Dutch neobank Bunk Eyes Mexica

Dutch neobank Banc has joined a crowded field of fintechs in the race to bank Mexico’s underprivileged.

The Mexican digital bank market continues to heat up, with Dutch neobank Banc becoming the latest bank to receive 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 US, for which it received regulatory approval to operate as a broker-dealer in 2025.

According to company officials, they want to serve those who do not have access to traditional banking services in Mexico. This may include US citizens, who make up about 70% of the foreign-born population.

Other large immigrants include Colombians, Hondurans and Venezuelans. Mexico’s 2020 national census showed that more than 1.2 million foreigners living in Mexico were registered with the government. In 2022, the US State Department estimates that 1.6 million Americans will live in the country.

“Bunk is designed for people who live, work and travel across borders, and as a critical connection point between the U.S. and Mexico, Mexico is a natural home for us,” Ali Niknam, founder and CEO of Bunk, said in a prepared statement.

Should Banc obtain its Mexican license, it could offer a wide range of financial products, including full-service banking and multi-currency accounts. Deposits will also be protected by the local bank deposit insurance IPAB.

It is up to Mexico’s National Banking and Securities Commission (CNBV), with input from Banco de Mexico (Banxico) and the Ministry of Finance, whether the bank receives its license.

Nubank moves closer to full operations as Revolut launches

At least six fintechs 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 launched full operations in January.

Brazil’s NuBank, along with its Nu Mexico subsidiary, is testing the system ahead of final operational sign-off, having received CNBV approval in April 2025, according to a company filing with the US Securities and Exchange Commission.

Other competitors include Mexico’s Clar, Spain’s OpenBank and Argentina’s Mercado Pago.

Bunk currently operates in over 30 European markets and has 20 million users worldwide. This makes it the second largest neobank in the region focusing on digital nomads.

This article is published in the June 2026 issue global finance magazine.