- With an investment of 150 million dollars, Grupo Financiero Banorte has launched its digital bank
Grupo Financiero Banorte has solidified its commitment with the launch of Bineo, its 100% digital bank, which began operations in the last week of January. Banorte’s strategic vision is to offer users a financial platform tailored to the needs of digital-native customers.
Bineo became one of the first authorized neobanks to integrate into the Mexican financial system, complying with all regulations, paying IPAB fees, and backed by Banorte’s structure.
The specific offering of Bineo was revealed during the launch, marking a milestone in the digital transformation of Grupo Financiero Banorte. This strategic step is part of its project to accelerate digital transformation and strategic alliances in the technological field.
With 8.7 million digital customers, of which 6.6 million are mobile users, Banorte has demonstrated its commitment to innovation and adaptation to market trends.
Bineo not only represents a bet on digitalization but also a significant investment, with an outlay of around 150 million dollars and assets valued at 1.8 billion pesos.
This move aligns with a rising trend: neobanks are growing in Mexico, as evidenced by companies like Nu, Ualá, Covalto, and others.
The digital financial sector in Mexico has experienced a boom in recent years, with the presence of 22 neobanks. Although some of them are currently operating at a loss, facing the challenge of finding profitability in a period that may exceed initial expectations.
Banorte expects Bineo to achieve profitability within 2 to 3 years, trusting in its investment and solid structure to strike a balance between losses and gains.
Banorte’s strategy with Bineo adds to the trend of traditional banks in Mexico, such as Banregio and Santander, which are also exploring the creation of neobanks and digital spin-offs to remain competitive in the constantly changing financial landscape.