Research
Fintech and payments: capital, debt and M&A in Mexico 2026
Fintech captured 61% of the region’s venture capital in 2025 in a handful of large rounds, banking licences are bought and sold, and private credit funds the books of lenders.
Sectors
Fintech and payments
Thesis
This is the sector with the most mandates closed by the firm: card issuing and payment processing, merchant and consumer lending, and regulated entities. Fintech transactions are decided by portfolio quality, unit economics per transaction and regulatory position. A credit originator needs equity and debt in different proportions depending on its stage; a payments platform is worth its network and integrations; a licensed entity may be worth more for the licence than for its operations. We advise in all three situations.
Buyer and investor dynamics
Equity investors in fintech in the region are specialised and generalist funds with financial inclusion and payments infrastructure theses. Lenders are debt funds, development banks and portfolio funding platforms. Strategic buyers are regional payments platforms and neobanks seeking licences, merchant networks or portfolios, as well as banks and financial groups acquiring technology capabilities.
Sector transactions
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Cacao
Sale to Dock · Amount undisclosed
- Dock · Buyer
2022
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Dapp
Series A · USD 12.4 M
- Kalonia Venture Partners · Investor
- G2 Momentum Capital · Investor
Group participation
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YoFio
Seed · equity and debt · USD 10 M
- Oikocredit · Lead investor
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Baubap
First debt facility · Amount undisclosed
- Alfin · Lender
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Belo
Acquisition of an IFPE-licensed entity · Amount undisclosed
Sector research
Capital, debt and M&A in the sector, with public sources cited.
Public multiples
Listed comparable companies in the sector: price, market value, multiples and expected growth. Data as of 31 August 2026.
- 2.2x Median EV / revenue CY 26E
- 16.8x Median P / E CY 26E
- 21% Median revenue growth CY 26E
- 19 Companies in the universe 8 LatAm
Market transactions
Analyses of recent deals in the sector: structure, value drivers and what they signal to the market.
Deal analysis
Banorte sells Bineo to Klar: a banking licence as a tradable asset
Banorte agreed to sell 100% of its digital bank to a Klar subsidiary in September 2025; the Comisión Nacional Antimonopolio cleared it in December and, a year after signing, closing still awaits the SHCP and the CNBV.
Deal analysis
Bravo: EUR 200 million credit facility with Fortress Investment Group
Fortress provided Bravo with a EUR 200 million facility for its credit division and its debt settlement operation; it is debt, not equity, for a platform founded in Mexico in 2009 with more than 522,000 clients.
Deal analysis
Clara: USD 70 million of structured debt and a USD 150 million renewal with Goldman Sachs
Clara closed three facilities for USD 70 million with BBVA Spark, IFC and Covalto and, ten weeks later, renewed its USD 150 million facility with Goldman Sachs; its debt capacity now exceeds USD 250 million.
Deal analysis
Clip: USD 500 million at more than USD 2.5 billion and an IFPE licence
Fourteen years after its founding, the Mexican acquirer raised USD 500 million from officially undisclosed investors, three weeks after obtaining CNBV authorisation to operate a digital wallet.
Deal analysis
Equifax acquires Círculo de Crédito for USD 825 million
Four months after TransUnion closed on control of Buró de Crédito, Equifax agreed to pay USD 825 million for Círculo de Crédito, at about twelve times disclosed adjusted EBITDA.
Deal analysis
Félix Pago: USD 200 million Series C at about USD 1.4 billion
The WhatsApp remittance platform combined USD 87 million of equity led by a16z with a USD 113 million credit line from General Catalyst to fund lending, and nearly tripled its valuation from the Series B.
Deal analysis
Hey Banco: the Banregio spin-off that creates an independent digital bank
Banregio Grupo Financiero carved the Hey brand’s loan book and deposits out of Banco Regional and merged them into Hey Banco, which has operated independently since 31 January 2026 with MXN 14,000 million in deposits.
Deal analysis
Kapital: Series C at USD 1.3 billion and the purchase of Intercam’s assets
In three weeks of 2025 Kapital announced the purchase of Intercam’s banking, brokerage and funds businesses, renamed itself Kapital Grupo Financiero and closed a Series C that doubled its valuation; the restructuring was authorised in December.
Deal analysis
Nu México: from Sofipo to bank, with Banco Porto Real as the contrast
Nu México completed in August 2026 its conversion from Sociedad Financiera Popular to bank, while Nu Holdings agreed to buy in Brazil a bank with USD 6 million of equity to obtain a licence; two routes, one objective.
Deal analysis
Plata: up-to-USD 500 million private credit facility arranged by Nomura
In December 2025 Nomura arranged the largest debt facility for a Mexican digital financial services company; in June 2026 Oaktree, Macquarie, Fasanara and Banco Covalto committed USD 300 million within it.
Deal analysis
Plata: USD 405 million Series C at a USD 5.0 billion valuation
The fifth banking licence granted from scratch in Mexico was valued at USD 5.0 billion six months after its round at USD 3.1 billion, with a sovereign fund, a Brazilian bank and a long-only investor in the syndicate.
Deal analysis
TransUnion closes its purchase of 68% of Buró de Crédito for MXN 11,400 million
TransUnion raised its stake in the consumer credit business of Buró de Crédito to roughly 94%, in cash, on an enterprise value of MXN 16,800 million and more than a year after signing.
Deal analysis
Ualá: USD 195 million at a USD 3,200 million valuation with Allianz X as lead investor
Allianz X led the round that takes Ualá from a USD 2,750 million to a USD 3,200 million valuation; the capital funds regional growth and embedded insurance, with a significant Mexican component according to its local CEO.
Deal analysis
Visa and Prosa: the CNA blocks the purchase of 51% of the banks’ processor
More than two years after the announcement, the Comisión Nacional Antimonopolio denied Visa the purchase of 51% of Prosa and rejected the remedies offered; the case sets the limit for acquisitions of payments infrastructure in Mexico.
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