Mexican digital finance platform Klar has raised $90m in a funding round led by growth equity investor General Atlantic.

Quona, Mouro, Prosus Ventures, Acrew, WTI, Endeavor Catalyst and IFC also participated in the round.

Klar will use the proceeds to enhance its platform with solutions aimed at the Mexican market.

The firm will also use the investment to fund strategic acquisitions, expand its ecosystem by reaching more customers through new distribution channels and strengthen its team.

Founded in 2019, Klar’s product portfolio includes services such as credit, mobile payment, reward programmes, personal loans, BNPL and salary advances.

Klar said it leverages technology and proprietary data science to expand access to digital banking.

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By GlobalData

The fintech noted that 85% of the population in Mexico does not have access to formal credit and half of them are still unbanked.

40% of Klar’s customers have accessed digital products for the first time, it added.

Klar co-founder and CEO Stefan Möller said: “We see an opportunity to provide bespoke solutions to Mexican consumers who are eager to adopt technology, and who are not adequately served by anachronistic institutions.

“We are thrilled to have the continued support of General Atlantic and our investor base as we focus on creating simpler and more transparent financial solutions for our customers.”

The neobank has raised a total of $150m since its inception and claims to have added 1.4 million customers in the past 12 months.

General Atlantic managing director and head of Mexico office Luis Cervantes said: “Klar demonstrates a deep understanding of the Mexican market – counter to foreign players and legacy incumbents – and has focused intently on creating a suite of products that cater to these unique needs.

“As digital adoption in Mexico accelerates, we believe Klar is well-positioned to continue its exciting growth trajectory, and we are pleased to extend our partnership with Stefan and the team.”