Mexican challenger Klar lands $100m debt facility to expand credit product offerings
Klar, a digital financial services platform based in Mexico City, has secured a $100 million debt facility from Victory Park Capital.
Klar secures $100m debt facility
Launched in 2019, Klar offers consumers a fully digital alternative to traditional credit. It claims to have experienced “exponential growth” over the past year and currently serves “millions” of customers.
With the facility, Klar plans to expand its credit product offerings for Mexicans, which include a credit card that offers cashback on all purchases, buy now, pay later (BNPL) services, salary advances and loans.
“We are dedicated to democratising access to credit in Mexico because we believe that a more inclusive and efficient financial system means more for everyone: more opportunities, more customer satisfaction and ultimately, more prosperity,” comments Stefan Möller, CEO of Klar.
“Klar has built a product that fully meets the needs of a market where credit access remains a challenge and has demonstrated its ability to successfully scale in Mexico,” says Jason Brown, partner at Victory Park Capital, adding that VPC aims to support Klar as “they continue serving the unbanked and underbanked”.
