Neobank bunq has applied for a banking licence in Mexico with the Comisión Nacional Bancaria y de Valores (CNBV), in coordination with Banco de México (Banxico).
The application would allow the Dutch neobank to expand its presence in the country and provide banking services to residents in Mexico, including those who face barriers in accessing local banking.
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If approved, the licence would enable bunq to provide full banking services, multi-currency accounts and deposit protection through the Institute for the Protection of Bank Savings (IPAB).
Bunq currently operates in more than 30 European markets.
The Mexico filing comes as the company continues its international expansion after applying for a US de novo banking licence and securing approval for a US broker-dealer licence.
The company said it was the first EU neobank to post a full year of profit.
Bunq founder and CEO Ali Niknam said: “bunq is designed for people who live, work, and travel across borders, and as a vital hub connecting the Americas, Mexico is a natural home for us.
“Our users are global citizens, so they need a bank that is safe, secure and easy to use, wherever they are. It’s been great working with CNBV and Banxico on how we can make life easy for those who call Mexico home.”
In January, bunq filed a formal application with the US Office of the Comptroller of the Currency (OCC) for a de novo banking licence in the US.
According to bunq, eligible users in the US would be able to open both American and European current accounts.
