Maxion digital banking service provider, Klar has secured a $100 million fund as a loan from Victory Park Capital, an investment firm known for diversified asset management. 

"This will let us provide better offers to our users, whether that is larger credit lines or reduced interest rates," CEO Stefan Moller said in an interview.

Founded in 2019 Klar provides app-based banking services in Mexico. It offers financial services such as personal loans, salary advantage, buy now and pay later etc. So far, the company has provided loans to around 2.4 million clients and wants to expand the services across the country, Moller informed.

Highlighting the fact that 90 per cent of Mexicans lack a credit card and around 50 per cent have no access to the bank could be a green market for the company.

He explained that the company offers 1,000 pesos (58.67) to 30,000 pesos ($1760.24), but planning to experiment with loans up to 40,000 pesos.

Talking about the credit Moller said that the company re-evaluate the size of the credit line but the plan is to reduce it to one month.

"We are still in a market where credit penetration and customer credit penetration are much lower than it should be compared to economic development." Talking about the possibilities of the financial market in Mexico, Moller said that the market is full of possibilities but it was largely ignored.