. Klar aims to become the primary financial services platform for its users and plans to broaden access to consumer credit through product and proprietary technology expansion. Founded in 2019, Klar has opened more than 700,000 accounts to date and reported transactions on the platform increased by 60% each month in 2021; today 100% of users have access to its fee-free overdraft and more than a third use its lending product. The company has raised more than USD $27.5 million since inception, including a $15 million Series A last year led by Prosus Ventures. Klar’s products are offered through subsidiaries including Klar (which operates the Klar Credit Card) and Merci Pay, which is pursuing authorization under the Mexican Fintech Law. Klar is a 100% digital challenger bank in Mexico that offers free, transparent debit and credit products through a mobile app. Its core product set includes instant account opening, cashback on debit (1–4%), real‑time visibility and control of funds, and credit assessed from account history rather than traditional bureaus. The company has issued over 25,000 credit lines to roughly 200,000 customers in under 12 months and reported growth tripling during the COVID‑19 pandemic. Klar highlights security and partnerships with Mastercard and Banco de Mexico and aims to serve under‑ and un‑served segments of Mexico’s growing middle class. The Series A funds will be used to grow engineering teams in both its Berlin and Mexico hubs and to expand the product suite for simple, transparent liquidity and credit products. Founded in 2019, Klar emphasizes low‑cost technology to offer premium products to customers excluded by legacy banks. Klar provides banking services via a mobile app that links consumer cards, shows deposits and expenses, enables instant money transfers and real-time payments, and charges no minimum balance or transfer fees. The company rewards consumers with cash rather than points. Klar is powered by Mastercard and operates in compliance with Banco de Mexico regulations. It has an international team of about 30 people with offices in Mexico and Berlin. Klar intends to use the newly raised capital to launch its product in Mexico and to reach 100,000 new users in 2020. Financially, the company completed both equity and debt financings in the reported raise.

Total raised

$263M

Funding rounds

6

Latest round

Debt Financing

Latest activity

Aug 2023