Mercado Pago sees advantage as a bank in Mexico despite arriving later than its competitors. Pedro Rivas, general director of the fintech in Mexico, anticipates an accelerated evolution of the financial industry due to competition in the banking sector. March 12, 2026 | 08:15 AM Latest quotes Mexico City - Mercado Pago, the fintech of Mercado Libre (MELI), anticipates that it will have an advantage when it manages to become a bank in Mexico, despite arriving in this sector after digital-based competitors like Revolut, Plata or Nu. ADVERTISING Pedro Rivas, general director of the entity in the country, estimated that they are ahead due to the portfolio of products and services they currently have, which covers many of the financial needs of their clients, both individuals and businesses. "I doubt that when some competitors emerge with their banking license and begin operating with that banking license, they will have a range of options very different from what we have. And I believe it will take them time to launch those products and start adapting to the market," said the executive to Bloomberg Linea. Mercado Pago is one of the entities on the waiting list to transform into a bank in Mexico, after requesting the license from the regulator National Banking and Securities Commission (CNBV) in September 2024, after players like Santander's Openbank, Revolut, Nubank or Plata did so, which have already started operations or are about to do so in 2026. ADVERTISING To provide service as a bank in the country, interested entities must obtain approval of their license from the CNBV, with favorable opinion from the Bank of Mexico, and subsequently undergo a regulatory audit, also in charge of the Commission, to receive authorization to start operations. The process from license application to authorization to start operations has taken around three years for these players. "I would love to have it (the banking license) today, but we know there is a natural progression," commented Rivas. "We filed later than some of these competitors, it is a certainty that we will obtain that license later," he said in an interview. First place in digital banking. Pedro Rivas has reiterated that the ambition of pursuing the banking license is to become the number one digital bank in the country, an objective that for him means having "the largest number of users who use us every day, whether small and medium-sized businesses (SMEs) or individuals." ADVERTISING According to the executive, with the exception of BBVA, the number of users who use Mercado Pago for their daily financial services exceeds what the rest of the digital competitors and banks have. The company does not disclose disaggregated data by market, but in its fourth quarter financial report it indicated that it has about 78 million monthly active users in the eight markets where it is available: Argentina, Brazil, Mexico, Chile, Colombia, Peru, Uruguay and Ecuador. Of these countries, the first three represent the main markets for the company that in 2018 received authorization as a digital bank in Brazil and last year requested a banking license in Argentina. In Rivas' opinion, competition with new players in the banking sector and traditional ones will drive a very accelerated development in the coming years. "I am anxious to reach 2030 and see how the financial product we offer as an industry today has evolved compared to what will be offered within 3 or 4 years," said the leader of the Argentine-origin fintech. "We are going to see an improvement in services throughout the entire industry and we believe we are well positioned in that battle." The executive commented that, although there is still a gap between neobanks and larger traditional financial institutions in the country in segments such as mortgage credit or corporate banking, in consumer banking they already overlap and digital competitors are gaining market share. Mercado Pago's offering in Mexico includes loans to SMEs, point-of-sale terminals for physical stores, payment processor for online sales, a digital account with returns, remittance reception, personal loans and debit and credit cards. Rivas indicated that they are accelerating the growth rate in products such as credit cards and that they see an opportunity in the low penetration of financial services, which is accentuated in the case of SMEs. ADVERTISING Previous news Next news

Mexican fintech challenger Plata has secured up to $500 million in financing from Japan's Nomura Securities International.

Plata arranges financing for up to US$500 million by Nomura, marking it as the largest funding for a Mexican fintech platform. * This transaction stands as the largest Private Credit financing ever raised by a Mexican fintech and marks the first time a Japanese global financial institution backs an operation of this scale in the country's digital finance sector and adds to previously closed and currently outstanding debt transactions with Fasanara Capital, Lumina Capital and a bond issuance in the Nordic capital markets. * With this facility, Plata surpasses US$1.6 billion in cumulative institutional funding since entering the Mexican market, reflecting sustained global confidence in its financial, technological, and regulatory model. * The company keeps working to start operations as a regulated bank after securing its banking license and now exceeds 2.5 million active customers. * Plata's investor base now spans the United States, UK, Europe, Japan and Latin America reflecting the confidence of globally diverse institutional backers. MEXICO CITY, Dec. 15, 2025 /PRNewswire/ - Plata, the Mexican financial technology company, has secured a new financing of up to US$500 million arranged by Nomura Securities International, Inc. ("Nomura") It is the largest funding to date for a Mexican digital financial services company. The transaction also sets an important precedent: it marks the first time a Japanese top-tier investment bank participates in a financing of this scale within Mexico's digital financial sector, reflecting the growing international interest in Plata and in Mexico's financial system. The announcement comes as Plata continues to work towards launching operations as a bank, after having received its banking license authorization in December 2024. The company embarked on this extremely rigorous process from the very beginning of the project in the summer of 2022. This discipline has been key to attracting global capital. Funds from the United States, Europe, and Latin America - including Kora, TelevisaUnivision, Moore Strategic Ventures, Hedosophia, Fasanara Capital, and Baring Ventures - have supported the company. Many of these investors have contributed to the development of globally recognized digital banking models. This strength is reinforced by the participation of a global investment bank like Nomura. With the backing of Nomura in this new facility, Plata surpasses US$1.6 billion in accumulated institutional financing. In October, the company closed a US$250 million equity round that doubled its valuation to US$3.1 billion. Plata was founded with proprietary technology, strict controls, and an operating model that has continuously been recognized by investors and authorities in both Mexico and the United States. This approach has allowed the company to consolidate a platform capable of scaling without compromising operational rigor or transparency. Since entering the market, the company has invested more than US$1 billion in Mexico and created over 3,000 jobs - including more than 500 engineering and technology specialists with experience in complex financial institutions. Today, it has more than 2.5 million active customers thanks to a hybrid model that combines digital operations with in-person verification to ensure secure and reliable onboarding. For Neri Tollardo, co-founder and CEO of the company, the transaction represents a decisive moment: "Nomura's support is more than a financial operation; it is a sign of confidence in Mexico and in the real possibility of building modern, disciplined, technology-driven institutions from our region. It brings us closer to the launch of our banking operations and confirms that a solid model can compete globally." Neri Tollardo is the CEO and Co-Founder of Plata. Originally from Italy and recently naturalized Mexican, he has more than a decade of experience in investment banking, financial consulting, and digital banking. He began his career at Morgan Stanley, where he became Vice President of the Financial Studies and Capital division for Europe, the Middle East, and Africa. He later joined Tinkoff Bank in Moscow as Vice President of Strategy, contributing to the growth of one of the world's earliest and most profitable digital banks - a model that went on to inspire numerous digital banking platforms globally. After leaving Russia in 2022, Neri - together with international experts in banking and technology - decided to build Plata from the ground up in Mexico. Under his leadership, the company began operations in April 2023 and quickly became one of the fastest-growing financial platforms in Latin America, securing a banking license, surpassing 2.5 million active customers, building a 3,000-person team, and reaching a valuation of over US$1.5 billion in early investment rounds. Neri holds a degree in International Economics from Università Bocconi (Italy) and a Master's in Finance and Private Equity from the London School of Economics (United Kingdom). He speaks four languages and is the father of two children. Plata is a high-tech Mexican financial platform authorized with a Banking license. Plata's promise in Mexico is to raise the standards of financial products and services through innovation, excellence in customer service, and greater benefits for people's money. Plata is on the mission to transform the Mexican financial experience by overcoming the limitations of traditional banking. Backed by its own technology, Plata offers a simpler, safer, and more efficient financial experience. With a team of over 3,000 employees, Plata has developed its own banking infrastructure and works with the support of AI, which allows the company to make a difference in the financial landscape. In two and a half years of operations in Mexico, Plata has achieved 2.5 million active customers of its credit product. platacard.mx View original content:https://www.prnewswire.com/news-releases/plata-arranges-financing-for-up-to-us500-million-by-nomura-marking-it-as-the-largest-funding-for-a-mexican-fintech-platform-302642264.html SOURCE Plata