Plata has named Marcos Kantt as its new Chief Financial Officer, signaling a strategic pivot toward profitability for the fintech firm. The company, which currently serves 3.5 million customers, is leveraging its newly acquired banking license to stabilize its financial structure.
Kantt outlined a three-pronged approach to achieving profitability: launching new financial products, optimizing funding costs, and increasing operational leverage. The firm expects to offer debit products to its entire client base by May, a move Kantt believes will significantly lower the bank's funding costs.
Scaling with operational discipline
"We have a fixed cost base that is beginning to dilute more rapidly, which is what we call operational leverage," Kantt said. Despite the push for profitability, the company plans to continue its heavy investment phase for at least the next 24 months, according to the new CFO.
Plata entered the market seeking to capture the segment of the population currently excluded from traditional banking. According to the 2024 National Financial Inclusion Survey, 23% of the Mexican population does not possess a single financial product.
Kantt declined to comment on future funding rounds, noting that the company is currently focused on reviewing its financial models and growth projections. He emphasized that the firm’s team of more than 800 engineers remains the primary engine for product development and long-term sustainability.
Unlike some competitors, Plata aims to avoid aggressive, unchecked credit card issuance. Kantt pointed to the company's current 20% approval rate as evidence of a balanced approach to growth and risk management.
"Our approval rate reflects a balanced focus between growth and risk management," Kantt said. The company intends to maintain this disciplined pace as it matures from a startup into a fully licensed banking institution.
