bunq Files for Full Mexican Banking Licence in Latest Global Expansion Move
bunq, Europe's second-largest neobank, has filed for a full banking licence in Mexico, marking the latest move in an aggressive international expansion that now spans three continents. The Dutch digital bank submitted its application on 13 May for an Institucion de Banca Multiple licence, the designation reserved for full-service banks in the country.
The filing has been lodged with the Comision Nacional Bancaria y de Valores (CNBV), Mexico's banking regulator, in coordination with the central bank, Banco de Mexico. If granted, the licence would allow bunq to offer Mexican residents full-service banking, multi-currency accounts and deposits protected under the Institute for the Protection of Bank Savings (IPAB).
A licence built for cross-border customers
bunq has framed the application around the needs of internationally mobile customers, a segment it argues is poorly served by traditional banks. The neobank says it will focus on the large population of global citizens living in Mexico or with close ties to the country.
"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," said Ali Niknam, founder and chief executive of bunq.
Part of a wider global push
The Mexican filing is one of several regulatory bids bunq has pursued in quick succession. The bank has applied for a de novo banking licence in the United States and already holds approval as a US broker-dealer, secured in October 2025. It now operates across more than 30 European markets and recently became the first EU neobank to report a full year of profit.
Mexico has become one of the most contested neobanking markets anywhere. Revolut launched full banking operations there earlier this year after winning its licence in 2024, while local challenger Plata secured its own full banking authorisation in recent months. Nubank and Mercado Pago, two of the region's largest digital players, are still awaiting approvals of their own.
A long road to authorisation
bunq should expect a lengthy wait. The CNBV's authorisation process is rigorous and, based on the experience of other applicants, can take anywhere from one to three years before a decision is reached. No timeline has been disclosed for the review, and the application remains subject to regulatory approval.
For bunq, the prize is access to a fast-growing market where demand for digital, deposit-protected banking continues to climb. The race for Mexico's banking customers, however, is already well underway.
