From Fintech to Bank: How to Maintain the Innovative Essence?
- Tenet Consultores
- 5 marzo, 2025
- Consulting firm , Financial ecosystem
As the fintech sector extends its presence within Mexico’s financial system, the companies that make it up must seek new ways to meet the needs of customers who are looking for greater financial inclusion.
Companies like Plata, Nu México, Mercado Pago, and Finsus provide services to millions of Mexican customers who require more options to save, invest, or access credit.
The forum “From Fintech to Bank: How to Maintain an Innovative Essence?” took place as part of the FinTech Festival Mexico 2025, moderated by Rocío H. Robles, partner at Tenet Consultores, a firm with over a decade of experience in financial, technological, operational, and regulatory advisory for obtaining sector-specific licenses, including the Institución de Banca Múltiple license, which its client Plata successfully obtained in December 2024.
The panel analyzed the challenges that Sociedad Financieras Populares (Sofipos) and Instituciones de Tecnología Financiera (ITFs) face when transitioning into banking institutions, along with their respective advantages and disadvantages.
The primary benefit of obtaining a banking license is the ability to expand the entity’s capabilities. Beyond providing credit or receiving deposits, it allows them to establish themselves as a one-stop provider for all financial services their customers need—including credit, savings options, payroll services, and investment opportunities—thus reaching a broader customer base.
Another advantage is that banks can attract public funds through savings accounts, demand deposits, and other financial products.
However, one major obstacle preventing many financial entities from obtaining this type of license is the rigorous process involved. This includes several stages, such as submitting a complete file to the authorities, undergoing detailed evaluations, operational reviews, and finally, obtaining authorization from the Comisión Nacional Bancaria y de Valores (CNBV) to begin operations as a regulated bank. To navigate this process, entities require comprehensive advisory services in financial, technological, operational, and regulatory matters.
On the road to expansion, challenges are numerous. Neri Tollardo, co-founder and CEO of Plata, whose company has already obtained a banking license, highlighted that they chose the difficult path:
“Credit is the most challenging business for a bank. We started with it because it forces us to focus on the user experience.”
After reaching one million active customers in the past year, Plata is now focused on rapidly launching new products to encourage the use of its financial services.
Finsus, on the other hand, has focused more on savings and financial inclusion. Its CEO, Carlos Marmolejo, pointed out that 30% of its clients started saving for the first time with Finsus. The company’s investment offerings have also been popular among customers due to their attractive returns.
“We are in the second great banking revolution in Mexico, thanks to digitalization. […] The key is not just financial inclusion but also fostering financial well-being.”
Iván Canales, General Manager of Nu México, spoke about the reach of his institution and one of their biggest challenges:
“One in ten Mexicans is a Nu customer. We’ve already reached 10 million people in Mexico. […] Fifty percent of our customers obtained their first credit card with us.”
Pedro Rivas, General Manager of Mercado Pago Mexico, addressed the challenge of complying with banking regulations without losing the company’s innovative essence:
“Our technological strength will allow us to scale and adapt with a lower margin of error.”
As financial institutions seek ways to grow and expand, many will explore the possibility of obtaining a banking license. Becoming a Multiple Banking Institution requires strategic planning and expert consulting to navigate the necessary procedures and compliance requirements. With over 22 years of experience in financial regulation and as a key figure in the development of the Fintech Law, Rocío Robles emphasized the importance of ensuring financial institutions are appropriately regulated, while still fostering innovation in their products and services.