September revenue of $85 million pencils out to a $1 billion annual pace, according to Chief Executive Officer Neri Tollardo, who shared the figure in an interview. "This is a speed seen by artificial intelligence companies," he said, adding that it is "much faster than other prominent digital banks," which he credited to Plata's tech platform, team and execution.
Plata hit that revenue run rate 3 1/2 years after its Mexico launch, and Tollardo says that trajectory puts the company on course to turn profitable next year. For context, company filings show Nu Holdings took about eight years and Revolut about six to reach a similar revenue level. Nu and MercadoLibre run the largest fintech operations in Mexico, while Revolut began ramping up in the country this year, yet Plata has quickly emerged as a new credit challenger.
Banco Plata, the Mexican unit, has built its credit card portfolio faster than other digital banks in the country, reaching 60 percent of Nubank's 31 billion peso book, based on August regulator data. Plata's own portfolio was nearly 19 billion pesos in August, rising from 12.8 billion pesos in March, the month it started operating as a bank. Deposits totaled 25.9 billion pesos in August, and the company also opened in Colombia in September.
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The bottom line: Plata is scaling revenue and credit quickly in a market dominated by heavyweight fintechs, while building deposits and adding a new geography.
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