Klar, a digital financial services platform, has raised $70 million in equity funding at a valuation of $500 million. The funding round was led by General Atlantic with participation from Prosus Ventures, Quona Capital, Mouro Capital, International Finance Corporation, Acrew Capital and Endeavor Global. According to the company, users can open an account online “in five minutes”. There is no requirement for a minimum balance, and there are no fees for users. The company’s Mastercard-powered card provides customers with cash back on all purchases, as well as the ability to make mobile payments and use buy now, pay later options. Direct deposit enables users to receive salary advances.
Mexico’s Largest Digital Bank Lands $70M in General Atlantic-Led Round
