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IFC and Prosus Ventures Lead US$15m Series A in Mexican Fintech Klar

20 October 2020

IFC and Prosus Ventures led a US$15m Series A in Klar, a Mexican personal finance management and lending platform, with follow-on from Quona Capital, Mouro Capital (formerly Santander Innoventures), and FJ Labs. Quona Capital led a US$7.5m seed round in 2019, with Arc Labs providing an additional US$50m in debt financing. 

(TechCrunch) – Klar, a new online bank based in Mexico City, has become the first big bet that Prosus Ventures (the firm formerly known as Naspers Ventures) is taking in Latin America outside of Brazil.

Founded by Stefan Moller, a former consultant at Bain & Co. who advised large banks, Klar  blends Moller’s work experience in Mexico with his connections to the German banking world and the tech team at Berlin-based n26 to create a challenger bank offering deposit and credit services for Mexican customers.

The Mexican market is woefully underserved when it comes to the finance industry, according to Moller. Only 10% of Mexican adults have a credit card, something Moller said is the cheapest consumer lending instrument around.

Read more at TechCrunch.