Openbank Launches in Mexico

Openbank, Grupo Santander’s fully digital bank, has announced its launch in Mexico with a complete suite of everyday financial products. After having received some 30,000 requests to join the waiting list in recent weeks, one of the world’s most advanced digital banks — backed by Santander — and welcomes its first customers in Mexico, who can sign up in just five minutes.

With its fully digital proposition, Openbank’s unique model combines the innovation and benefits of a fintech with a broad range of products that meet core financial needs, a 24×7 customer service line, and a network of over 10,000 Santander ATMs countrywide. Its agile and simple technology platform, which it constantly enhances, helps manage day-to-day finances, and its efficient structure enables it to offer competitive savings products and loans with the guarantee of a bank that’s part of Grupo Santander.

As its first steps on Mexican soil, Openbank is launching the Débito Open account with a 10% yield, no minimum balance or fees, and backed by the Instituto para la Protección al Ahorro Bancario (Institute for the Protection of Bank Savings — IPAB) up to MXN 3.35 million. What’s more, customers get free SPEI transfers, cash withdrawals at Santander ATMs, a debit card, and a credit card with 3% cash back on online purchases and the possibility of three-month, interest-free deferrals on purchases over MXN 1,500.

Openbank is Santander’s digital first model that will enable the Group to grow its retail business through a platform built using in-house technology and tested successfully in several European countries in recent years. It is the most valued bank by its customers in its core European market and operates in Germany, the Netherlands, Portugal, Spain and the US, where it has captured USD 2 billion in deposits in its first three months.

The launch of Openbank is the latest marker on the Group’s transformation journey and represents a considerable opportunity for us to earn the trust of new digital customers through an agile, intuitive, first-rate experience with the support and security of Santander. – Ana Botín, Executive Chair of Santander

The customer experience in Mexico includes free features to heighten card security by configuring use based on location and transaction and merchant type. That way, customers can choose when and where to use their cards. Openbank Mexico will add new products and services to its offering in the coming months.

Openbank is now available to anyone looking for a best-in-class digital banking experience in Mexico. Our ambition is to offer a complete set of products that cover our customers’ every financial need over time through one of the most competitive payments, savings and credit options in the market. And our priority is to deliver the best customer experience that’s accessible to all.- Matías Núñez, CEO of Openbank Mexico

This launch completes our strategy to offer a digital bank with branches, as is the case with Banco Santander and a fully digital bank like Openbank. These are two complementary institutions that will help us boost the Group’s competitiveness and financial inclusion in Mexico. – Felipe García Ascencio, CEO of Santander Mexico

Customers can check out everything Openbank has to offer on its website (openbank.mx) and app. Openbank is Europe’s largest fully digital bank by deposits and has received widespread praise for its robustness and long-term outlook, achieving the highest local ratings from Moody’s and Fitch.