Fintech Klar Catches Up On Race to Bank Status With Purchase

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.