The Mexican banking scene is getting more interesting
The European neobank Bunq, the second largest of its kind in the Old Continent, has just taken the first formal step to land in Mexico. It submitted its license application to the National Banking and Securities Commission (CNBV) to operate as a Multiple Banking Institution. Yes, as you read it: another digital giant wants to play on the local court.
What is Bunq looking for here? The firm is aiming squarely at “global citizens”—that tribe of people who live, work in, or have ties to multiple countries. People who need to move money without borders, without the headaches of traditional banking. Bunq says it clearly: he wants to serve those who run into walls when trying to access local services, especially in cross-border operations.
It’s not the first, but it comes strong
Bunq joins a list that already includes Revolut and Plata, both operating as banks in Mexico. Nu, the Brazilian, is still waiting for the regulator’s approval. And Openbank, from the Spanish Santander, has been operating alone in these lands for more than a year. The competition heats up, and the cake is shared among more players.
What would you offer if you get the license? Multi-currency accounts, full banking services and deposits protected by the IPAB. Not bad for those who manage euros, dollars and pesos in a single app.
“Mexico represents a strategic market due to its connection between North America and Latin America,” said Ali Niknam, founder and CEO of Bunq.
And no wonder: Bunq already operates in more than 30 European markets, has just expanded to the United States and, a key fact, was the first neobank in the European Union to report a full year of profitability. In other words, it is not an experiment: it is a business that works.
The drama here is not whether Bunq will arrive, but how the board will change. Because when a digital bank with European muscle sets up shop in Mexico, traditional banks have to move. And we, the users, gain more options, more competition and, hopefully, better services. The movie is just beginning.




