Background on Bineo and Grupo Financiero Banorte
Grupo Financiero Banorte, a prominent Mexican financial group, launched its digital banking platform, Bineo, in January 2024. However, less than eighteen months after its inception, Banorte announced its intention to sell or merge Bineo in April 2025.
Key Players Involved
Bineo, a digital banking service, was acquired by Clearscope Holdings, a subsidiary of Klar Holdings Limited (Klar USA). Notably, the popular Mexican financial sociedad financiera (sofipo), Klar, is not part of this transaction.
Transaction Details
Banorte disclosed the sale of all Bineo shares to Clearscope Holdings in a regulatory filing sent to the Mexican Stock Exchange (BMV). The transaction reportedly includes Bineo’s banking license.
- The deal is subject to various conditions, including approvals from the Secretaría de Hacienda y Crédito Público (SHCP), the Comisión Nacional Bancaria y de Valores (CNBV), a favorable opinion from Banco de México (Banxico), and the economic competition authority’s endorsement.
Banorte’s Digital Banking Strategy
The sale of Bineo aligns with Grupo Financiero Banorte’s strategy to consolidate all digital capabilities under one roof. Simultaneously, Banorte announced the acquisition of RappiCard’s total shares in 2025, where it had an alliance since 2020.
During a recent press conference presenting Banorte’s financial results, Marcos Ramírez, the group’s CEO, hinted that Bineo’s future would be revealed in those months. The sale of all Bineo shares was announced this Thursday.
Underperformance of Bineo
According to the Comisión Nacional Bancaria y de Valores (CNBV), as of June 2025, Bineo had a total loan portfolio of just 19 million pesos with a 40% delinquency rate. Deposits amounted to 34 million pesos, and the bank reported losses of 513 million pesos.
Despite these financial setbacks, Bineo maintained a Capitalization Index (ICAP) of 277.5% and a Coverage Liquidity Coefficient (CCL) of 351%.
Key Questions and Answers
- Who is Grupo Financiero Banorte? A significant Mexican financial group that launched its digital banking platform, Bineo, in January 2024.
- What is Bineo? A digital banking service launched by Grupo Financiero Banorte in January 2024.
- Who bought Bineo? Clearscope Holdings, a subsidiary of Klar Holdings Limited (Klar USA).
- Why is Banorte selling Bineo? The sale aligns with Banorte’s strategy to consolidate all digital capabilities under one entity.
- What were Bineo’s financial results before the sale? Bineo had a total loan portfolio of 19 million pesos, deposits of 34 million pesos, and reported losses of 513 million pesos by June 2025.
