Klar moves to acquire Bineo digital bank from Banorte

Mexican fintech company Klar has agreed to acquire Bineo, a digital bank owned by Grupo Financiero Banorte.

Financial terms of the transaction were not disclosed.

The acquisition, facilitated through Klar’s subsidiary Clearscope Holdings, signifies its progression towards securing a banking licence.

Banorte’s decision to divest from Bineo comes less than two years after the digital bank's inception.

During the second quarter of this year, Bineo reported a loss of 224m pesos ($12m), marking it as Banorte's sole subsidiary to report negative earnings.

Since its launch in January 2024, Bineo has not recorded any profits.

Bineo, with its own banking licence, offers a range of financial services, including personal loans, remittances, deposit accounts, and savings options.

The transaction, which involves the purchase of all shares of Bineo, is still pending regulatory approval.

Klar provides digital financial services such as credit cards and solutions for small businesses in Mexico.

The company, founded in 2019, applied for its own banking licence in December 2024.

At the time, Stefan Möller, founder and CEO of Klar, said: “The regulatory process for obtaining a banking licence in Mexico is rigorous and includes several stages, including filing a document with the authorities, detailed assessments, operational reviews, and, finally, authorization to begin operations as a regulated bank.

“We understand this path will take time, but we are confident it will lay a solid foundation for our future.”

In June, Klar raised $190m through a financing round, receiving $170m in equity and $20m in debt.

The round, which valued the company at over $800m, was led by General Atlantic and saw participation from both new and existing investors.

Among the new equity investors were Grupo Santander, DEG, Grupo Televisa, Grupo Fórmula, and Citius, joining existing stakeholders such as Prosus, IFC, Mouro Capital, and Quona Capital.

Klar's future plans are firmly rooted in Mexico, with a focus on expanding its market presence, accelerating product innovation, and exploring growth opportunities to fortify a more inclusive financial landscape.

Alongside the funding, the company reports approaching an annual revenue of $300m, with revenue per employee surpassing $1m annually.

"Klar moves to acquire Bineo digital bank from Banorte " was originally created and published by Retail Banker International, a GlobalData owned brand.

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