Introduction to Digital Banks in Mexico
Until a couple of years ago, the Mexican banking sector did not include fully digital banks. Ualá, an Argentine-origin digital bank, entered the Mexican market by acquiring ABC Capital’s license. Now, however, the scenario has changed, and digital-only banks are starting to appear on the list of over 50 institutions in the sector.
Recent Developments: Revolut and Hey Banco
2026 has begun strongly for digital banks. This week, two entities, Revolut and Hey Banco, will officially commence operations in the sector.
Revolut: A UK-based financial technology firm with 70 million global customers, Revolut has obtained the necessary authorizations to operate as a bank in Mexico by the end of 2025. It launched its beta phase in December 2025 and will formally announce mass operations in Mexico this week.
Hey Banco: Initially the digital arm of Banregio, Hey Banco received its banking license in July 2023. After obtaining the required approval, it will officially start operations as an independent bank from January 31, remaining part of the Regional holding that also owns Banregio.
Other Digital Banks: Openbank and Bineo
Openbank, Santander’s digital bank, began operations in Mexico almost a year ago (February 2025) and has shown growth in certain segments. Bineo, Banorte’s digital bank that started operations in January 2024, is currently on hold as Banorte decided to sell it to Klar’s holding last year.
Numbers and Impact
Although expectations are that these banks won’t generate profits initially, Openbank has already recorded significant figures in asset capture. According to data from the Mexican National Banking and Securities Commission (CNBV), by November, Openbank had assets worth 16,761 million pesos and a capture balance of nearly 13,000 million pesos.
Hey Banco had assets worth 1,589 million pesos, while Revolut just started registering its numbers with the regulator. Bineo remains on hold until the sale to Klar is finalized.
Expected New Additions: Mercado Pago and Nu
The expectation is that this year, other significant digital financial platforms like Mercado Pago and Nu will join the Mexican banking sector, as their applications are already under review by regulators.
Key Questions and Answers
- What are digital banks? Digital-only banks operate without physical branches, offering banking services through mobile apps and online platforms.
- Who are Revolut and Hey Banco? Revolut is a UK-based financial technology firm with 70 million global customers, while Hey Banco is the digital arm of Mexican bank Banregio.
- What is the significance of these digital banks entering Mexico? Their entry increases competition, potentially leading to improved services and innovative financial products for Mexican consumers.
- What are Openbank and Bineo? Openbank is Santander’s digital bank, while Bineo is Banorte’s digital bank.
- Why are Mercado Pago and Nu expected to join the banking sector? Both are major players in Latin American financial technology, and their integration into the banking sector is anticipated to enhance financial inclusion and innovation.
