Adding deposits to an established card business
Plata had more than 3.5 million active credit-card customers, including over 750,000 who received their first credit card through the company. Its banking launch added deposit and debit capabilities, broadening its products and funding model.
Equity financing for the next stage
Bicycle Capital led the new investment alongside sovereign, institutional and venture investors. Morgan Stanley served as placement agent. The $405 million round is separate from Plata’s loan portfolio and cumulative debt financing.