Mexican digital bank Plata has raised $160 million in a Series A funding round. This funding will help Plata scale further as it joins the unicorn club with a valuation of $1.5 billion.

Less than two years after launching, Plata has achieved significant milestones, including more than a million active credit card users and a banking license authorization. The round was led by Kora, with participation from Moore Strategic Ventures. The company was founded in Mexico City by seasoned banking executives and has focused on technological solutions for its services. CEO Neri Tollardo expressed confidence in their customer-facing app, which sets a benchmark for financial services in Latin America.