Mexican fintech Plata Card secures $100m financing
Posted on May 3, 2024
The facility will be used by Plata Card to fund its credit card loan origination in Mexico.
This deal represents the continued and compelling surge of interest from both foreign and domestic funds in Mexico's thriving "warehouse" facilities sector, particularly those intertwined with Mexican fintech companies, according to Mexican law firm González Calvillo, which acted as legal counsel to Fasanara Capital.
“This trend not only underscores the dynamism of the Mexican financial market but also showcases exciting alternatives to conventional funding avenues,” the law firm added.
“At González Calvillo, we take pride in our role as trailblazers in structuring and executing "warehouse" facilities in Mexico,” the firm said.
“From the legal perspective of the deal, it was particularly challenging given that it involved highly important companies in a sophisticated sector from two separate jurisdictions (Mexico and United Kingdom). As such, the structure was negotiated at-length and required to conform different concepts from foreign law into a Mexican-law governed transaction,” according to the law firm.
“Intricate contractual arrangements were put in place between all parties to document their relationship,” the firm added.
The firm’s team was led by partner José Ignacio Rivero Andere, with managing associate Jacinto Ávalos Capín and associates Luis Ernesto Brieño Jiménez and Valeria Camacho Bello, with law clerks Maite Robledo Saldívar, Sofía Ramírez Esparza and Isadora Sánchez Lavalle.
Mijares Angoitia Cortés y Fuentes acted as Mexican counsel to Plata Card, with a team led by partner Manuel Echave, and with associate Juan Pablo Betancourt.
Clifford Chance acted as UK counsel to Fasanara, with a team led by partner Maggie Zhao, with senior associate Simon Connor and lawyer Francis Tang.
Skadden, Arps, Slate, Meagher & Flom acted as UK counsel to Plata Card, with a team led by partner Clive Wells, with associate Alexander Halms, European counsel Alejandro Ascencio and associate Krishane Sri Rajkumar.