Fintech Klar Catches Up On Race to Bank Status With Purchase (1)

A unit of Mexican fintech Klar has entered an agreement to buy Grupo Financiero Banorte’s digital bank Bineo, a move that brings it closer to operating with a banking license.

Klar subsidiary Clearscope Holdings will purchase all of the bank’s shares, according to a Banorte statement. The company did not disclose the size of the deal, which is still subject to regulatory approval, or the timing for the transaction’s close.

Klar, founded in 2019 and backed by funds including private equity firm General Atlantic, offers lower-cost, app-based financial products to a broad swath of Mexican consumers and small ...