- Former SEC Commissioner and former U.S. Deputy Secretary of State join Plata’s board as the company deepens its governance and regulatory expertise
WILMINGTON, Del., July 27, 2026 /PRNewswire/ — Plata, a technology-led financial holding company operating Banco Plata, a fully regulated bank in Mexico, and expanding into Colombia, today announced the appointment of Michael S. Piwowar and John J. Sullivan as independent members of its U.S. holding company board, effective August 1, 2026.
The appointments mark a significant step in Plata’s efforts to strengthen its governance framework as it builds a fast-growing, regional, regulated financial platform. Piwowar and Sullivan bring deep expertise in global financial markets, securities regulation, and cross-border legal and national security matters, reflecting Plata’s proactive approach to institutional maturity as it navigates an evolving financial landscape.
“We are thrilled to welcome Michael and John to our board,” said Neri Tollardo, Plata’s Co-Founder. “With a community of 4 million active users, a workforce exceeding 5,000 employees and the backing of premier global investors and regulatory bodies across the markets we operate. We have always prioritized discipline and rigor in our operations, as exemplified by our goal of being a regulated entity in Mexico and Colombia thus far. We trust that Michael and John’s experience navigating global finance, regulatory compliance, and market strategy will be instrumental to further strengthening our responsible approach.”
Michael Piwowar is the executive director of the Georgetown Psaros Center for Financial Markets and Policy. He was formerly the executive vice president of Milken Institute Finance. He was nominated by President Obama and unanimously confirmed by the Senate to serve as a commissioner for the U.S. Securities and Exchange Commission from 2013 to 2018. Dr. Piwowar was designated acting chairman of the Commission by President Trump.
Dr. Piwowar was previously the Republican chief economist for the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and served as the lead Republican economist on the four SEC-related titles of the Dodd-Frank Act and JOBS Act. During the 2008 financial crisis and its immediate aftermath, he served in a one-year fixed-term position at the White House as a senior economist on the President’s Council of Economic Advisers for both President Bush and Obama. Before joining the White House, Dr. Piwowar worked as a principal at an economic consulting firm, a visiting academic scholar and senior financial economist at the SEC, and as an assistant professor of finance at Iowa State University. He received a B.A. in foreign service and international politics from Pennsylvania State University, an MBA from Georgetown University’s McDonough School of Business, and a Ph.D. in finance from Pennsylvania State University.
“I am honored to join Plata’s board at such a pivotal moment in the company’s growth,” said Michael Piwowar. “Having spent my career focused on sound regulation and the integrity of financial markets,
I am impressed by Plata’s commitment to disciplined, compliant growth as it builds a regulated banking platform across geographies. I look forward to supporting the board as the company continues to scale responsibly.“
John Sullivan is a recognized American diplomat, attorney, and public servant with a career spanning over four decades across five presidential administrations. He is a retired partner at Mayer Brown LLP, where he co-founded the law firm’s national security practice, advising global clients on international trade, cross-border regulation, foreign investment, and complex national security matters. His extensive government service includes roles as the U.S Ambassador to the Russian Federation under Presidents Biden and Trump, U.S. Deputy Secretary of State under President Trump, U.S. Deputy Secretary of Commerce and Deputy General Counsel of the U.S. Department of Defense under President George W. Bush, and earlier legal positions in the U.S. Department of Justice.
He holds a bachelor´s degree from Brown University and a law degree from Columbia Law School, where he served as Book Reviews Editor of the Columbia Law Review. He was a law clerk for U.S. Supreme Court Justice David H. Souter and for Judge John Minor Wisdom of the U.S. Court of Appeals.
Today he is a distinguished fellow at both Georgetown University and Columbia University, a member of the American Academy of Diplomacy and the Council on Foreign Relations, a CBS News Contributor, and the author of the critically acclaimed book Midnight in Moscow.
“I am delighted to join the board of Plata as an independent director,“ said Ambassador Sullivan. “It is an exciting time to join Plata, which has rapidly become a leading digital finance institution based on its cutting-edge technology. With millions of customers and thousands of employees, Plata is poised for further expansion and growth.“
The appointments coincide with Plata’s geographic expansion. Following the March 2026 launch of Banco Plata’s full banking operations in Mexico, Plata is expanding into Colombia, where it received authorization this month from the Financial Superintendency to start operations.
About Plata
Plata is a technology-led digital financial institution that operates Banco Plata, a fully regulated bank in Mexico, and has received authorization for a Compañía de Financiamiento in Colombia. Since launching three years ago, Plata has grown to serve over 4 million active customers and has raised more than $2 billion in debt and equity. The company built its technology infrastructure in-house, including a proprietary core banking system, CRM, and AI-powered risk engine, developed by a team of over 800 STEM professionals.
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SOURCE Plata
