Michael Calvey and Oleg Tinkov Back Mexico's Digital Bank Plata

Michael Calvey, a renowned private equity investor, and Oleg Tinkov, founder of Tinkoff, are backing Plata, a Mexican digital bank that has recently achieved a $1.5 billion valuation. Plata, co-founded by Neri Tollardo and Daniil Anisimov, has seen rapid growth, issuing over 1 million credit cards within its first 18 months. The bank is now exploring expansion into other Latin American markets, with Colombia being a potential target. Calvey and Tinkov, both of whom have divested from Russia following its invasion of Ukraine, see Plata's growth trajectory as exceeding expectations, with the company already generating $25 million in monthly revenue. Plata's success is attributed to Mexico's favorable regulatory environment and the growing demand for digital financial services among younger, underserved populations.

Plata's journey from a startup to a unicorn in a short span highlights the potential of digital banking in Latin America. With a team comprising alumni from global tech powerhouses, Plata is set to revolutionize Mexico's banking sector, dominated by a few large institutions. The company's focus on a mobile-first platform offering a range of financial products positions it well to capture a significant share of Mexico's largely cash-based market. While an IPO is on the horizon, with a potential valuation of $10 billion, the exact timeline remains undisclosed. The involvement of high-profile investors like Calvey and Tinkov underscores the confidence in Plata's business model and its ability to achieve profitability within the next six to nine months.