Openbank Lands in Mexico, Competing with FinTech Heavyweights
Hey Digital Banking Fanatic!
Openbank, the Spain-based digital-only bank backed by Banco Santander, has officially launched in Mexico after attracting over 30,000 waitlist sign-ups within weeks. The bank enters a competitive market, going up against unicorns like Nubank and Ualá, as well as local players such as Stori and Klar.
Customers can open an account in just 5 minutes and gain access to interest-bearing accounts, debit and credit cards, and fee-free cash withdrawals at 10,000 Santander ATMs. Standout features include the Débito Open account, offering a 10% annual yield on deposits up to MXN 3.35 million with no minimum balance or fees, and a 3% cashback on online credit card purchases.
Openbank also operates in Germany, the Netherlands, Portugal, Spain, and the U.S., where it secured $2 billion in deposits within its first three months.
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