PHOTO
The $580 billion Qatar Investment Authority has participated in Plata’s $405 million Series C funding round, which values the company at $5 billion, making it the most valuable privately held digital bank in Latin America.
The round was led by Bicycle Capital with participation from a global group of new and existing investors.
Qatar’s sovereign wealth fund didn’t disclose the value of its investment.
Plata is a technology-driven digital banking platform operating across Latin America, with full banking operations launched as Banco Plata in Mexico.
The financing will support Plata’s next phase of growth, and further scaling of its operations across the region.
QIA has been ramping up investments in technology and artificial intelligence, expanding a portfolio that already includes Databricks and Ayar Labs, and most recently, WHOOP.
(Writing by Brinda Darasha; editing by Seban Scaria)
