Mexican challenger Klar has secured $57.5m in debt and equity seed funding to support its launch.

Klar raised 50 million in debt funding and an additional $7.5m in series seed financing round. The seed financing round was led by Quona Capital, a fintech venture firm.

Santander Innoventures, aCrew, FJ Labs, Arc Labs and Western Technology Investment also joined as its investors.

The challenger plans to utilise the capital to launch its product in Mexico and achieve 100,000 new user-base next year.

Klar co-founder and CEO Stefan Moller said: “Klar is the future of banking, and the good news is that it’s open to all Mexicans, not just a few.

“Today just 15% of adults in Mexico have access to a credit card, and only 3% of credit applications from middle class consumers are approved. We believe Klar will dramatically change banking access across Mexico.”

Established last year, Klar aims to cater to the under-banked population in the country by providing debit and credit card services. It offers customers with a Klar bank account with no minimum balance and with cashback services.

Customers can also view their deposits and expenses through the app, and lock/ unlock their card as required.

Last month, another Mexican fintech Credijusto raised $42m in a Series B financing round. Credijusto, which provides loans to SMEs, plans to expand its product offering with this investment.