Naranja X Sets Its Sights on Mexico’s Banking Market
Hey Digital Banking Fanatic!
Argentina’s FinTech export story just took a new turn.
Naranja X, the digital bank backed by Grupo Financiero Galicia, has formally applied for a full banking license in Mexico.
The move would take Naranja X beyond its home market for the first time, planting a flag in one of LatAm’s most competitive banking landscapes.
The application was filed with Mexico’s CNBV, positioning the FinTech to operate as a full-service bank if approved.
This isn’t a side bet. Naranja X already shows traction, with its app surpassing 100,000 downloads, and brings decades of experience after evolving from a credit card business into a digital-first platform.
Mexico now becomes the next testing ground...
Now, a related signal from Asia
In South Korea, Kbank is back at the IPO window for the third time.
This time, ambition takes a back seat to execution, with the digital bank cutting its proposed valuation by around 20% to secure investor demand.
Different markets, same theme. Expansion and exits are getting more pragmatic as digital banks adapt to tougher capital markets and stricter regulators.
If you’re tracking how Digital Banking players are expanding, recalibrating, and picking their battles globally, keep scrolling 👇 I’ll be back next week with more first-hand stories from the ecosystem.
Cheers,
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NEWS
🇲🇽 Naranja X, part of Grupo Financiero Galicia, applies for a banking license in Mexico, to be authorized to operate as a multiple banking institution under the Credit Institution Law. With its launch in the country, Galicia´s unit would join other virtual wallets and neobanks of Argentine origin, such as MercadoLibre and Uala.
🇰🇷 Kbank seeks IPO for 3rd time as it lowers offering price by 20%, in a move to lock in investor demand after two failed listings, the internet-only lender said. The highly conservative pricing prioritizes market acceptance over ambition, reflecting challenging capital market conditions.
🇬🇧 myTU taps Intrepid Fox to automate business onboarding. The integration is designed to enable small and medium-sized enterprises (SMEs) and FinTech clients to open fully operational accounts within minutes, rather than days. Keep reading
🇺🇸 EnFi’s $15 million fundraise pushes agentic AI into bank credit decisions, promising enhanced operational efficiency and competitive positioning for smaller institutions against larger national banks. The company will focus on broader rollout to transform credit workflows at its target institutions in the coming months.
🇬🇧 Tandem Bank announces Ryan Heaps as New Finance Chief. Ryan, a chartered accountant with over 15 years’ experience in senior finance roles. The appointment is a testament to Tandem’s focus on nurturing internal talent and its investment in developing a strong pipeline of future leaders from within the bank.
🇬🇧 ClearBank hires Visa's Neil Drennan as CTO. He brings over 15 years of experience across the media and financial services industry, including roles at 10x Future Technologies and Amazon. At ClearBank, Drennan will lead the evolution and enhancement of the company's cloud-based API and payments infrastructure.
🇬🇧 Revolut is boosting the team that runs share sales without Wall Street. The FinTech is looking to bolster its corporate development team in London, where it’s headquartered. It’s working to recruit an investment banker, asset manager, or person with venture capital experience to oversee transactions, including potential mergers and acquisitions, as it stays private for longer.
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