Digital bank Plata said annualized recurring revenue has reached $1 billion, a milestone that underscores the rapid expansion of its financial-services business in Mexico.

Plata appoints former SEC Commissioner Michael S. Piwowar and former US Deputy Secretary of State John J. Sullivan as independent board members, strengthening its financial expertise and corporate governance ahead of regional expansion.

Banco Plata plans to deploy 300 smart ATMs across Mexico, offering cash withdrawals, deposits, bill payments, and digital payment options in major cities.

Banco Plata introduces smart ATMs that combine digital banking with cash services, offering cardless withdrawals, deposits, and payments through QR codes and digital wallets.

Plata reached a major milestone with its latest funding round led by Bicycle Capital, achieving a US$5 billion valuation. The transaction highlights strong investor confidence in Plata’s scalable, data-driven credit model and rapid customer growth, reinforcing its trajectory toward becoming a leading digital bank.