Bunq Sets Its Sights on Mexico
Hey FinTech Fanatic!
You know those moments when industry news hits a little too close to home? This is one of them for me.
Bunq is officially making its move into Mexico. The Dutch neobank just filed for an Institución de Banca Múltiple (a full Mexican banking license), and if you've been following their trajectory, this shouldn't come as a surprise.
Bunq has been on a global expansion tear: they recently applied for a US de novo banking license, secured a US broker-dealer license, and became the first EU neobank to post a full year of profit.
And trust me, they're not walking into an empty room. Mexico has quietly become one of the most competitive neobank battlegrounds in the world. Here's what the landscape looks like right now:
Revolut launched full banking operations in Mexico in January, after receiving its license back in 2024.
Plata, a local player, got its full banking license just two months ago (I covered it in a recent post).
Klar took a shortcut by acquiring Banorte's digital unit Bineo to fast-track its license. Meanwhile, heavyweights Nubank and Mercado Pago are still waiting for their approvals.
So yes, there's still room, but bunq should be ready for a long game. Given what we've seen with other players, the CNBV authorisation process alone can take anywhere from one to three years.
The opportunity is real. The race, though, is already well underway.
Scroll down to find the FinTech headlines right below. 👇 See you tomorrow!
Cheers,
POST OF THE DAY
📊 Limited 🆚 Mercury 🆚 Ramp
Business Banking is Splitting in Two. Let's dive in👇
INSIGHTS
📰 MENA Digital Commerce 2026 by Checkout.com. The New Era of AI in Payments. The report highlights growing demand for seamless, secure, and personalised payment experiences as e-commerce adoption accelerates across the Middle East and North Africa. Download the report here
FINTECH NEWS
🇬🇧 FCA approvals for e-money licences plummet. New figures from Pathlight Associates show that approvals for UK electronic money institution (EMI) licences have fallen sharply, dropping from 171 in 2020 to just 35 in 2025. The decline highlights slowing momentum in the FinTech licensing pipeline.
DIGITAL BANKING NEWS
🇲🇽 bunq files for Mexican banking license. A full banking license would allow bunq to offer Mexican residents full-service banking, multi-currency accounts, and protected deposits under the Institute for the Protection of Bank Savings (IPAB). Keep reading
🇩🇪 JPMorgan is finally rolling out its consumer bank in Europe. JPMorgan Chase is preparing to launch its digital bank, Chase, in Germany as part of its expansion into European retail banking, using Berlin as a strategic base alongside growing FinTech rivals.
🇮🇱 Revolut steps up Israel hiring as it pushes for “Lean Bank” license. Revolut is now recruiting a Strategy and Operations Manager to remotely support its growth in Israel. The role focuses on building scalable processes, managing infrastructure projects, and improving operational efficiency.
🇨🇦 KOHO joins Interac e-Transfer directly, promising faster payment features. The move gives the Canadian FinTech greater control over how it builds and delivers e-Transfer features to its users. According to the two companies, the direct connection removes legacy constraints and should allow KOHO to roll out new payment features faster.
BLOCKCHAIN/CRYPTO NEWS
🇺🇸 Crypto wallet provider Ledger puts U.S. IPO plans on hold due to market conditions. The French crypto security firm, which is said to have explored a potential $4 billion U.S. listing, is reassessing its public market plans as volatile conditions weigh on investor appetite for crypto IPOs.
PARTNERSHIPS
🇧🇭 CrediMax, talabat, and Mastercard announce strategic partnership with exclusive co-branded product launch. The co-branded card combines everyday convenience with elevated lifestyle privileges, delivering a differentiated value proposition for consumers across Bahrain, leveraging Mastercard‘s global network to deliver secure, seamless, and rewarding experiences.
🇯🇴 Jordan Commercial Bank joins forces with Mastercard to enhance payment services and develop innovative card solutions. Building on their successful long-standing relationship, the two parties will work on innovative credit, debit, and prepaid solutions, including the launch of the Mastercard World Elite Card.
🇺🇸 Amazon's new Prime Business and Amazon Business credit cards, powered by U.S. Bank and Mastercard, are now available with enhanced rewards and flexible financing. These cards offer rewards wherever customers are shopping, access to flexible financing for purchases, and no annual or foreign transaction fees.
🇸🇬 OPTRA Labs and Airwallex announce strategic partnership to support SME growth beyond borders. By partnering with Airwallex, OPTRA can better support clients who need an integrated operating layer for cross-border finance. Airwallex provides capabilities across business accounts, transfers, spend management, online payments, and API connectivity in one platform.
🇺🇸 Affirm works with Google to make AI shopping payments clear and simple. Shoppers will be able to move confidently from decision to purchase, with the same clear options and transparent terms they rely on from Affirm. Continue reading
🇬🇧 IMP Software and Yapily partner to bring real-time open banking to education finance teams. The solution replaces manual processes by enabling secure, real-time access to bank data within the platform, improving efficiency, reducing errors, and helping finance teams focus more on supporting schools and pupils.
🇬🇧 Kroo Bank agrees on a funding partnership with bridging lender Glenhawk. The deal will see Kroo acquire an existing portfolio of Glenhawk loans while also funding a proportion of future bridge loan originations through a long-term funding structure.
🇨🇭 neon and Hypothekarbank Lenzburg extend partnership for instant payments rollout. The Swiss neobank will use the extended agreement to roll out new platform features for its 250,000 customers, starting with instant payments. Read on
🇮🇹 SumUp partners with Bancomat to accept all major debit cards. The integration between SumUp and Bancomat completes the offering, ensuring a seamless, reliable, and integrated payment experience. Thanks to the agreement, SumUp terminals will be able to accept all cards operating on the Bancomat network.
🌍 PayPal partners with Anthropic to close the AI gap for small businesses. The program offers practical, self-paced training through expert-led lessons and real business examples, aiming to address the lack of AI skills and resources among small business owners while supporting PayPal’s broader goal of improving digital and economic opportunities by 2030.
🌍 BingX names World Champion Enzo Fernández as Global Ambassador ahead of 2026 FIFA World Cup. Through this collaboration, BingX aims to connect the precision and performance of elite sport and digital finance, inspiring a new generation of users to take control of their future.
DONEDEAL FUNDING NEWS
🇧🇷 Brazil keeps dominating the LatAm FinTech scene.
And Q1 2026 numbers show the market is heating up again. Let's dive in👇
🌎 LemFi set to raise a €30M Series B extension. The company has grown to more than two million customers across the US, UK, and Canada, surpassing $1 billion in monthly transactions while expanding beyond remittances through acquisitions and new credit capabilities aimed at improving financial access for immigrants.
🇺🇸 AR start-up Fazeshift lands $17m Series A. The US-based startup uses AI agents to automate accounts receivable processes, including invoicing, collections, and reconciliation, and has rapidly expanded its team, offices, and customer base, with plans to grow into a broader CFO-focused financial platform.
🇧🇷 Brazilian FinTech Franq raises US$12.4 million in a Series B round. The resources will be used primarily to expand the product offering in the areas of insurance, investments, and business solutions, as well as to strengthen artificial intelligence initiatives and training for professionals who use the platform.
🇧🇷 Brazilian FinTech Beepay raises US$400,000 to expand its autonomous payment technology for the retail sector. With funding that also included participation from ACATE Invest and Ventiur, the retail technology company aims to expand its autonomous payment technology.
🇮🇳 Indian microfinance startup Sindhuja raises $5m. The company said the funds will be used to strengthen its capital base, support business expansión, and improve Access to credit for underserved communities. Read on
🇮🇹 Pillar secures €12M to build an AI-powered operating system for construction. Pillar has raised fresh funding to expand its AI-powered construction operations platform, scale internationally, and streamline project, workforce, and financial management across the construction industry.
🇬🇧 Five ID raises $6M to scale palm biometric payments. The funds will help to accelerate the launch of its palm biometrics payment system, which is gaining traction in the UK and Ireland. Keep reading
🇺🇸 Secludy raises $4M to unlock proprietary data for GenAI. The startup aims to address privacy and compliance challenges in regulated industries by helping financial institutions accelerate AI adoption through secure data-sharing and vendor evaluation tools.
M&A
🇺🇸 EquiLend acquires Finadium, expanding presence in securities finance research & consulting. The acquisition expands EquiLend’s access to market intelligence and consultancy capabilities, and reinforces its position as a comprehensive resource for the global securities finance community.
🇬🇧 Genius Group enters regulated digital banking and stablecoin market with strategic investment in Jewel Bank. The company has acquired a 9.9% stake in Jewel Bank, Bermuda’s only dual-licensed digital bank, to position itself as a Permitted Payment Stablecoin Issuer, targeting a total stablecoin market projected to grow from $300 billion in 2026 to between $2 trillion and $4 trillion by 2030.
MOVERS AND SHAKERS
🇺🇦 Revolut's head of new-market launches, Dmytro Strelchuk, leaves the company after 7 years. Joining in 2018 when Revolut had around 40 employees, he helped build a new division from scratch and later worked on financial monitoring, cryptocurrency, and international expansion projects, eventually leading a team of more than 100 people.
🇺🇸 Crypto.com prediction markets head Travis McGhee departs. McGhee oversaw major initiatives, including sports event contracts, regulatory licensing, and partnerships, while his departure follows several recent exits of senior executives from the company.
🇺🇸 Payfinia names Keith Riddle CEO. Riddle will lead the company’s next growth phase as adoption of its Instant Payments Xchange (IPX) platform expands. Payfinia’s API-driven platform enables smaller financial institutions to access real-time payment networks while maintaining operational control and reducing complexity.
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