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Mexican fintech Klar is setting its sights on a 2026 IPO, aiming for a $500m run rate by next year’s third quarter, as it eyes investor sentiment under President Claudia Sheinbaum's new administration. With 2 million active users, Klar plans to expand its reach to 10 million, tapping into Mexico's largely underbanked population where only a third of adults have formal credit access.
“We see a classic oligopoly problem where four of the top five banks control 70% of the deposits but are all foreign owned,” Casper Yonel, CEO of Blu, said in a news release. “With Mexico comprising less than 5% of their global balance sheets, these top few banks hold little incentive to develop the unique technology required to serve the growing middle class and mass market.”
https://www.pymnts.com/news/ipo/2024/mexican-banking-fintech-klar-aims-for-2026-ipo/
