Mexico City-based digital financial services platform, Klar, S.A. de C.V. (Klar) has secured a $100 Million Debt Facility from Chicago-based global alternative investment firm specializing in private credit, Victory Park Capital to help expand Credit Products in Mexico.
“We are dedicated to democratizing access to credit in Mexico because we believe that a more inclusive and efficient financial system means more for everyone: more opportunities, more customer satisfaction, and ultimately, more prosperity,” Stefan Möller, CEO of Klar said. “There is no shortage of quality financial products, but they serve a limited population. We are changing that paradigm. More credit for more people -- that is our premise.”
The grant will help Klar through its expansion into Mexico and through the overall growth of the company. The products are expected to offer Mexican customers “enhanced access to reliable, simple, and transparent credit cards.”
The expansion is announced to aid Mexico-based customers with their financial needs, offering credit lines and final products.
“VPC is committed to supporting Klar in its mission to enhance financial inclusion in Mexico,” Partner at VPC, Jason Brown, said. “Klar has built a product that fully meets the needs of a market where credit access remains a challenge and has demonstrated its ability to successfully scale in Mexico. We believe strongly in Klar’s growth potential and look forward to partnering with them as they continue serving the unbanked and underbanked.”
Established in 2019, Klar’s provides mobile payment solutions and access to buy now, pay later services, as well as consumers' salary advances and credit lines.
“Klar's data analytics capabilities are the cornerstone for customizing its credit lines, accounts, and products to provide tailored solutions to its customers,” a Business Wire report states. “Klar and its affiliates work closely with Mexican financial regulators to ensure that their financial products are secure and accessible to all customers.”