This week’s edition of Finovate Global examines recent fintech news from Mexico.
Earlier this month, ResearchAndMarkets.com published its Mexico Embedded Finance Databook Report for 2025. The 230-page report noted that the embedded finance market in Mexico is expected to reach more than $18 billion this year and top $22 billion by the end of 2030. Among the key takeaways from the report is the increasing traction of embedded credit products such as Buy Now Pay Later (BNPL), and the growth of embedded payments in mobility, food delivery, and social commerce driven by growing smartphone use and government support for digital, real-time payments options. Embedded finance solutions such as lending are enabling non-fintech businesses in Mexico to leverage APIs and BaaS to expand their offerings, the report notes. This is helping bring more financial services to underserved communities in the country. It is also creating greater competition for companies in both the lending and payments spaces.
Mexican Fintech Plata Double Valuation on Latest $250 Million Fundraise
Mexican digital financial platform Plata has secured $250 million in new equity funding. The round, which includes both a primary equity raise and a secondary equity transaction, was led by Kora and featured participation from Moore Strategic Ventures, Audio Ventures, Spice Expeditions, Hedosophia, as well as several US and European family offices. The funding builds on an earlier investment by Televisa-Univision and boosts Plata’s valuation to $3.1 billion.
“The growth we have achieved in such a short time demonstrates a clear strategy and a shared conviction: build a strong institution from its foundations,” Plata CEO and Co-Founder Neri Tollardo said. “This transaction reflects investors’ confidence, the strength of our technological model, and the talent we have assembled. We set out to create a digital bank built on innovation, operational excellence, compliance, and efficiency—and today, we are seeing the results of that effort.”
Plata received its banking license in December 2024 and is waiting for authorization to begin banking operations. The company boasts its own technological and operational infrastructure, including a core banking system that enables a fully digital, branchless model with automated risk management and 24/7 personalized customer service. Over the past 30 months, Plata has topped the two million mark in terms of active credit customers, making it one of the fastest-growing digital financial platforms in Latin America. The company’s Plata Card gives users two months to pay without interest and up to 15% of cash back in real money.
“We believe Plata represents the new standard for digital banking in emerging markets,” Kora Co-Founder Nitin Saigal said. “In a very short time, the company has demonstrated impressive execution, combining technological innovation with a clear vision for financial inclusion. We are excited to continue strengthening our partnership and to support Plata in this new phase of growth.”
Revolut obtains Mexican banking license; SumUp goes live
This week we learned that two Finovate alums—Revolut and SumUp—are actively exploring opportunities in Mexico. Revolut announced this week that it has received final regulatory approval to initiate banking operations in Mexico. The authorization came from the National Banking and Securities Commission (CNBV), with approval of the Bank of Mexico. Now a Multiple Banking Institution in Mexico, Revolut is the first independent digital bank to directly apply for and complete the full licensing and approval process in the country.
“We are exceptionally proud of our team and the bank we have built here in Mexico,” Revolut Bank S.A., Institución de Banca Múltiple CEO Juan Miguel Guerra said. “We are very grateful to the authorities for this vote of confidence and their commitment to fostering competition in the industry, and we are confident that our offering will benefit millions of people across the country.”
Revolut is a digital banking and financial services platform that offers a wide range of solutions, including multi-currency accounts with real-time exchange rates; stock, cryptocurrency, commodity, and ETF investing and trading; as well as business accounts, corporate cards, and expense management tools. Founded in 2015, Revolut serves as a financial services “super app” for more than 65 million customers around the world.
Meanwhile, payments platform SumUp announced its official launch in Mexico this week. The company has introduced its SumUp Go card reader to the Mexican market, enabling merchants to accept payments anytime, anywhere, with no monthly fixed costs. The card reader is compatible with all major credit and debit cards and features both exceptional battery life and unlimited 4G cellular connectivity due to its built-in SIM.
“Expanding into Mexico marks a pivotal step in SumUp’s strategic growth across Latin America,” SumUp North America CEO Andrew Helms said. “We see remarkable potential in the region and recognize a strong demand for accessible, user-friendly payment solutions that streamline business operations. At SumUp, our mission is to simplify business for our merchants and we’re delighted to bring this commitment to Mexico.”
Founded in 2012, SumUp counts more than four million merchants in 37 markets as users of its payment processing solutions and business management tools. These include mobile card readers and point-of-sale (POS) systems, as well as solutions for sales tracking and inventory management, customer loyalty programs, and financial reporting and analytics.
Revolut has been a Finovate alum since its debut at FinovateEurope 2015. SumUp won Best of Show in its Finovate debut at FinovateEurope 2013. Both companies are headquartered in London.
Here is our look at fintech innovation around the world.
Middle East and Northern Africa
- Oman’s BankDhofar launched its new braille debit card.
- The Cooperative Bank of Oromia, a regional bank based in Ethiopia, partnered with digital transformation company JMR Infotech to go live with Oracle Financial Services Crime and Compliance Studio.
- Saudi National Bank subsidiary Samba Bank unveiled its new fraud detection system powered by BPC’s SmartVista Fraud Management.
Central and Southern Asia
- Mongolian fintech AND Global raised $21.4 million in Series B funding in a round led by the International Finance Corporation and AEON Financial Service.
- Karandaaz Pakistan and Walee Financial Services forged a strategic partnership to launch Pakistan’s first Shariah-compliant, digital asset financing solution for female entrepreneurs.
- Did India ban discussion of cryptocurrencies at the world’s largest fintech conference in Mumbai?
Latin America and the Caribbean
- Mexican digital financial platform Plata doubled its valuation to $3.1 billion upon securing a $250 million Series B funding round.
- Uruguay-based cross-border payments platform dLocal teamed up with Alchemy Pay to streamline crypto-to-fiat payments throughout Latin America.
- Payments platform SumUp announced its launch in Mexico this week.
Asia-Pacific
- Three of Japan’s largest banks—MUFG Bank, Sumitomo Mitsuio Banking Corp, and Mizuho Bank—announced plans to collaborate on the launch of a unified stablemcoin.
- Tracxn’s recently released Southeast Asia FinTech Report noted that fintech startups in the region raised $839 million in the first nine months of 2025, a decline from previous years.
- Fintech innovation in Pyongyang? A look at the growth in popularity of e-payments in North Korea.
Sub-Saharan Africa
- African all-in-one financial platform Moniepoint secured more than $200 million in Series C funding.
- Sanlam teamed up with TymeBank to build a co-branded fintech super app for consumers in South Africa.
- Capitec Bank partnered with accounting software company Stub to provide South African small and micro-sized businesses with direct access to their transactional data.
Central and Eastern Europe
- German fintech Aifinyo AG announced that it was converting its balance sheet to bitcoin, becoming the first German firm to adopt a full bitcoin treasury model.
- SoftPOS solutions company MineSec inked a Memorandum of Understanding (MoU with Turkish digital payments company Paymore.
- Latvian fintech Eleving Group raised €275 million ($319.5 million) via a public bond issue.
Photo by Pyro Jenka on Unsplash
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