(Bloomberg) -- Mexican regulators approved a banking license for Plata Card, the fintech founded by a former executive of Russia’s biggest online lender, according to people with knowledge of the matter.
Mexico’s Banking and Securities Commission is expected to announce the decision in coming days, the people said, asking not to be identified before the information is public.
The pool of fintechs in Mexico has grown in recent years, as they aim to tap a market where only about a third of adults have formal credit. Plata Card started operations in Mexico in April 2023 and now has 800,000 customers there. Its founder, Neri Tollardo, is an alumnus of Russian lender Tinkoff Bank.
Mexico’s banking regulator didn’t immediately respond to a request for comment. Asked about the license, a Plata Card representative said the company looks forward to working with regulators to eventually achieve the start of operations.
Plata Card, which focuses on consumer credit products, only operates in the Mexican market, where companies including MercadoLibre Inc.’s fintech arm and Brazil’s Nubank have also sought banking licenses. Mexican fintech Klar said Tuesday it started the process to obtain one.
Argentine fintech Uala acquired a license last year by purchasing ABC Capital, and UK fintech giant Revolut received one in April.
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