Openbank, the fully digital bank of Spain’s Grupo Santander, has launched in Mexico, offering a range of everyday financial products.

The bank, which has received around 30,000 requests to join its waiting list in recent weeks, now welcomes its first customers, who can sign up within five minutes.

With a fully digital approach, Openbank combines elements of a fintech with a broader range of banking products.

It provides 24/7 customer support and access to over 10,000 Santander ATMs across the country.

Its technology platform is designed to simplify financial management, while its cost-efficient structure enables it to offer competitive savings and lending products.

At launch, Openbank is introducing the Débito Open account, which offers a 10% yield without requiring a minimum balance or charging fees.

Deposits are insured by the Instituto para la Protección al Ahorro Bancario (IPAB) up to MXN 3.35 million.

Customers also receive free SPEI transfers, cash withdrawals at Santander ATMs, a debit card, and a credit card with 3% cashback on online purchases and the option to defer purchases over MXN 1,500 interest-free for three months.

Openbank follows Santander’s “digital-first” strategy, aiming to expand its retail banking presence through an in-house technology platform already in use across several European countries.

The bank operates in Germany, the Netherlands, Portugal, Spain, and the US, where it attracted US$2 billion in deposits within its first three months.

“The launch of Openbank is the latest marker on the Group’s transformation journey and represents a considerable opportunity for us to earn the trust of new digital customers through an agile, intuitive, first-rate experience with the support and security of Santander,”

said Ana Botín, Executive Chair of Santander.

In Mexico, Openbank offers additional security features, allowing customers to control card usage based on location, transaction type, and merchant category.

The bank plans to introduce more products and services in the coming months.

Featured image credit: Santander