Santander launches digital bank in Mexico

Santander has launched its digital banking subsidiary Openbank in Mexico, marking a significant expansion of the Spanish banking giant’s fintech strategy in Latin America’s second-largest economy.

The fully digital bank, which began operations on Tuesday (Nov. 19), is offering Mexican customers a competitive savings account with a 12.5% annual return, positioning itself alongside other digital challengers in the market such as Nubank. The launch comes as Mexico experiences rapid growth in digital banking adoption, with fintech companies increasingly capturing market share from traditional banks.

“Openbank Mexico is now a reality for all Mexicans who want to manage their finances quickly, easily, 100% digitally and with the security and solvency of Santander. Our proposition combines one of the most advanced digital banking experiences with the best fintech, not to mention the trust and backing of a large international financial group. We’re certain that our customers in Mexico will really embrace it,” said Openbank Mexico CEO Matías Núñez.

The digital bank enters the Mexican market with a no-minimum-balance, no-hidden-fees proposition, allowing customers to access Santander’s network of over 10,000 ATMs across the country free of charge. Initially, the service will be available to customers who pre-registered on the waiting list, who can open accounts through the bank’s website and mobile app.

Openbank’s banking model is a key component of Santander’s digital transformation. Mexico is a market with great potential for a state-of-the-art digital bank like Openbank. We hope to become a benchmark for Mexican customers who want competitive products through a first-class experience,” said Petri Nikkila, Global CEO of Openbank, in the bank’s press release.

The Mexico launch follows Openbank’s successful expansion across Europe, where it operates in Spain, Germany, Portugal, and the Netherlands, establishing itself as the continent’s largest digital bank by deposit volume. The bank recently entered the US market, where it plans to offer full-service digital banking by the end of 2025.

Openbank’s deposits in Mexico are protected by the Institute for the Protection of Bank Savings (IPAB), and the bank has secured top local-scale ratings from both Moody’s and Fitch, underlining its financial stability. The digital bank plans to roll out additional products and services for Mexican customers in the coming months.

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