Plata gains banking licence in Mexico

Mexico’s digital financial company Plata has received final approval from the National Banking and Securities Commission (CNBV) to operate as a full bank, concluding a three-year application process. The regulatory clearance allows Plata to expand beyond its existing credit card business, which serves 3 million active users entirely through a mobile app. Plata’s latest funding round valued the firm at $3.1bn, reported Bloomberg. The institution operates without physical branches and plans to broaden it ...