Top 10 neobanks in Mexico

Have you noticed something different lately? The banking revolution has arrived in the country! The Mexican financial industry is undergoing a significant transformation, driven by the unstoppable rise of a new type of financial institution: neobanks. These entities, powered by technology and Fintech philosophy, are challenging the status quo of traditional banking, offering innovative tools that perfectly meet the needs of today’s consumers.

What are the advantages of Mexican neobanks?

These new entities position themselves as an agile and accessible alternative to conventional banking services. By leveraging the latest technologies and focusing 100% on the user experience, neobanks eliminate many of the traditional barriers and friction points that often complicate access to banking.

We are all familiar with the simplicity of digital onboarding processes: they take just a few minutes, are intuitive, and allow you to access a wide range of banking services from the palm of your hand. Thanks to this digitalization, fees are often reduced and customer service extends beyond conventional hours.

Indeed, neobanks have successfully attracted a growing customer base, especially among younger, tech-savvy segments of the Mexican population, presenting a challenge for traditional banks. Let’s explore the other players in the financial landscape.

What other entities are part of the Mexican Financial System (SFM)? 

The region shows a diverse sector composed of various institutions, each with its own specific characteristics:

SOFIPOS (Sociedades Financieras Populares) 

These institutions are regulated by the National Banking and Securities Commission (CNBV) and aim to provide financial services to communities with limited access to traditional banking, such as rural areas.

SOFOMES (Sociedades Financieras de Objeto Múltiple)

These are organizations that offer credit and financing to businesses and individuals. They are divided into Non-Regulated Entities (SOFOMES ENR), which comply with general laws but are not directly supervised by the CNBV, and Regulated Entities (SOFOMES ER), which are supervised by the CNBV as they are part of a financial group and offer more services.

SOCAPS (Sociedades Cooperativas de Ahorro y Préstamo)  

These cooperatives promote savings among their members and provide them with credit, thus improving financial inclusion. They play a crucial role in rural areas, providing essential support to individuals with few resources.

Fintechs 

The tech companies focus on digital banking and offer powerful and innovative tools to both financial institutions and users. Their growth has significantly increased financial inclusion across the population.

Traditional Banks

They offer a wide range of financial products and services, from savings accounts to business financing, as well as deposits and investments. They have robust infrastructure and are highly regulated.

Credit Unions (UC)  

These non-bank financial intermediaries offer financing to their members, typically businesses or agricultural producers. They are regulated by the CNBV and are structured as corporations.

Savings Banks

Similar to SOCAPS, these institutions promote savings among their members and offer loans. They play a vital social role in small communities and worker cooperatives. They are regulated by the National Banking and Securities Commission.

Leading neobanks operating in Mexico  

According to Fintech Radar 2024, by the end of 2023, 773 domestic fintech companies had been identified, 29 of which are in the digital banking segment—six more than in the previous year.

This growth clearly reflects customers’ intentions: they are eager to adopt the new tools being offered and demand banking solutions that improve their financial health.

Discover their profitability. No fees, no commissions!

Features of the best neobanks in Mexico

Nubank

Nubank, originally from Brazil, is one of the most successful neobanks globally, with over 105 million customers. It began operating in Mexico in 2019 and currently has over 7 million users in the country.

What stands out most about this institution is its continuous effort to innovate, improving transparency and the simplicity of the app’s use. The high yield on its “Cajitas” and the fact that they don’t charge fees for most services make it the preferred choice for the majority.

Ualá

This Argentine fintech began operations in the country in 2020, just four days shy of its third anniversary. Its goal was to bankarize a population that didn’t even have access to a simple checking account.

To achieve this, they launched a commission free product, with an international Mastercard with no issuance, renewal, maintenance, or closure costs. There is also no small print; you can receive income or make deposits and transfers completely free throughout Mexico.

Stori

With more than 2.5 million customers in the country, this Mexican startup guarantees a 99% approval rate for its credit card, which it offers with no annual fee and no credit bureau check. It’s the perfect option for those seeking flexibility and accessibility.

It’s also a good choice for improving your credit history. Its Mastercard allows for online processing and offers a credit line of up to $10,000 pesos. Since 2018, this fintech has been bringing various banking services to the entire population, such as its interest-bearing account with a 15% Nominal GAT.

Hey Banco!  

This brand belongs to Grupo Financiero Banregio and has managed to establish itself as one of the most popular neobanks in the region. It combines the strength of a traditional banking institution with the innovation of a digital platform.

Its offer, without commissions, annual fees, or interest, allows users to transfer debt from other banks to their credit line. It also offers the possibility to defer purchases for up to 24 months at participating merchants. Additionally, all payments made with their “Hey” card are backed by VISA.

Bineo

This is a standout proposal in the Mexican neobank ecosystem, backed by Grupo Financiero Banorte. It was launched in January of this year, claiming to be the country’s first 100% digital bank.

The institution offers an account with no fees or minimum balance, which includes a digital and physical debit card. With it, you can make unlimited transfers, create “Pockets” to reach savings goals, and withdraw cash at no cost three times a month at Banorte ATMs.

Albo

Opening an account in minutes is easy with this Mexican financial institution. Regulated since 2022 by the CNBV and Banco de México, it offers its customers a free card, the possibility to make transfers, and an account with no minimum balances.

“Any ATM in the world is an Albo ATM,” as they state on their website, bringing you closer to true financial freedom. Users and businesses can take advantage of their banking services, enjoy discounts with partner brands, make deposits, or receive loans.

Klar

Founded in 2019, it is a SOFIPO that offers investment, loans, bank accounts, and credit cards. Transfers are free, as are most of its products.

Klar’s offer also includes bill payments. From the app, you can pay for electricity, cable, internet, water, and mobile services. It does not require a minimum monthly balance, and there are no account cancellation fees. It also has the advantage of a cashback program for frequent purchases.

Vexi

Its business model is based on offering credit cards with a fully digital and mobile experience. They have their own credit scoring and payment processing system.

The Vexi American Express® card allows for interest-free installments, rewards for the “Advanced” and “Champion” levels, and the security of a digital card. The small activation fee ensures access to many advantages and exclusive services.

Fondeadora

A highly comprehensive financial platform, offering services for individuals, freelancers, and businesses. Each has specific products to meet their banking needs.

Like many other neobanks, it has no fees or minimum balance requirements, offers virtual and physical Mastercard cards, and the app allows for detailed control of personal finances. Its main goal is to improve the financial health of the Mexican population and bring agile services to users.

Konfío

In addition to business loans, accounts, and VISA credit cards, this neobank offers an integrated management platform with tools for administration, electronic invoicing, and data analysis for SMEs.

Another advantage is that it allows you to defer purchases over $1,000 pesos for 3, 6, 9, or 12 months whenever needed. This provides greater liquidity to small businesses. It also allows you to create different roles to control banking transactions.

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Boosting competitiveness in the financial sector  

The arrival of these neobanks in the Mexican market has created fierce competition, which has benefited consumers. According to Andrés Fontao, Executive Director of Finnovista, users will see their expectations for financial inclusion fulfilled.

This dynamic is encouraging traditional banks to adopt more innovative, customer-centric approaches. Institutions like Banorte and Santander have launched their own digital banking proposals, such as Bineo and Openbank, respectively. The latter is expected to enter the market in the coming weeks. We can’t wait to include it in our list!
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