Santander invests in Mexican fintech Klar
Santander InnoVentures, Banco Santander's venture capital fund, will support the Mexican startup Klar with 57.5 million dollars.
Santander invests in Klar, a Mexican financial technology company (fintech) that seeks to offer a solution of alternative financial services to credit and debit cards in a simple, transparent, secure and also works to control user costs.
In a statement, Santander InnoVentures, the venture capital fund of Grupo Santander, stressed that the operation, which reached an amount of $57.5 million dollars, of which $7.5 million are capital and $50 million in debt, makes it the largest seed round in the history of Mexico.
Mexico is characterized by low access to credit and currently, few providers offer a fully digital solution, so Klar's service is based on an assessment of the credit quality of users that allows offering innovative credit solutions around the lifestyle of its customers.
Santander InnoVentures has invested in more than 25 emerging financial technology companies since 2014, so this investment is aligned with its main thesis of supporting entrepreneurs who are reinventing financial services solutions and launching new products and functionalities in the market, such as Curve in the United Kingdom, Creditas in Brazil or Bonify Explained that Klar is a Mexican company with offices in Mexico City and Berlin.
The team is made up of engineers and data management experts from Brazil and Italy, with experience in companies such as N26, Google, Uber, Microsoft, and consulting firms. Manuel Silva Martinez, partner, and investment manager of Santander InnoVentures and now part of the board of the startup mentioned that the fintech ecosystem in Mexico is developing and reaching levels of quality and sophistication, so they have followed the market.
"We were impressed by Klar's team, their ability to execute and, above all, their ability to create customer experiences and develop an ambitious product vision".