Klar

Mexico-based Klar is a digital bank that provides deposit accounts, credit, mobile payments, a rewards program, personal loans, salary advances, and buy now pay later (BNPL) services to the Mexican market via a mobile app. Customers signing up will have access to a Klar Pago account and Klar Credito, a separate account to obtain credit.

The Klar Pago account provides a debit card and enables customers to make free money transfers. Customers benefit from cash back on all purchases up to MXN 1,000 per month made through the account and the bank also reimburses up to MXN 25 of the cost of the commission on the first three ATM withdrawals per month.

The Klar Credito provides a personalized credit card and provides loans directly credited to Klar Pago. It also offers salary advancements up to two weeks and contingency credit if credit card limits are exceeded free of charge. The company also claims to provide credit lines up to MXN 20,000 without checking individual credit scores.

Key customers and partnerships

As of August 2023, Klar served over 2.4 million customers in Mexico.

Funding and financials

The company raised USD 100 million in a debt facility from Victory Park Capital in August 2023. It had earmarked the fresh funds to broaden its product portfolio, including more credit card options, as well as expanding its loan book.