Klar, a Mexico-based challenger bank, announced on Thursday it secured $7.5 million through its seed financing round. The company also reported that it raised an additional $50 million in debt funding. The latest seed round was led by Quona Capital, a fintech venture firm which leverages a strategic relationship with Accion, with participation from Santander Innoventures, aCrew (ex-Aspect Ventures), FJ Labs, Arc Labs, and Western Technology Investment.
Founded in 2018 by co-founders Stefan Moller, Daniel Autrique, and Gianluigi Davassi, Klar states it is looking to offer an alternative to traditional credit cards and debit services. Services are available via mobile app, without traditional fees found at banks. The bank claims its services are designed to be 100% digital, transparent, free and easy to use for consumers. While sharing more details about the bank’s growth and the funding, Klar Co-Founder and CEO, Stefan Moller, stated:
“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. This fundraise from Quona Capital, along with the support of our other investors, provides us with growth capital and support we need to democratize banking in Mexico and offer the best service possible to all who need it.”
Jonathan Whittle, Quona Capital Co-Founder and Partner, went on to add:
“Quona has been excited about Klar from the very first meeting. The Klar team has built a solution that we believe can have a dramatic impact on financial inclusion in Mexico. We’re happy to put our support behind the Klar team and its alternative debit card with credit offering.”