Dutch neobank Bunq joins a crowded field of fintechs racing to bank Mexico's underserved.
The Mexican digital bank market continues to heat up, with Dutch neobank Bunq becoming the latest to seek a banking license to operate in the country. This continues the neobank’s regional expansion ambitions to serve “global citizens,” with a pending de novo banking license in the U.S., for which it received regulatory approval to operate as a broker-dealer in 2025.
According to company officials, they look to serve those who lack access to Mexico’s traditional banking services. This could include U.S. citizens, who make up almost 70% of the foreign-born population.
Other large diasporas include Colombians, Hondurans, and Venezuelans. Mexico’s 2020 national census revealed that more than 1.2 million foreigners were registered with the government as residing in Mexico. In 2022, the U.S. Department of State estimated that 1.6 million Americans reside in the country.
“Bunq is designed for people who live, work, and travel across borders, and as a vital connecting point between the Americas, Mexico is a natural home for us,” Ali Niknam, founder and CEO of Bunq, said in a prepared statement.
Should Bunq obtain its Mexican license, it could offer a wider range of financial products, including full-service banking and multi-currency accounts. Deposits would also be protected by IPAB, the local bank deposit insurance.
It is up to Mexico’s National Banking and Securities Commission (CNBV), with input from Banco de México (Banxico) and the Ministry of Finance, whether Bunq receives its license.
As Revolut Launches, Nubank Nears Full Operations
At least six fintech and neobanks are also in the same banking license application process. In February, Mexican digital bank Plata announced it had received its license, while London-headquartered Revolut began full operations in January.
Brazil’s Nubank, with its Nu México subsidiary, is systems testing ahead of final operations sign-off, having received CNBV’s approval in April 2025, according to a company filing with the U.S. Securities and Exchange Commission.
Other competitors include Mexico’s Klar, Spain’s Openbank, and Argentina’s Mercado Pago.
Bunq currently operates in over 30 European markets and reported 20 million users worldwide. This makes it the second-largest neobank in the region, with a focus on digital nomads.
This article appears in the June 2026 issue of Global Finance Magazine.
