A recent study showed that only 37% of Mexicans over the age of 15 have a bank account. Backed by Mastercard, Klar wants to change that statistic. Not only is it trying to create an easier day to day banking experience for its users, it's actively looking to help its users apply for credit with no annuity.
Klar has made an impact in the space (successfully attracting three million users) and has been experiencing a period of hypergrowth. As a result, it has attracted significant funding and also acquired SOMOS, a credit data service. These big wins for Klar will enable it to continue to challenge some more well-established competitors like Kubo and Fondeadora.
Moving forward off the back of $170 million in funding between 202 and 2023, the company is focused on strengthening its credit offerings and building more borrowing products.
Steph
Company Specialist at Welcome to the Jungle