Financial institution Openbank officially debuts in Mexico.
Openbank, a digital-first banking platform owned by Grupo Santander, has officially launched its operations in Mexico, marking an important step in its international expansion beyond Europe and the U.S. The launch, which took place on February 18, 2025, signifies a significant move by the bank to serve the growing demand for digital banking in new markets, including Mexico.
Since its launch, Openbank Mexico has rapidly strengthened its product offering, incorporating new AI-based services to enhance customer experience and digital banking capabilities. The bank targets tech-savvy customers seeking fully digital, seamless banking solutions with convenience and security comparable to traditional banks but optimized for mobile and online platforms.
Openbank leverages Grupo Santander’s extensive banking infrastructure and experience, providing features such as easy account opening, access to Santander’s ATM network, and a comprehensive suite of financial products accessible digitally. The bank's offerings include competitive savings products and loans, free SPEI transfers, and cash withdrawals at Santander ATMs.
Openbank's customer experience includes free features to heighten card security based on location and transaction and merchant type. Customers can sign up for Openbank in just five minutes, and the bank offers a 24x7 customer service line.
One of Openbank's standout offerings in Mexico is the Debito Open account, which provides a 10% yield with no minimum balance or fees. Openbank customers also benefit from the bank's debit card and credit card, which offer 3% cash back on online purchases and the possibility of three-month, interest-free deferrals on purchases over MXN 1,500.
The launch of Openbank in Mexico aligns with Grupo Santander's push to compete in the fast-growing Mexico fintech and digital banking market, where demand for modern banking services continues to rise. Openbank's network includes over 10,000 Santander ATMs across Mexico, providing customers with widespread access to their funds.
Openbank's launch in Mexico is expected to boost Grupo Santander’s retail business through an agile, simple, and secure platform built with cutting-edge technology. The bank has received widespread praise for its robustness and long-term outlook, achieving the highest local ratings from Moody’s and Fitch.
Openbank operates in several countries, including Germany, the Netherlands, Portugal, Spain, and the US, and has captured USD 2 billion in deposits in its first three months. With its latest launch in Mexico, Openbank aims to offer a complete set of products that cover customers' every financial need. This initiative positions Openbank as a key player in Mexico’s evolving financial technology sector.
- Openbank's foray into Mexico, utilizing technology and Grupo Santander's banking infrastructure, aims to increase financial inclusion by providing digital banking solutions to tech-savvy customers, fostering growth in the fast-expanding Mexico fintech market.
- Leveraging its robust services such as digital finance products, AI-based tools, and security features, Openbank strives to be a significant contributor to business by meeting customer demand for seamless, mobile banking experiences that rival traditional banking services.
