Mexico-based Klar scores $15m in its Series A round

Mexico-based challenger bank Klar has reportedly bagged a $15m Series A funding round, which was led by Prosus Ventures.

Contributions also came from International Finance Corporation, Mouro Capital, aCrew and Quona Capital, which led the FinTech’s seed round, according to a report from Crowdfund Insider.

The FinTech hopes the funds will grow its engineering capabilities in its Berlin and Mexico offices, which will help it expand its product suite.

Klar is a mobile banking platform that does not charge commissions and comes with a debit card that offers rewards when used. Users can earn up to 4% cashback when using their card and they can also access up to $5,000 in credit.

Klar co-founder and CFO Daniel Autrique said, “Klar is making credit accessible to all Mexicans, including those with no credit history. We help people build credit by looking at how and where they spend their money, instead of being stuck with traditional credit scores that are backward looking and obsolete.”

With the close of the round the FinTech has raised a total of $72m in funding.

Earlier in the year, challenger bank decacorn Nubank launched in Mexico to help the countries unbanked get access to financial services.

This year also saw Mozper launch its banking services, which are aimed at teenagers and parents. The FinTech, which launched in Mexico and targets the whole of Latin America, offers a mobile app and physical debit card that is aimed at helping teenagers better manage their money.

Kids are taught good money habits, monitor balances, make payments and receive money top-ups from parents.

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