Carey Olsen advises Klar on US$190 million Series C funding round
Carey Olsen's corporate team in the Cayman Islands has advised Mexico-based digital bank Klar on its US$190 million Series C funding round, which values the company at over US$800 million.
The funding round, led by U.S. private equity firm General Atlantic, comprised US$170 million in equity and US$20 million in venture debt and has achieved backing from both new and existing investors, including Santander and Mexican media company Televisa.
Founded in in 2019 to provide a user-friendly digital platform for banking services, Klar now has over two million active users. Its latest funding round comes at a time when the region's digital financial market is increasingly competitive, with the number of fintech companies in Mexico growing year on year as more people turn to online platforms for their banking needs.
The Carey Olsen team advising on the transaction comprised partner Trevor McCabe and senior associate Evan Stitt, working alongside onshore U.S. counsel Gunderson Dettmer.
Trevor McCabe commented: "Having already established itself as a key player in Mexico's fintech sector, Klar has achieved a new milestone with its Series C funding round and subsequent increase in value to over US$800 million. Investors have recognised Klar's potential for significant growth amid this competitive landscape, and we look forward to seeing how the company drives forward developments in the digital banking space as a result of this successful funding round."
