Klar raises $90 million to advance digital finance

Digital financial services startup Klar has raised $90 million in a funding round to expand its platform and further innovate to develop tailored solutions for Mexican consumers.

The funding round was led by General Atlantic with participation from 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 new 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 MollerKlar strives to reinvent the financial services industry in Mexico with a customer-centric approach and to make digital banking accessible to everyone.

Klar provides consumer finance solutions including credit, mobile payments, rewards program, personal loans, payday advances and buy-it-now-pay-later (BNPL) services, according to the release.

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Klar said it is the largest 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 stated that “85% of the population does not have access to credit and 50% is still unbanked today”. Additionally, 40% of Klar customers have never had access to digital banking before, according to the statement.

“Since its inception, Klar has aimed to empower millions of consumers across Mexico with simple and transparent offers that allow them to live a better life,” Möller said. “We see an opportunity to provide tailor-made solutions to Mexican consumers eager to adopt the technology and who are not sufficiently served by anachronistic institutions.

“We are delighted 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.”

Related: PYMNTS Intelligence: Overcoming Barriers to Digital Payments Adoption in Central America and the Caribbean

“Klar demonstrates a deep understanding of the Mexican market – unlike foreign players and former incumbents – and has been focused on creating a suite of products that meet these unique needs,” added Luis Cervantes, Managing Director and Head of from the Mexican office of General Atlantic. . “As digital adoption in Mexico accelerates, we believe Klar is well positioned to continue its exciting growth trajectory.”

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