Openbank's Next Stops: Colombia, Peru and, Eventually, Brazil
Hey Digital Banking Fanatic!
Santander's digital bank has its next stops on the map.
Speaking to journalists in Madrid, Ana Botín said Santander plans to take Openbank to Colombia and Peru, and eventually to Brazil.
The idea is to use one integrated global platform to lower unit costs and compete with digital and global players.
Openbank already operates in Mexico, where it has 1.6 million customers, and in the US, where it holds $11 billion in deposits.
Botín also pointed to Santander's voluntary offer for the roughly 10% of Santander Brasil it doesn't already own, as a sign of confidence in the country.
The interesting part for me is the model. Instead of building a separate digital bank in every country, Santander wants one platform it can take into new markets.
Of course, this is a plan, not a launch date. No timeline was given, and Brazil comes after Colombia and Peru.
Now let's see which one goes live first.
Here's what else is happening in digital banking today👇
See you tomorrow!
Cheers,
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NEWS
🌎 Santander's Openbank could eventually launch in Brazil, says Ana Botín. The digital bank, present in Spain, Germany, Portugal, the Netherlands, Mexico and the US, will next expand to Colombia and Peru, Botín said, citing Santander's single global platform.
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🇪🇸 Openbank leads €120M-plus deal in Spanish car-leasing platform Revel. DTE Capital and Citi also took part in the transaction, which combines share purchases, a capital injection and conversion of convertible loans. Santander's digital bank first partnered with Revel in 2023.
🇮🇳 OneStack raises $1.32M to expand banking technology for cooperative banks. Shepherd's Hill led the ₹12.5 crore round, with Pentathlon Ventures and AVNM Ventures participating. OneStack lets cooperative banks connect directly to NPCI as UPI issuers and acquirers under their own brands.
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