Openbank, Santander’s fully digital bank, has now launched in Mexico looking to provide more than 130 million natives its fintech solutions.
Users can sign up to Openbank in under five minutes, with Santander confirming it has already seen a waiting list of 30,000 requests to join the digital bank in recent weeks.
The digital bank offers the benefits of fintech and a range of banking products backed by Santander. Additionally, it also supports customers with a 24/7 customer service line and will connect to over 10,000 ATMs across Mexico.
Openbank will seek to support Mexican customers by assisting them with their day-to-day finances with a supported infrastructure that can offer savings products and loans with guarantees.
Ana Botín, Executive Chair of Santander, said: “The launch of Openbank is the latest marker on the group’s transformation journey and represents a considerable opportunity for us to earn the trust of new digital customers through an agile, intuitive, first-rate experience with the support and security of Santander.”
The launch of Openbank in 2020 is Santander’s answer to the growing swell of adoption for digital-native banks. The global bank is combining its expertise in the traditional banking space with the modern day technology of fintech for a unified solution.
Mexico represents the second market it has launched, after landing in the US in October 2024. Openbank has already expanded to multiple countries in Europe too, including Germany, Portugal and the Netherlands.
Upon the Mexico launch, Openbank will launch its new Débito Open account to customers with a 10% yield, requiring no minimum balance or fees.
Customers who open an Openbank account will also gain access to free SPEI transfers – across Santander ATMs in Mexico, and debit cards and credit cards, which come with 3% cash back on online purchases.
Matías Núñez, CEO of Openbank Mexico, commented: “This launch completes our strategy to offer a digital bank with branches, as is the case with Banco Santander and a fully digital bank like Openbank.
“These are two complementary institutions that will help us boost the group’s competitiveness and financial inclusion in Mexico.”
