Dutch Neobank Bunq Eyes Mexican Market

Dutch neobank Bunq joins a crowded area of fintechs racing to financial institution Mexico’s underserved.

The Mexican digital financial institution market continues to warmth up, with Dutch neobank Bunq turning into the most recent to hunt a banking license to function within the nation. This continues the neobank’s regional growth ambitions to serve “world residents,” with a pending de novo banking license within the U.S., for which it obtained regulatory approval to function as a broker-dealer in 2025.

In accordance with firm officers, they appear to serve those that lack entry to Mexico’s conventional banking companies. This might embrace U.S. residents, who make up nearly 70% of the foreign-born inhabitants.

Different massive diasporas embrace Colombians, Hondurans, and Venezuelans. Mexico’s 2020 nationwide census revealed that greater than 1.2 million foreigners have been registered with the federal government as residing in Mexico. In 2022, the U.S. Division of State estimated that 1.6 million People reside within the nation.

“Bunq is designed for individuals who reside, work, and journey throughout borders, and as an important connecting level between the Americas, Mexico is a pure house for us,” Ali Niknam, founder and CEO of Bunq, stated in a ready assertion.

Ought to Bunq acquire its Mexican license, it may provide a wider vary of monetary merchandise, together with full-service banking and multi-currency accounts. Deposits would even be protected by IPAB, the native financial institution deposit insurance coverage.

It’s as much as Mexico’s Nationwide Banking and Securities Fee (CNBV), with enter from Banco de México (Banxico) and the Ministry of Finance, whether or not Bunq receives its license.

As Revolut Launches, Nubank Nears Full Operations

A minimum of six fintech and neobanks are additionally in the identical banking license utility course of. In February, Mexican digital financial institution Plata introduced it had obtained its license, whereas London-headquartered Revolut started full operations in January.

Brazil’s Nubank, with its Nu México subsidiary, is programs testing forward of ultimate operations sign-off, having obtained CNBV’s approval in April 2025, in keeping with an organization submitting with the U.S. Securities and Trade Fee.

Different rivals embrace Mexico’s Klar, Spain’s Openbank, and Argentina’s Mercado Pago.

Bunq presently operates in over 30 European markets and reported 20 million customers worldwide. This makes it the second-largest neobank within the area, with a concentrate on digital nomads.

This text seems within the June 2026 concern of World Finance Journal.