By Zoran Temelkov June, 2022
The Mexican neobank Klar secures $70 million in equity funding from a group of investors. Venture capital companies and investors such as Quona Capital, Prosus Ventures, and Endeavor Catalyst participated in the funding round. Also, General Atlantic strengthened its commitment with Klar and led the latest funding round on top of the Series B round that took place last year.
Since its inception in 2019, Klara neobank has raised more than $150 million in equity financing and also received $20 million in venture debt. With the latest fundraising campaign, the company’s valuation climbs to $500 million.
The neobank platform allows users to open an account and save money, while its Mastercard provides cash back opportunities on purchases. Moreover, the neobank offers a line of credit through which users can access up to 20,000 pesos without any reference to the users’ credit bureau scores. Klar’s revenue model is based on three income streams, interchange fees, interest, and float income.