Mexico City-based fintech Klar has raised $70 million in equity funding at a valuation of $500 million.
General Atlantic doubled down on its $70 million financing last July during Klar’s Series B.
Other participants in the funding round include Prosus Ventures, Quona Capital, Mouro, IFC, Acrew and Endeavor Catalyst. Also, WTI provided $20 million in venture debt.
In total, the company has raised over $150 million in equity funding since its 2019 inception.
Klar offers a “100% digital, transparent, free and secure alternative to traditional credit and debit services.” One of its biggest advantages is that its “cost to serve a user” is about 1/20 of what the incumbents pay.
During the past 12 months, Klar has rapidly grown. The fintech experienced a “7x” year-over-year increase in revenue, added 1.4 million customers, and originated over $100 million worth of loans.
Klar plans to expand into adjacent markets and fortify its credit offering and build more borrowing and investment products.
To date, the startup has about 400 employees divided into two main hubs in Mexico City and Berlin.
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