Banking service initiates operation in Mexico
Openbank, the fully digital bank backed by global banking giant Santander, recently launched in Mexico and has already gained a significant foothold in the market. Within less than four months, Openbank has amassed over 110,000 customers, demonstrating a strong market reception and effective marketing and onboarding strategies.
As part of Grupo Santander, Openbank benefits from the group's extensive experience, infrastructure, and brand recognition in Latin America, particularly in Mexico. Santander's "glocal" model, combining global scale with local adaptation, supports Openbank's digital transformation and expansion strategies.
Openbank's focus in Mexico is on a digital-first approach, targeting tech-savvy customers who prefer online and mobile banking solutions over traditional branches. The bank's rapid customer acquisition indicates a growing segment of digitally inclined banking customers in Mexico who are embracing Openbank's offering.
Openbank's customer experience in Mexico includes free features to heighten card security based on location and transaction and merchant type. Customers can enjoy free SPEI transfers, cash withdrawals at Santander ATMs, a debit card, and a credit card with 3% cash back on online purchases and the possibility of three-month, interest-free deferrals on purchases over MXN 1,500.
Openbank is also launching the Débito Open account with a 10% yield, no minimum balance or fees, and backed by the Instituto para la Protección al Ahorro Bancario (IPAB) up to MXN 3.35 million. The bank offers a comprehensive suite of everyday banking products, including interest-bearing accounts, debit and credit cards, and cash withdrawals at 10,000 Santander ATMs.
Openbank's technology platform helps manage day-to-day finances and offers competitive savings products and loans. The bank's digital proposition includes a 24x7 customer service line and a network of over 10,000 Santander ATMs countrywide. Customers can sign up in just five minutes and enjoy a fully digital proposition with no fees.
The launch of Openbank in Mexico marks the completion of Santander's strategy to offer a digital bank with branches. Openbank's success in countries such as Germany, the Netherlands, Portugal, Spain, and the US, where it has captured USD 2 billion in deposits in its first three months, bodes well for its future in Mexico.
Openbank's robustness and long-term outlook have earned it widespread praise, with the bank achieving the highest local ratings from Moody's and Fitch. Matías Núñez, the CEO of Openbank Mexico, leads the charge in delivering a fully digital banking experience to the Mexican market.
[1] Openbank Mexico, "Openbank launches in Mexico," press release, February 18, 2025. [2] "Openbank reaches 110,000 customers in Mexico," Santander Group news, July 1, 2025. [3] Santander Group, "Openbank: Digital Banking for the Future," corporate website. [4] "Openbank's Growth Strategy in Mexico," Fintech Mexico, July 15, 2025.
Openbank's digital-first approach in Mexico, supported by the technology platform, focuses on providing a fully digital banking experience to tech-savvy customers, thereby promoting financial inclusion in the business sector. With its competitive savings products, loans, and services like free SPEI transfers and 24x7 customer service, Openbank demonstrates its commitment to digital banking and harnessing technology to cater to the evolving needs of customers in Mexico.
