Plata Achieves $1 Billion Annualized Recurring Revenue
Plata, the digital bank operating in Mexico under the brand Banco Plata, announced that its September 2026 revenue of $85 million translates into an annualized recurring revenue (ARR) of $1 billion. The CEO, Neri Tollardo, said the milestone was reached 3½ years after the bank’s launch in Mexico, positioning the company to become profitable in the following year.
The ARR achievement is notably faster than comparable fintechs; Nu Holdings Ltd. required about eight years and Revolut Ltd. about six years to reach a similar $1 billion revenue level, according to company filings cited by Bloomberg.
Plata’s credit‑card portfolio expanded to almost 19 billion Mexican pesos in August 2026, up from 12.8 billion pesos in March 2026 when the entity began operating as a bank. This portfolio size represents roughly 60 % of the 31 billion‑peso ($1.7 billion) credit‑card portfolio held by Nubank, the longest‑established digital bank in Mexico. Deposits at Plata grew to 25.9 billion pesos as of August 2026.
In April 2026, Plata completed a financing round that raised $405 million, valuing the Mexican fintech at $5 billion.