Digital financial services startup Klar raised $90 million in a funding round to build out its platform and further innovate to develop tailor-made solutions for consumers in Mexico.
The funding round was led by General Atlantic with participation by Prosus Ventures, Quona, Mouro, IFC, Acrew, WTI and Endeavor Catalyst, according to a press release Thursday (June 9).
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Klar will also use the fresh capital to pursue strategic acquisitions, explore new distribution directions to reach more customers and grow its workforce and talent.
Co-founded in 2019 by Daniel Autrique and CEO Stefan Möller, Klar is striving to reinvent the financial services industry in Mexico with a customer-first approach and make digital banking available to all.
Klar provides finance solutions for consumers including credit, mobile payments, a rewards program, personal loans, salary advances and buy now, pay later (BNPL) services, according to the release.
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Klar said it is the biggest digital finance platform in Mexico and is highly recognized by consumers in the country for its digital finance offerings. The company uses technology, proprietary data science and “thoughtful customer service.”
The company also said that “85% of the population lacks formal access to credit and 50% remain unbanked today.” Furthermore, 40% of Klar’s customers have never had access to digital banking before, per the release.
“Since its inception, Klar has aimed to empower millions of consumers across Mexico with simple and transparent offerings that enable them to live better lives,” said Möller. “We see an opportunity to provide bespoke solutions to Mexican consumers who are eager to adopt technology, and who are not adequately served by anachronistic institutions.
“We are thrilled to have the continued support of General Atlantic and our investor base as we focus on creating simpler and more transparent financial solutions for our customers.”
“Klar demonstrates a deep understanding of the Mexican market — counter to foreign players and legacy incumbents — and has focused intently on creating a suite of products that cater to these unique needs,” added Luis Cervantes, managing director and head of General Atlantic’s Mexico office. “As digital adoption in Mexico accelerates, we believe Klar is well-positioned to continue its exciting growth trajectory.”
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