Klar, a Mexico City, Mexico-based challenger bank offering a digital alternative to traditional credit cards and debit services, raised $7.5M in seed financing and $50m in debt funding.
The seed round was led by Quona Capital, with participation from Santander Innoventures, aCrew (ex-Aspect Ventures), FJ Labs, Arc Labs, and Western Technology Investment.
The company intends to use the funds to launch its product in Mexico, and reach 100,000 new users in 2020.
Led by Stefan Moller, CEO, Daniel Autrique, CFO, Stefan Moller, CEO Daniel Autrique, CFO, Klar provides banking services via a mobile app, which requires no minimum balance and charges, no transfer fees. Klar rewards consumers with cash, not points. Consumer cards are linked to the app, where deposits and expenses are visible, money can be sent and received instantly, and payments can be made in real-time.
Klar is powered by Mastercard and maintains compliance with Banco de Mexico regulations.
The company has an international team of 30 people with offices in Mexico and Berlin.